Monday, April 18, 2016

Overview
The Myanmar government is committed to promote foreign and local investment equally. After the enactment of the Foreign Investment Law in 2012, the Myanmar Citizen Investment Law was enacted in 2013. Its objective is to establish a level-playing field for local and foreign investors by providing a legal framework and incentives for investment by Myanmar government.
Types of Investment
100% Investment Joint Venture (JV) Contract Other investment forms
Investors and companies do business without any foreign or local partners. Joint ventures may be created with foreign, local and government entities.  Myanmar Citizen investor may act under a mutually agreed upon contract. These include build-operate-transfer (BOT), build-operate-own (BOO), build-transfer-own (BTO).
Under section 5 of the Myanmar Citizen Investment Law, these investment types are applicable for all sectors except restricted or prohibited sector. Under Article 12 of the Myanmar Citizen Investment Law, the Union Government guarantees:
  • Absolutely no nationalization
  • No suspension of investment without sufficient cause
  • The right to pay back any foreign loans according to the agreed stipulations
However, investors have certain obligations, including incorporating and operating under existing laws of the Union of Myanmar. Others concern land use, leasing and mortgaging, environment protections, sale or transfer of assets and other aspects of the process.
Detailed list of rights and duties
According to current laws (especially the Myanmar Citizens Investment Law, Section 15) Myanmar investors have the right to…
  • Appoint foreign experts
  • Seek information, legal assistance and technical support from the relevant government ministry concerning necessaries for business such as land, building, water, communication, energy.
  • Seek technical assistance in carring out business from government organization
  • Transfer land on building with the approval of MIC without sub-leasing and mortgaging
  • Transfer and sell a portion or all shares to any foreigner or to any foreign company in accord with the Foreign Investment Law
  • Establish joint venture partnerships with foreign investors or companies in accord with FIL
  • Submit a proposal for contracted business with the state depending on the nature of the work such as BOT, BTO, BOO system, and another similar system
  • Seek MIC approval expansion of investment or capital
  • Submit for review of any order or decision of the Commission concerning the proposal, in order to preserve their entitled rights and opportunities
  • Appeal to MIC and relevant government departments for action and reparations for grievances
  • Appeal to MIC for assistance for adopting new technology, enhancing product quality, increasing production and reducing environmental impact
  • Apply for special tax exemptions and reliefs for investments that benefit the development of the nation in less developed and remote areas
  • Apply for local or foreign bank loan with a certificate issued by MIC
Myanmar investors have a duty to…
  • Abide by the provisions of the law of the Republic of the Union of Myanmar, including all terms and conditions contained in the rules, procedures, notifications, orders, directives and permits issued under these laws
  • Use land which the investor is entitled to use or lease according to the general terms and conditions put forth by MIC and the particulars of the investment agreement
  • Before beginning operations, conclude any necessary contracts with relevant government departments, organizations or individuals after obtaining an investment permit
  • Sub-lease and mortgage land and/or structures only to businesses with MIC permits, and transfer shares to other businesses or individuals only with the approval of MIC
  • Inform MIC immediately if valuable natural resources or archeological artifacts are found, either above or below the land, that are not related to permitted operations. If MIC determines that operations must temporarily halt because of such a discovery, the investor may select and submit an alternate site to MIC for approval.
  • Minimize pollution and other environmental impacts in accordance with existing laws
  • Insure any part of the business using only insurance companies permitted to operate within the Union

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