If you are on this page, then you are already convinced that Myanmar is too great an opportunity to miss (that’s why you’re setting up a first country office in Myanmar); but just in case you have a few skeptics left on the board…
The World Bank says exceptional growth for the country in 2017 and 2018.
HOW TO REGISTER A FIRST OFFICE IN MYANMAR
So now the question is how should you register your company’s first office in Myanmar? Myanmar’s Directorate of Investment and Company Administration, the government agency responsible for both domestic and foreign company registrations, recently launched an interactive website outlining all the steps, but it comes down to 3 simple types of registrations for a foreign company. You can either register as an MIC-Permitted Company, a DICA Company Act Firm, or a Branch Office. We explain those, here:
- Large Investments (US$300k/up)
- Imports, Tax Breaks
- Profit Repatriation
- Complicated Paperwork
- Longer Lead Times
- Ex: Hotel Developments, Manufacturers
MIC-Permitted companies receive licenses to import tools and supplies for their project, receive tax holidays, and authority to repatriate profits, plus offer additional legal protection. Minimum investment is USD$300,000 and processing times are longer than the other registration options.
DICA COMPANY ACT
- Min Investment ($50k)
- No tax incentives
- Least complicated process
- Most common form of registration
- Download a Guide(pdf)
- Ex: Service Providers
This is the most popular form of registration for foreign entities, as it requires the smallest threshold of investment and offers, potentially, the quickest process. There are drawbacks to this form, most notably the lack of income tax incentives and import licenses.
- Minimal Capital ($50k+)
- Outpost of Larger Firm
- Must Show 2 Years of Financials
- Cannot Trade
- Requires Certified Power of Attorney
- Ex: Foreign Bank
Branch office registrations are straight-forward — you are establishing a representative office of a larger corporation. These entities may be restricted in the types of activities undertaken, including a complete restriction against any trading activities.
WHERE TO LOCATE THAT FIRST OFFICE
Yangon is a growing city, with an increasing number of new office spaces options.
- Are you a customer-facing company, inviting clients to your office in an effort to win their trust and business? Is image and top quality facilities the most important features of your space? Do you need a medium or large space because you have a large, growing workforce? Longer lease terms (1-5 years) are not only suitable, but preferable for your team? If so, see a list of our COMMERCIAL OFFICE TOWERS.
- New to Yangon, sourcing leads and flying in frequently trying to win enough business to establish a full-time presence? Or are you in the market for a hassle-free, premium space? If so, see the list of SERVICED OFFICES.
- Value-priced office space is what you need? Establishing a business with clearly-defined objectives and firm budgets is possible, and popular, by positioning your firm in CONVERTED SPACE in a condo/apt or villa.