31 Aug 2017
MYANMAR: 15-day Limit for Regional Approval of FDI Proposals Announced
FDI proposals requiring approval from one of the 15 regional/state branches of the Myanmar Investment Commission (MIC) will now be processed within 15 business days, with the concerned authorities having to approve/reject all such applications within that agreed timeframe.
Any application that does not receive a response within this 15-day timeframe will be considered as approved automatically. Regional authorities can, however, request additional information from potential investors. Failure to provide the same within 20 business days will lead to the rejection of the concerned FDI proposal except in cases where additional time has been granted.
Previously, the MIC in July 2017 indicated that it would no longer accept applications for investment projects valued at less than US$5 million, and had delegated authority over such proposals to its regional/state branches. For details, see MYANMAR: FDI Proposals of US$5 Million or Less Now Only Require Regional Approval.