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New Companies Law submitted to Parliament

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Summary: Team members of our BLP Myanmar office have been closely involved the development of the new Myanmar Investment Law. Below is a selection of key updates which track its progress, previously included in our monthly Myanmar Postcard series. In our latest update, we discuss the formation of the new Myanmar Investment Commission.

About the Myanmar Investment Law

The new Myanmar Investment Law is designed to promote and facilitate both foreign and domestic investment in the economy and open more economic sectors to private investment.

New Companies Law submitted to Parliament

On 20 July 2017, the Myanmar government submitted a draft of the new Companies Law to the Upper House of Parliament.

Dr Myat Nyana Soe, secretary of the Upper House Bill Committee, emphasised that the current Companies Law imposes many restrictions on businesses, causing difficulties in attracting foreign investment to Myanmar. Conversely, it is envisaged that, under the new Companies Law, it will be easier to establish companies and possible to register them electronically. The new Companies Law is also expected to promote capital markets activities in Myanmar.

As mentioned in our April 2017 postcard, the director general of the Directorate of Investment and Company Administration, U Aung Naing Oo, has stated that the new Myanmar Companies Law is envisaged to be enacted into law before the end of this year.

Members of the BLP team were engaged to undertake the drafting of the Myanmar Companies Law and to lead the consultation process. See our review of the Myanmar Companies Law (in English and Burmese) explaining its effects on companies operating in Myanmar.

For our top picks for developments taking place in Myanmar, please go to our July 2017 postcard.

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