THE NEW MYANMAR COMPANIES LAW
Parliament passed the new Myanmar Companies Law on 23 November 2017. The president now has 14 days to sign it or return it to parliament with remarks. The plans are apparently for the new Companies Law to go live in early 2018.
The new law contains important changes for businesses operating in the country, such as
– a registration requirement for foreign contractors;
– a requirement to have at least one resident director;
– the possibility to have a harmless foreign minority participation without making a company a “foreign company”;
– the possibility to set up a company with only one shareholder and one director;
– the abolition of the “permit to trade”;
– the abolition of the “company’s objectives” in its constitution,
– sweeping protection of minority shareholders,
– extensive provisions on the powers and duties of a director;
– possibility to have a tailor-made constitution, including provisions for different classes of shares,
– hefty penalties for failures to make required filings and keep registers,
– and, and, and…
In order to enable investors to profit from the new Companies Law and remain compliant, we will hold a seminar in which we will explain the changes and suggest what measures to take.
Date and time
Tuesday, 19 December 2017, 2:30pm – 4:00pm
Sule Shangri-La, 223 Sule Pagoda Road, Yangon
– Sebastian Pawlita
– U Nyein Chan Zaw
The seminar will be held in English.
Ks. 10,000 per person, payable at the reception desk