VDB Loi Wins Law Firm of the Year (VDB Loi Insights)

31
Mar
2019

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INSIGHTS THIS MONTH
MARCH 2019
 
Highlight of This Month / In This Issue / Recent VDB Loi Work / New Myanmar Laws and Regualtions / Upcoming Events / Recent Publications
HIGHLIGHT OF THIS MONTH
 
VDB Loi Myanmar Wins the 2019 IFLR Most Innovative National Firm of the Year Award

 

International Financial Law Review (IFLR) has announced the winners of the annual IFLR Asia-Pacific Awards. VDB Loi received the Most Innovative National Firm (Myanmar) award at the ceremony held on 7 March 2019 in Hong Kong.

IN THIS ISSUE
 
Trade Mark    
10 Frequently Asked Questions for the Myanmar Trademark Law 2019
[From our Telecommunication, Media and Technology Team]
On 31 January 2019, the President of Myanmar signed and formally enacted the Industrial Design Rights Law (No:2/2019) and the Trademark Law (No.3/2019) (“Trademark Law”).
Factory    
Second chance to re-register your company before being struck off the registry
[From our Regulatory Team]
According to the recent Directorate of Investment and Company Administration (“DICA”) announcement issued on 8th March 2019, companies who missed the 31 January deadline now have until March 30 to re-register.
Taxation    
Enactment of Specific Goods Tax regulations: more compliance requirements for producers?
[From our Taxation Team]
Although the Specific Goods Tax Law (“SGT Law”) which imposes Specific Goods Tax (“SGT”) on certain goods in Myanmar was enacted back in January 2016, the Specific Goods Tax regulations (“SGT regulations”) which provide detailed compliance requirements were only recently enacted in January 2019.
Projects    
Additional Incentive for Qualified Investment Project
[From our Cambodia Office]
As seen recently, the Royal Government of Cambodia (“RGC”) has been making a number of improvements in the investment regime in order to attract more investors and encourage existing investors to continue and/or expand their business operations in Cambodia.
Work Permit    
Deadline fast approaching for work permit renewals
[From our Cambodia Office]
As you may be aware, according to the applicable regulations, employers of foreign employees are required to ensure that they obtain a work permit and employment card (“Work Permit”), and that such Work Permit is renewed with the Ministry of Labor and Vocational Training (“MLVT”) on an annual basis.
OUR UPCOMING EVENTS

RECENT VDB LOI WORK
Supporting Myanmar’s travel industry: VDB Loi was chosen by a leading travel and tour company to assist with its legal and tax compliance in preparation for an incoming offshore investment.

Banking on CBM’s regulatory changes: The Banking and Finance Team worked on a project related to the preparation of a template loan document for the issuance of subordinated debt. This follows a very recent issuance of a new CBM Subordinated Debt Directive No. (3/2019) dated 24 January 2019, which provides for detailed requirements for subordinated debt that can be included into supplementary capital or Tier 2 capital of a Myanmar bank.

Company of Choice for Public Companies: Our firm’s expert tax consultants were chosen by one of Myanmar’s largest public companies this month. The team provided a review of the company’s accounting systems, compliance and tax obligations, as well as advice on restructuring.

Microfinance expansion: Our Banking and Finance team continued to support the local microfinance industry in February, assisting with loans from two of Myanmar’s largest banks and several other offshore loans from development banks.

NEW MYANMAR LAWS AND REGULATIONS THIS MONTH
 
  • Patents Law (Law no: 7/2019)
    (11/March/2019)
    Newly enacted for the protection of Patents rights
     
  • Protection and preservation of Cultural Heritage regions law (Law no: 6/2019)
    (28/February/2019)
    Upgrading the old law of Protection and preservation of Cultural Heritage regions law and repealed the old law enacted in 1998
     
  • Consumer  Protection Law 2019 (Law no: 9/2019)
    (15/March/2019)
    Newly enacted and replaced the old one of 2014
     
  • Occupational Safety and Health law 2019 (Law no: 8/2019)
    (15/March/2019)
    Newly enacted for the safety and the good health condition on different employment sectors

VDB LOI NEWS
   
VDB Loi’s support for Chin State investment

VDB Loi co-organized the Chin State Investment Forum this month at the Myanmar Convention Center in Yangon.   Myanmar’s Vice President U Myint Swe opened the event, and was joined on stage by MIC’s Chairman U Thaung Tun and the Chin State government’s Chief Minister Salai Lian Luai.  Attended by over 800 people, the aim of the Forum was to help boost investment in Chin state and share information about relevant local and national laws, rules and regulations.

Salai Lian Luai went on to deliver the opening talk, which focused on investment opportunities in the state.  He discussing plans for the Kaladana multi-modal transit project, an infrastructure upgrade designed to increase trade with the rest of the country and improve access to key markets in Chin state. 

The Forum’s co-organizers included representatives from the Ministry of Investment and Foreign Economic Relations, the Directorate of Investment and Companies Administration, the Chin State Chambers of Commerce and Industry (CSCCI) and the DaNa Facility.  U Phyo Min Thein, Chief Minister of the Yangon Region, was also a guest at the event.

   

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