14 Oct 2016
MYANMAR: Government to Revamp Company Act after Investment Law Approval
Myanmar’s government is reviewing its Companies Act (1914) with the revamped legislation expected to be passed by Parliament in the first quarter of 2017.
Companies Act (2017) will remove outdated provisions and boost transparency and corporate governance in Myanmar, spanning sole-ownership, share capital, written resolutions of shareholders and directors, and recognition of electronic communications for business. Smaller companies will likely be exempt from the requirement of audited annual financial statements.
Revamping of the Act follows the parliamentary passage of Myanmar’s Investment Law (MIL) on 5 October, which consolidates and replaces the Foreign Investment Law of 2012 and the Myanmar Citizens’ Investment Law of 2013. For more details, see MYANMAR: New Investment Regulations Offer Simplified Approval Procedures, Strategic Incentives and Extended Land Leases