On 7 March 2018, the Ministry of Commerce (“MOC”) issued Prakas No. 088 MOC (“Prakas 088”) regarding the filing of business association statutes. According to Prakas 088, as part of ongoing obligations after registration with the government authorities, all business associations must file their statutes with the MOC. The filing must include their statutes as […]

Good news for corporate entities that have not yet renewed the 2018 work permits for their foreign employees with the Ministry of Labor and Vocational Training (“MLVT”).On 29 March 2018, the MLVT issued Notice No. 012/18, extending the previous deadline of 30 March 2018 to 30 April 2018 to give employers more time to renew […]

Commercial Law – Filing Statute of Business Associations On 07 March 2018, the Ministry of Commerce (“MOC”) issued Prakas No. 088 MOC (“Prakas 088”) regarding filing statutes of business associations. According to Prakas 088, as part of ongoing obligations after registration with government authorities, all business associations, including foreign chambers of commerce, must file their […]

The Ministry of Construction released the long anticipated Condominium Rules in December (the “Rules”) which clarifies much of the ambiguity left by the Condominium Law 2016 (the “Law”). Since December, various stakeholders have provided feedback on the rules to the Department of Urban Housing and Development (“DUHD”), and the DUHD has proposed several amendments to […]

As part of ongoing efforts to strictly enforce work permit requirements, following a notice from the Office of the Council of Ministers, the Ministry of Interior (“MOI”) and the Ministry of Labor and Vocational Training (“MLVT”) issued a joint Prakas (No. 719 Br.K) dated 19 February 2018 (“Joint Prakas 719”) on the enforcement of foreign […]

The Ministry of Natural Resources and Environmental Conservation (MONREC) has just issued what we were told is their first ever Environmental Compliance Certificate (ECC). The ECC is in a letter format and confirms that the applicant’s Environmental and Social Impact Assessment is in compliance with the requirements of the Law on Environmental Conservation (LEC). It […]

The National Assembly has passed Myanmar Companies Law (the “MCL”) after extensive debate on various aspects of Myanmar’s long awaited corporate reform. The Law is finally here, passed on 23 November, pending signing into law by the President. Key areas which were hotly debated in recent weeks included the highly contentious question of whether small […]

In our previous client briefing note, we outlined five key things to look forward to under the Myanmar Companies Law (“MCL”). Following on from this, and as part of our continued coverage of the MCL, we will outline five potential drawbacks with regard to the MCL and how they may affect companies in practice. 1. […]

Introduction: The end of the comprehensive overhaul of Myanmar’s corporate legal framework is finally in sight with an updated Companies Law (the “MCL”) approved by Myanmar’s Parliament. Once the MCL is signed into law by the President, the outdated Myanmar Companies Act of 1914 (the “1914 Act”) will be abolished, bringing Myanmar Companies Law in […]

As Myanmar continues its rapid modernization and development, opportunities for investment in the real estate sector have grown exponentially. With a population of over 50 million, 70% of which have little to no access to modern infrastructure, Myanmar will demand large increases in investment in both the short and long term to approach the standards […]

The insurance sector in Myanmar is still in its infancy and dominated by the state owned enterprise, Myanma Insurance (“MI”). Through the Myanmar Insurance Law 1993, MI was empowered to engage in all insurance business activities, permit other insurance companies to issue the type of policies as MI authorizes, and monopolize third-party liability and re-insurance. […]

The Myanmar Investment Commission (MIC) has announced ten priority areas, according to a statement on the Directorate of Investment and Company Administration’s website. Investors submitting proposals in the area will be given priority, with foreign and local investors welcome to invest in the areas, the statement said.. It is not clear from the statement how […]

The Myanmar government has reconvened the National Minimum Wage Committee with new members in the interest of reevaluating the minimum wage rate. The committee is comprised of economic advisors, representatives of government ministries, labor and employer organizations and is chaired by Minister of Labor, Immigration and Population, Than Swe. The committee aims to establish a […]

In a move to expand the potential opportunities for foreign investors, the list of activities a foreign investor is allowed to carry out in Myanmar only under a joint venture (“JV”) with a Myanmar citizen or company, has been cut significantly. Highlights of this note Big Winners are Retail, Petroleum Products, Real Estate, Media and […]

Despite being enacted last year, the Condominium Law has still not had subordinate legislation released under it to make the registration of condominiums possible.  As we anticipate the formation of a Committee to hear condominium applications and the release of the Condominium Law Rules, it is timely to consider infrastructure and construction projects in Yangon […]

On Friday March 31st 2017 the VDB Loi and Latham & Watkins hosted an event entitled “Government Guarantees for Public Private Projects in Myanmar” in Nay Pyi Taw, Myanmar. In attendance were H.E. Kyaw Win, Union Minister of Planning and Finance, U Aung Nai Oo, Director General DICA, U Win Khant, Permanent Secretary Ministry of Planning […]

Slowly but surely, experience is building up with respect to project finance and international corporate finance for companies and projects in Myanmar. With the many different deals that we have completed, we prepared a quick overview of the key things to know. We also touch upon some of the remaining hot issues. Highlights of this […]