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.
The MIC’s explanation on the appointment of foreign experts
The MIC issued an explanation and reminder regarding the appointment of foreign experts on 15 November 2017. The explanation only concerned entities operating with a permit issued by the MIC.
In the explanation the MIC reminded investors that the request for the appointment of foreign experts must be made prior to their arrival or within seven working days from the date of arrival into Myanmar. It was further noted that in spite of the fact that the MIC is facilitating such appointments, some companies are employing experts without seeking the MIC’s approval. Investors are also required to notify the MIC of the resignation of such experts.
This explanation from MIC followed the announcement of the new procedures relating to the applications of stay permits and visa extensions by certain classes of foreigners last month.
The appointment of foreigners appears to be an area of focus for the MIC. Members of the BLP team worked closely with the MIC on formulating the Foreign Investment Rules and have the insight and relationship to advise on any Investment Law matters. Please do not hesitate to contact us for further guidance in this area.
The MIC issued Notification (No. 86/2017) on 16 November 2017 announcing the temporary suspension of the issuance of Permits or Endorsements to new wood-based industries. The MIC will temporarily stop giving permission to new timber businesses with the aim of reducing illegal logging and preserving the country’s forests.
The MIC also issued Notification (No. 87/2017) on 20 November 2017 announcing that 100% export-oriented investments can apply for tax exemptions or reliefs in accordance with section 77(b) of the Myanmar Investment Law 2016.
For our top picks for developments taking place in Myanmar, please go to our November 2017 postcard.