| Wholly Foreign LLC | Partly Foreign LLC | Free Zone Company | PLC | MIC Company | Branch Office | Rep Office | |
|---|---|---|---|---|---|---|---|
| Local Name | Foreign company | Joint venture | Special economic zone company | Public Limited Company | Myanmar Investment Commission company | Branch | Representative Office |
| Company Setup Time | 40 days | 40 days | 40 days | 40 days | 40 days | 40 days | 40 days |
| Bank Account Opening | 10 days | 10 days | 10 days | 10 days | 10 days | 10 days | 10 days |
| Government Grants Available | Yes | Yes | Yes | Yes | Yes | No | No |
| Government Contracts Bidding | Yes | Yes | Yes | Yes | Yes | No | No |
| Limited Liability | Yes | Yes | Yes | Yes | Yes | No | No |
| Client Required to Travel | No | No | No | No | No | No | No |
| Inquiry | Inquiry | Inquiry | Inquiry | Inquiry | Inquiry | Inquiry |
Corporate Structure Explained
Myanmar Wholly Foreign LLC
- This entity requires two shareholders and two directors. Wholly foreign limited liability companies must be approved by local administration. Shareholders can be individuals or corporations and do not need to reside in Myanmar. In the manufacturing and service industries, companies must pay a minimum share capital of USD 50,000 and USD 150,000 respectively.
- Our clients establishing business in Myanmar can request local authorities for a foreign investment permit. The benefits include exemption from customs duties on raw materials and equipment, increased guarantees to remit earnings overseas, up to seven years of tax holidays, easier foreign currency access. The application requires foreigners to submit a business plan that includes details of the operation, capital amount to be paid, expected technology transfers and the number of jobs to be created.
- After incorporation, the LLC must provide authorities with an annual return, an annual financial statement and a provisional quarterly payment for corporate tax.
Myanmar Public Limited Company (PLC)
- The Myanmar PLC requires seven shareholders and two directors, and the company’s financial statements are subject to audit rules.
- PLCs are not required to be listed on the Myanmar Securities Exchange.
Branch Office
- A branch will have a corporate tax rate of 35% which is higher than the standard company tax rate of 25%.
- The parent company has liability in case of losses. Branch offices can expand and diversify the parent company’s business. This type of legal entity is permitted to carry out commercial business activities.
Myanmar representative office
- A representative office in Myanmar is 100 percent foreign-owned and is not allowed to conduct business directly. These entities are allowed to conduct market research and promotional activities for the parent company.