Ministry of Investment and Foreign Economic Relations (MIFER),The Republic of the Union of Myanmar
POST-PERMIT ACTIVITIES
The following are post-permit activities, which are only applicable to companies holding a MIC Permit.
INVESTMENT / CAPITAL
If investors want to increase or Decrease the investment of the business, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:
Documents to be attached
1. Cover Letter (including reasons for increasing or decreasing the investment, original investment, increase or decrease investment amount and total investment amount)
2. Board of Directors’ resolution (original)
3. When applying to increase the investment for the importation of machinery and equipment, a list of the machinery and equipment to be imported must be submitted together with the application. (If applying for a decreasing of investment, the original and the list of remaining machinery and equipment must be submitted.)
4. Investmet Plan to be attached (Revised)
5. Amount of Capital that has already invested (with table)
6. Copy of Loan agreement draft with repayment schedule (If investors want to increase the investment with loan)
7. Power of Attorney (if Investors cannot come to office)
8. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
Verification Process
1. Verification of the required documents and information to be submitted.
2. “If the investors wish to import machinery from abroad by increasing the investment amount, MIC take recommendations from:
The Ministry of Industry regarding whether the said machinery is suitable and consistent with the nature of the business. The Ministry of Construction regarding permission to import construction materials. The Ministry of Electric Power regarding permission to import electrical goods. Other relevant ministries, as required by the business needs.
3. If the business is associated with or involves collaboration with other government ministries, a recommendation must be requested from the relevant ministry.
4. When the Recommendation Letters from the relevant departments are complete, the matter is presented to the nearest MIC meeting for action.
5. If permission is obtained from the MIC meeting, an official letter notifying the company of the permission to increase or decrease the registered capital will be issued.
If investors want to get a loan, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:
Documents to be attached
1. Cover Letter (describe the specific reasons)
2. Board of Directors’ resolution (original)
3. Loan Agreement (attached with the repayment schedule)
4. Investmet plan to be attached (revised)
5. Power of Attorney (if Investors cannot come to office)
6. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
Verification Process
1. Verification of the required documents and information to be submitted.
2. Requesting a recommendation from the Central Bank of Myanmar regarding the permission to obtain a foreign loan.
3. the matter is presented to the nearest MIC meeting for action.
4. If approval is obtained from the MIC meeting, an approval letter is issued to the company.
If investors want to Amend of loan amount, lender and repayment schedule, they need to address to the chairman of the Myanmar Invesment Commission attached with the following documents:
Documents to be attached
1. Cover Letter (describe the specific reasons)
2. Board of Directors’ resolution (original)
3. List of amendment of loan (amount, borrower, repayment schedule)
4. Amendment of loan agreement with repayment schedule (draft is acceptable)
5. Power of Attorney (if Investors cannot come to office)
6. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
Verification Process
1. Verification of the required documents and information to be submitted.
2. Requesting a recommendation from the Central Bank of Myanmar regarding the permission to amend the loan repayment schedule.
3. the matter is presented to the nearest MIC meeting for action.
4. If approval is obtained from the MIC meeting, an approval letter is issued to the company.
If investors wat to transfer shares above 50 %, they need to address to the chairman of the Myanmar Investment Commission attached with the folowings documents:
Documents to be attached
1. Cover Letter (desctibe the specific reasons)
2. Board of Directors’ resolution (original)
3. Company Extract
4. Form 8 (attached required documents)
5. Share Transfer Agreement (draft)
6. Recommendation letter for the clearance of taxes (including commitment letter for capital gain tax if necessary)
7. Power of Attorney (if investors cannot come to office)
8. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
9. Undertaking Letter for rule 191, 192, 193
Verification Process
1. Verification of the required documents and information to be submitted.
2. Companies’ share transferors must seek opinions and clearance from the respective government departments regarding: Ministry of Home Affairs: Whether they have a criminal record, are on a blacklist, and have a legitimate Source of Funds. Ministry of Finance and Revenue: Their tax compliance status. Central Bank of Myanmar: The status of their paid-up capital. Ministry of Commerce (if applicable): The status of any in-kind contributions.
Furthermore, if the business is associated with or operates in collaboration with other government ministries, a recommendation from the relevant ministry is also required.
3. When the Recommendation Letters from the relevant departments are complete, the matter is presented to the nearest MIC meeting for action.
4. If permission is obtained from the MIC meeting, an approval letter is issued to the company, notifying them that the transfer of shares or business is permitted.
If investors want to reinvest their profits, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:
Documents to be attached
1. Cover Letter (mention budget year to reinvest profit)
2. Board of Directors’ resolution (original)
3. Form 6 (if investors want to apply income tax ememption according to MIL section 78)
4. Audit report
5. Recommendation Letter for the clearance of taxes
6. Power of Attorney (if Investors cannot come to office)
7. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
Verification Process
1. Verification of the required documents and information to be submitted.
2. Requesting a recommendation letter from the Ministry of Finance and Revenue regarding the tax compliance status.
3. If the business is associated with or involves collaboration with other government ministries, a recommendation must be requested from the relevant ministry.
4. When the Recommendation Letters from the relevant departments are complete, the matter is presented to the nearest MIC meeting for action.
5. If approval is obtained from the MIC meeting, an approval letter is issued to the company, notifying them that reinvestment is permitted.
If Investors want to transfer the foreign currency (transfer of shares, dividend and profit share repatriation), they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:
Documents to be attached
1. Cover Letter (describe the specific reasons)
2. Board of Directors’ resolution (original)
3. Audit Report
4. Bank Statement
5. Form 13 (form for transfer of foreign currency)
6. Recommendation Letter for the clearance of taxes
7. Power of Attorney (if Investors cannot come to office)
8. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
Verification Process
1. Verification of the required documents and information to be submitted.
2. For profit distribution, a request for a recommendation is submitted to the Ministry of Finance and Revenue; and for the transfer of profit distribution abroad, a request for a recommendation is submitted to the Central Bank of Myanmar. Following this, the proposal is presented to the Commission meeting.
3. In accordance with the directives of the Foreign Exchange Supervisory Committee, the Commission grants approval and then submits the foreign exchange transfer to the Foreign Exchange Supervisory Committee for processing.
If investors want their mortgage of land and building permitted for investment, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:
- Cover letter (describe the specific reasons)
- Board of Directors’ resolution (Original)
- Mortgage agreement (draft) (to enclose recommendation of Ministry of Legal Affairs for government Organization)
- Approval letter from relevant ministry (If the land ownership is government)
- Power of Attorney (if investors cannot come to office)
- Copy of updated quarterly performance report – form 10 (for those who has not provided yet)
BUSINESS OPERATION
When an investor applies for Annual Raw Materials for ongoing operations under Notification No. (26/2021), they need to address to the chairman of the Myanmar Investment Commission attached with the following documents;
Documents to be attached with the application
1. Cover letter
2. List of Raw Materials for One Year, ၊ finished products ၊ Norms
3. List of raw materials imported in the Previous Year
4. Copy of the Permit and Commission Decision
5. Power of Attorney (If investors cannot come to the office) (Name, NRC No, Signature, Phone No)
6. Copy of updated quarterly performance report – form 10
Document verification process
1. Requesting recommendations from relevant departments
2. When the Recommendation Letters from the relevant departments are complete, the matter is presented to the nearest MIC meeting for action.
3. If permission is obtained from the MIC meeting, an approval letter is issued to the company
When an investor applies for re-export machinery and raw materials that were imported with the MIC approval, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents;
Documents to be attached with the application
1. Cover letter (To Describe whether the investment amount is changed or not)
2. Proforma Invoice and Sale Contract
3. Import Approval Letter from MIC & Import Declaration
4. Previous re-export documents (If the investor re-exported machinery and raw materials)
5. Copy of the Permit and Commission Decision
6. Power of Attorney (If investors cannot come to the office) (Name, NRC No, Signature, Phone No.)
7. Copy of updated quarterly performance report – form 10
Document verification process
1. Field Inspection
2. Requesting recommendations from relevant departments
3. Reporting to the Myanmar Investment Commission Meeting
4. An approval letter is issued to the company in accordance with the decision of the Myanmar Investment Commission Meeting
If the investor applies to commence commercial operation under Section 146 of the Myanmar Investment Law, the application must be submitted to the Chairman of the Myanmar Investment Commission together with the following documents:
Documents to be Attached
1. Company submission letter (stating the intended commencement date and written clearly and completely)
2. Board of Director Resolution (original)
3. Application Form-14 (submission of the commencement date of commercial operation)
4. Form-6 (application for income tax exemption under Section 75(a) of the Myanmar Investment Law)
5. Payment Receipt (evidence of payment to the relevant department)
6. ED, Local Sales Invoice, Income Evidence
7. Licenses/Permits (from relevant ministries) (e.g. Timber Production License, Private Industrial License, Hotel Business License)
8. Proposed and Injected balance sheet of (Machinery/Equipment/ Construction Material)
9. Authorization Letter (original signed) (Name, NRC Number, Signature, Contact Phone Number)
10. Paid up (or) Injected investment amount (with evidence)
11. Land Lease Agreement (BOT, PSC, Government Land Lease Agreements, or private-to-private lease agreements)
12. MyCO Extract Update
13. Amendment attachments
14. Latest quarterly report
Scrutiny Process
1. Scrutiny of all attached documents and information
2. If the project involves land lease or agreements with ministries/ departments, request official comments from relevant ministries and conduct site inspections when required
3. Submission to the nearest Commission Meeting
4. Upon approval, issuance of the Permission for Operation
If the investor applies for extension of the construction period under Sections 141 and 142 of the Myanmar Investment Law, the application must be submitted to the Chairman of the Myanmar Investment Commission together with the following documents:
Documents to be Attached
1. Company submission letter (stating the extension period requested and justification)
2. Board of Director Resolution (original)
3. Construction progress photos and percentage of completion
4. Balance Sheet of Machinery/Equipment/Construction Material (approved list, imported list, and remaining items)
5. Applying for Section 139, approval order of the relevant department to the Commission have to be submitted within 10 days
6. Land Lease Agreement (BOT, PSC, Government Land Lease Agreements, or private lease agreements)
7. Authorization Letter (original signed) (Name, NRC Number, Signature, Contact Phone Number)
8. Current installation/investment amount/implementation status (as per proposal/amendment)
9. MyCO Extract Update
10. Paid up (or) Injected investment amount (with evidence)
11. Latest quarterly report submitted
Scrutiny Process
1. Scrutiny of all attached documents and information
2. Requesting comments from relevant ministries and conducting site inspections when required
3. Issuance of the Construction Period Extension Approval Letter to the company
According to Section 51(a) of the Myanmar Investment Law and Rule 206 of the Myanmar Investment Rules, an investor applying for the appointment of foreign employees shall submit the application through the Investment Monitoring System (IMS) using the online platform ims.dica.gov.mm, together with the following supporting documents:
Required Documents
1. Application for Appointment of Expatriate Skilled Workers (Online Form)
2. Work Permit Application Form (Form-12A)
3. Proof of Payment of the service fee of MMK 5,000 per foreign employee
4. Copy of Passport, qualification certificates or degree certificates, and Curriculum Vitae (CV)
5. Proposed Employee List (local and foreign)
6. Existing Employee List (local and foreign)
7. Employment Contract (EC)
8. Evidence of tax clearance for the most recent fiscal year, audited financial statements, and proof of advance income tax payment
9. Undertaking Letter from the Company Director confirming no blacklist, no political activities, no criminal record, and compliance with Myanmar laws
10. Power of Attorney (if the investor cannot appear), including name, NRC number, signature, phone number
11. Latest Quarterly Performance Report (Form-10) (no need to resubmit if already submitted)
12. Application must be submitted within 30 days from the date of arrival of the foreign employee.
Processing Procedure
1. Verification of documents through IMS
2. Request for comments from the Ministry of Home Affairs regarding blacklist/criminal record checks
3. Request for comments from the Ministry of Education (for education-related businesses)
4. Submission to the Union Government Office; upon approval, issuance of MIC notification
If investors want to liquidate the business, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:
- Cover Letter (reasons for liquidation)
- Board of Directors’ resolution
- Capital amount have been invested
- Recommendation letter for the clearance of taxes
- Power of Attorney (if investors cannot come to office)
- Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)
Investors who wish to apply for a certified true copy of their MIC approval documents must submit an application addressed to the Chairman of the Myanmar Investment Commission (MIC), attaching the following documents:
Documents Required for Submission
1. Company Submission Letter (Must include detailed circumstances/reasons)
2. Board of Directors’ Meeting Resolution (Original)
3. Power of Attorney (If the investor is not attending in person)
4. Copy of the latest Quarterly Report – Form (10) (If not yet submitted)
Scrutiny and Action Process
The Myanmar Investment Commission (MIC) will review and process the
application as follows:
1. Scrutiny of the attached documents and information.
2. Notification Letter is sent to the company.
Cost: MMK 25,000 per page
When an investor want to import machinery, Instruments, machinery components, spare parts of materials and raw materials used in the business with tax exemption, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents;
Documents to be attached with the application
1. Cover letter
2. Letter of Commission Approval for Tax Exemption
3. Proforma Invoice and Sale Contract
4. Balance Sheet
5. Copy of the Permit and Commission Decision
6. Power of Attorney (If investors cannot come to the office) (Name, NRC No, Signature, Phone No.)
7. Copy of updated quarterly performance report – form 10
Document verification process
1. Verification of the required documents and information to be submitted
2. An approval letter is issued to the company for Import Permission
When an investor applies for tax exemptions on proposed and investment increase machinery, equipment, and business-use materials under Sections 77(a) and 77(d) of the Myanmar Investment Law, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents;
Documents to be attached with the application
1. Cover Letter
2. If there is a capital increase, a copy of the Capital Increase Approval Letter issued by the MIC
3. Form (6) (To pay the service fee according to the Investment Amount)
4. List of machinery to be imported (with photographs attached)
5. Copy of the Permit and Commission Decision
6. Power of Attorney (If investors cannot come to the office) (Name, NRC No, Signature, Phone No)
7. Copy of updated quarterly performance report – Form 10
Document verification process
1. Requesting recommendations from relevant departments
2. When the Recommendation Letters from the relevant departments are complete, the matter is presented to the nearest MIC meeting for action.
3. If permission is obtained from the MIC meeting, an approval letter is issued to the company
If the investor applies for Renewal of the construction period under Sections 139 of the Myanmar Investment Law, the application must be submitted to the Chairman of the Myanmar Investment Commission together with the following documents:
Documents to be Attached
1. Company submission letter (stating the extension period requested and justification)
2. Board of Director Resolution (original)
3. The investment construction period or investment preparatory period shall be counted from the date of approval by the relevant government department or government organization for investment construction or preparation. The investor shall submit the copy of such approval to the Commission within 10 working days from the date of receipt.
4. Balance Sheet of Machinery/Equipment/Construction Material (approved list, imported list, and remaining items)
5. Land Lease Agreement (BOT, PSC, Government Land Lease Agreements, or private lease agreements)
6. Authorization Letter (original signed) (Name, NRC Number, Signature, Contact Phone Number)
7. Current installation/investment amount/implementation status (as per proposal/amendment)
8. MyCO Extract Update
9. Paid up (or) Injected investment amount (with evidence)
10. Latest quarterly report submitted
Scrutiny Process
1. Scrutiny of all attached documents and information
2. Requesting comments from relevant ministries and conducting site inspections when required
3. Issuance of the Construction Period Extension Approval Letter to the company
When an investor applies for Raw Materials for ongoing operations under Notification No. (26/2021), they need to address to the chairman of the Myanmar Investment Commission attached with the following documents;
Documents to be attached with the application
1. Cover letter
2. MIC Permit of Annual Raw Material for each financial year
3. Proforma Invoice and Sale Contract
4. Balance Sheet
5. Copy of the Permit and Commission Decision
6. Power of Attorney (If investors cannot come to the office) (Name, NRC No, Signature, Phone No)
7. Copy of updated quarterly performance report – form 10
Document verification process
1. Verification of the required documents and information to be submitted
2. An approval letter is issued to the company for Import Permission
When a CMP Enterprise applies for Initial Raw Materials to confirm the Commencement Date of Commercial Operation, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents;
Documents to be attached with the application
1. Cover letter
2. Proforma Invoice and Sale Contract
3. Form-6 (To pay the service fee according to the investment amount)
4. Raw Material List as per proposal
5. Comparison Table of Raw Material List as per proposal & Initial Raw Material List
6. The amount of capital and non-capital contribution to the investment project, Factory Photo
7. Business License according to the investmet project
8. Copy of the Permit and Commission Decision
9. Power of Attorney (If investors cannot come to the office) (Name, NRC No, Signature, Phone No)
10. Copy of updated quarterly performance report – form 10
Document verification process
1. Verification of the required documents and information to be submitted (Field Inspection if necessary)
2. An approval letter is issued to the company for Import Permission
When an investor applies for tax exemptions on proposed Raw materials under Sections 77(b) of the Myanmar Investment Law, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents;
Documents to be attached with the application
1. Cover Letter
2. Form (6) (To pay the service fee according to the investment amount)
3. List of raw materials to be imported ၊ finished products ၊ Norms
4. List of raw materials imported and finished products exported in the previous year
5. Copy of the Permit and Commission Decision
6. Power of Attorney (If investors cannot come to the office) (Name, NRC No, Signature, Phone No.)
7. Copy of updated quarterly performance report – form 10
Document verification process
1. Requesting recommendations from relevant departments
2. When the Recommendation Letters from the relevant departments are complete, the matter is presented to the nearest MIC meeting for action.
3. If permission is obtained from the MIC meeting, an approval letter is issued to the company
MIC PERMIT AMENDMENTS
Investors who wish to change their investor name under Rule 177 of the Myanmar Investment Rules must submit an application addressed to the Chairman of the Myanmar Investment Commission (MIC), attaching the following documents:
Documents Required for Submission
1. Company Submission Letter (Must include full justification/reasons for the change)
2. Company Registration Certificate and Company Extract that has already been changed/updated on MyCO (Directorate of Investment and Company Administration)
3. Copy of National Registration Card (NRC) or Copy of Passport
4. Board of Directors’ Meeting Resolution (Original)
5. Power of Attorney (If the investor is not attending in person)
6. Copy of the latest Quarterly Report – Form (10) (If not yet submitted)
Scrutiny and Action Process
The Myanmar Investment Commission (MIC) will review and process the
application as follows:
1. Scrutiny of the attached documents and information.
2. Verification of whether there is a change in shareholders and whether the new investor is a member of the Board of Directors on MyCO.
3. Approval upon verification that the information is correct.
4. Requesting comments/concurrence from the Ministry of Home Affairs, if necessary.
5. Notification Letter is sent to the company.
Investors who wish to change their company name under Rule 177 of the Myanmar Investment Rules must submit an application addressed to the Chairman of the Myanmar Investment Commission (MIC), attaching the following documents:
Documents Required for Submission
1. Company Submission Letter (Must include full justification/reasons for the change)
2. Company Registration Certificate and Company Extract that has already been changed/updated on MyCO (Directorate of Investment and Company Administration)
3. Board of Directors’ Meeting Resolution (Original)
4. Power of Attorney (If the investor is not attending in person)
5. Copy of the latest Quarterly Report – Form (10) (If not yet submitted)
Scrutiny and Action Process
1. Scrutiny of the attached documents and information.
2. Approval upon verification that the company name has already been changed on MyCO.
3. If the company is operating under a contract signed with a Ministry, the application must be submitted through the respective Ministry.
4. Notification Letter is sent to the company.
Investors who wish to expand or change the location of their company’s business under Rule 136(a) of the Myanmar Investment Rules must submit an application addressed to the Chairman of the Myanmar Investment Commission (MIC), attaching the following documents:
Documents Required for Submission
1. Company Submission Letter (Must include full justification/reasons for the change)
2. Board of Directors’ Meeting Resolution (Original)
3. Location Map (If relevant to both the original and the new location)
4. Original Land Lease Agreement (If a signed lease is still valid, the termination agreement must also be submitted)
5. Draft Land Lease Agreement for the expansion/relocation site
6. Land Grant for the expansion/relocation site
7. Power of Attorney (If the investor is not attending in person)
8. Copy of the latest Quarterly Report – Form (10) (If not yet submitted)
Scrutiny and Action Process
The Myanmar Investment Commission (MIC) will review and process the
application as follows:
1. Scrutiny of the attached documents and information.
2. Verification of whether there are any other businesses operating at the location submitted by the company under a Commission Permit or Endorsement.
3. Scrutiny to ensure the accuracy of the information in the land lease agreement and land ownership documents for both the original and the new location.
4. Site inspection/field survey of the proposed new location.
5. If the new location is situated within an Industrial Zone, the application will be scrutinized and approved.
6. If the new location is outside an Industrial Zone, the application will be scrutinized and approved after requesting comments/concurrence from the relevant Region/State Government.
7. If the relocation involves crossing Region/State boundaries, the application will be submitted to the Myanmar Investment Commission Meeting for scrutiny and approval.
8. Notification Letter is sent to the company
Investors who wish to extend their investment term under Section 25, Sub-section (e) of the Myanmar Investment Law must submit an application addressed to the Chairman of the Myanmar Investment Commission (MIC), attaching the following documents:
Documents Required for Submission
1. Company Submission Letter (Must include full justification/reasons for the extension)
2. Copy of the Land Lease Agreement and Proof of Land Ownership
3. Proof of Tax Clearance/Settlement for the latest financial year
4. Board of Directors’ Meeting Resolution (Original) OR Recommendation Letter from the relevant Ministry(ies)
5. Power of Attorney (If the investor is not attending in person)
6. Copy of the latest Quarterly Report – Form (10) (If not yet submitted)
Scrutiny and Action Process
The Myanmar Investment Commission (MIC) will review and process the
application as follows:
1. Scrutiny of the attached documents and information.
2. If the company is operating on privately-owned land, verification of the existence and duration of the land lease agreement is conducted. The application for an extension of the investment period, corresponding to the land lease duration, will be submitted to the Myanmar Investment Commission Meeting for scrutiny and approval.
3. If the company is operating under a contract signed with a Ministry, and the application for the investment period extension is submitted through the relevant Ministry along with the contract signing permission, it will be submitted to the Myanmar Investment Commission Meeting for scrutiny and approval.
4. Notification Letter is sent to the company informing them of the Commission’s meeting decision.
Investors who wish to increase, change, or amend the type of Business or product under Rule 177 of the Myanmar Investment Rules must submit an application addressed to the Chairman of the Myanmar Investment Commission (MIC), attaching the following documents:
Documents Required for Submission
1. Company Submission Letter (Must include detailed circumstances/reasons)
2. Board of Directors’ Meeting Resolution (Original)
3. List of Machinery/Equipment to be Imported
4. List of Products to be Changed/Increased and the List of Raw Materials to be imported
5. List of Imported Machinery and Remaining Stock
6. Confirmation of whether there is an increase in investment (Yes/No)
7. ISIC Code of the Original business and the Increased/Changed business
8. Power of Attorney (If the investor is not attending in person)
9. Copy of the latest Quarterly Report – Form (10) (If not yet submitted)
Scrutiny and Action Process
The Myanmar Investment Commission (MIC) will review and process the
application as follows:
1. Scrutiny of the attached documents and information.
2. Verification of whether the ISIC Code of the original and the increased/changed business are the same.
3. Requesting comments/concurrence from the Ministry of Industry and other relevant Ministries, if necessary.
4. Submission to the Myanmar Investment Commission Meeting for scrutiny and approval once comments/concurrence have been received.
5. Notification Letter is sent to the company informing them of the Commission’s meeting decision.
If investors want to chage investment type by transfering shares, they need to address to the chairman of the Myanmar Investment Commission attached with the folowings documents:
Documents to be attached
1. Cover Letter (desctibe the specific reasons)
2. Board of Directors’ resolution (original)
3. Company Extract
4. Form 8 (attached required documents)
5. Share Transfer Agreement or Business Transfer Agreement (draft)
6. Investment Plan of already invested amount
7. Recommendation letter for the clearance of taxes (including commitment letter for capital gain tax if necessary)
8. Power of Attorney (if investors cannot come to office)
9. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
10. Undertaking Letter for rule 191, 192, 193
Verification Process
1. Verification of the required documents and information to be submitted.
2. Companies’ share transferors must seek opinions and clearance from the respective government departments regarding: Ministry of Home Affairs: Whether they have a criminal record, are on a blacklist, and have a legitimate Source of Funds. Ministry of Finance and Revenue: Their tax compliance status. Central Bank of Myanmar: The status of their paid-up capital. Ministry of Commerce (if applicable): The status of any in-kind contributions.
Furthermore, if the business is associated with or operates in collaboration with other government ministries, a recommendation from the relevant ministry is also required.
3. When the Recommendation Letters from the relevant departments are complete, the matter is presented to the nearest MIC meeting for action.
4. If permission is obtained from the MIC meeting, an approval letter is issued to the company, notifying them that the transfer of shares or business is permitted.
The following documents are necessaries on a application for the permission of amendment of Land and Building Lease Agreement, BOT Agreement, 100 % Foreign Agreement, Joint Venture Agreement and need to address to the Chairman of MIC:
Documents to be attached
1. Cover Letter (describe the specific reasons)
2. Board of Directors’ resolution (original)
3. Approval Letter from relevant ministries (if applicable)
4. Agreement (original and revised) (Draft if acceptable for revised agreement)
5. Approval from the Economic Committee and the Union Government.
6. Power of Attorney (if Investors cannot come to office)
7. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
Verification Process
1. Verification of the required documents and information to be submitted.
2. the matter is presented to the nearest MIC meeting for action.
3. If approval is obtained from the MIC meeting, a notification letter is issued to the relevant ministry and the company, granting permission for the contract extension/amendment.
Under Rule 177 of the Myanmar Investment Rules, investors applying to increase the employee numbers stated in the original proposal shall submit via IMS.
Required Documents
1. Application Form for Increasing Employee Headcount (Online Form)
2. Original Board of Directors’ Resolution
3. Proposed Employee List (local and foreign)
4. Existing Employee List (local and foreign)
5. Explanation Letter stating reasons for increased headcount
6. Power of Attorney (if investor cannot appear), including name, NRC, signature, phone number
7. Latest Quarterly Performance Report (Form-10) (resubmission not required if previously submitted)
Processing Procedure
1. Verification of documents
2. Field Inspection to determine the actual need for additional expatriate employees
3. Issuance of MIC approval letter if the increase is justified
Investors who wish to change the name and address of Principal Organization under Rule 177 of the Myanmar Investment Rules must submit an application addressed to the Chairman of the Myanmar Investment Commission (MIC), attaching the following documents:
Documents Required for Submission
1. Company Submission Letter (Must include full justification/reasons for the change)
2. Company Registration Certificate and Company Extract that have already been changed/updated on MyCO (Directorate of Investment and Company Administration)
3. Board of Directors’ Meeting Resolution (Original)
4. Power of Attorney (If the investor is not attending in person)
5. Copy of the latest Quarterly Report – Form (10) (If not yet submitted)
Scrutiny and Action Process
The Myanmar Investment Commission (MIC) will review and process the
application as follows:
1. Scrutiny of the attached documents and information.
2. Approval upon verification that the information is correct.
3. Notification Letter is sent to the company.
The following documents are necessaries on application for Amendment of Period for Foreign Capital Brought In need to address to the chaiman of the MIC:
Documents to be attached
1. Cover Letter (describe the specific reasons)
2. Board of Directors’ resolution (original)
3. Original and revised plan of Foreign Capital Brought in (with time period)
4. Power of Attorney (if Investors cannot come to office)
5. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
Verification Process
1. Verification of the required documents and information to be submitted.
2. the matter is presented to the nearest MIC meeting for action.
3. If approval is obtained from the MIC meeting, an approval letter is issued to the company.
Remark: If the investor cannot come to the office in person, they must submit a Letter of Authorization (which must specify the authorized representative’s name, ID number, signature, and contact phone number), along with a copy of the last submitted quarterly report – Form (10).
If investors wat to transfer shares above 50 %, they need to address to the chairman of the Myanmar Investment Commission attached with the folowings documents:
Documents to be attached
1. Cover Letter (desctibe the specific reasons)
2. Board of Directors’ resolution (original)
3. Company Extract
4. Form 8 (attached required documents)
5. Share Transfer Agreement (draft)
6. Recommendation letter for the clearance of taxes (including commitment letter for capital gain tax if necessary)
7. Power of Attorney (if investors cannot come to office)
8. Copy of updated quarterly performance report- Form 10 (for those who has not provided yet)
9. Undertaking Letter for rule 191, 192, 193
Verification Process
1. Verification of the required documents and information to be submitted.
2. Companies’ share transferors must seek opinions and clearance from the respective government departments regarding: Ministry of Home Affairs: Whether they have a criminal record, are on a blacklist, and have a legitimate Source of Funds. Ministry of Finance and Revenue: Their tax compliance status. Central Bank of Myanmar: The status of their paid-up capital. Ministry of Commerce (if applicable): The status of any in-kind contributions.
Furthermore, if the business is associated with or operates in collaboration with other government ministries, a recommendation from the relevant ministry is also required.
3. When the Recommendation Letters from the relevant departments are complete, the matter is presented to the nearest MIC meeting for action.
4. If permission is obtained from the MIC meeting, an approval letter is issued to the company, notifying them that the transfer of shares or business is permitted.
Reporting
- Quarterly Report (Form 10) Rule 197
- Audit Report (Form 11) Rule 196