Myanmar Companies Yearbook Vol - FWP RESEARCHfwpresearch.com/jp/wp-content/themes/wsc6/pdf/yearbook_digest-we… · 2 Myanmar omanies Yearbook Vol.1 Preace PREFACE KINOSHITA, Yokho

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Vol.1

FWP RESEARCH

MyanmarCompaniesYearbook

FWP Research & Alinsek (IR)

Published on 1st November 2017 by FWP Research Co., Ltd. (1st edition)

Copyright © 2017 by FWP Research Co., Ltd. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, scanning or otherwise, without the prior permission in writing of FWP Research Co., Ltd. or as expressly permitted by law, or under the terms agreed with the appropriate reprographics rights organization.

You must not circulate this book in any other binding or cover and you must impose the same condition on any acquirer.

FWP Research Co., Ltd. has obtained permission to use “TiME Ranking” from Myanmar Center for Responsible Business and “Government Map” from Myanmar Information Man-agement Unit (MIMU). In addition to that, “Tax Ranking” is publically announced information from Internal Revenue Department of Ministry of Planning and Finance. All of rights are be-longing to respective parties.

Producer: FWP Research Co., Ltd.Writer: KINOSHITA Yokho , Alinsek (IR) @ Aye Min Soe , Samuel P. BrittonDesign: MUTO Takehiro DTP: EBUKURO TakayukiProofreader: Zaw Lwin Than , TANAKA MasakoSurvey team: KINOSHITA Kensei , ISHIDA Junya , Myo Khant Swe , Nyein Su Zaw Htay ,

Shwe Cynn Ye Aung , Thandar Win PyaeAssistant: Hnin Phoo Wai , Hnin Zarchi Phwe , Hsu Myat Mon , May Thet Nwe , Nwet

Darle Kyu Win , Nyein Thu Toe , Pan Ei Ei Soe

Publisher FWP Research Co., Ltd. Email: [email protected] Web: http://fwpresearch.com (MYANMAR) Address: No.307, 3rd Floor, Hledan Center, Kamayut Tsp, YANGON Tel: +95-9-45210-2233 (JAPAN) Address: 1-2-2-7F, Botan, Koto-ku, TOKYO 135-0046 Tel: +81-3-3641-8998

Printing House SHINANO PRINTING CO., Ltd. Address: 4-32-8 Ikebukuro, Toshima-ku, TOKYO 171-0014 Tel: +81-3-5911-3355

Printed and bound in JAPAN ISBN: 978-4-909454-00-3 C0034

Myanmar’s Tycoons �� 9

Data on Myanmar Companies �� 51

Government Map �� 585

Myanmar Legal Summary �� 607

Appendix �� 647

Index �� 693

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Vol.1

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MyanmarCompaniesYearbook

FWP Research & Alinsek (IR)

Myanmar Companies Yearbook Vol.12

Preface

PREFACE

KINOSHITA, YokhoExecutive Advisor

FWP Research Co., Ltd.

About the bookMyanmar Companies Yearbook is a valuable reference book for companies that are consid-ering investment in Myanmar, or who wish to make business alliances with local companies in Myanmar. This book helps companies to easily gather insights into Myanmar’s econo-my and investment prospects.

According to sources at the Union of My-anmar Federation of Chambers of Commerce and Industry (UMFCCI) and Government, there has been high demand for publishing a Companies Yearbook but to date, this in-itiative has not been realized. This book is the first Companies Yearbook to feature My-anmar.

This book features up-to-date data about a thousand companies from Myanmar’s “Top Income/Commercial Tax Payers 1000” and “Pwint Thit Sa/Transparency in Myanmar Enterprises (TiME) report”, along with data from some notable companies. The listed companies are all fulfilling their tax payment obligation and are in good financial standing. The Government of Myanmar started pub-lishing details of financial conditions from Financial Year 2015-16.; estimated Revenue and Net-Income is calculated from Commer-cial and Income Tax amount respectively. TiME Report is the ranking of companies which have high transparency and are willing to share their information. The report serves as an index for foreign companies to choose their local business partners. The sections on

Myanmar Companies Yearbook Vol.1 3

Preface

Company Data, Tycoons, Government Map and Myanmar Legal Summary are written by specialists working in political, economic, survey and legal sectors.

To publish this book, phone interviews and company visits have been conducted to over two thousands of companies, very few of whom were willing to give their informa-tion. The survey team also encountered prob-lems in verifying identities. However, with persistent negotiation and careful explana-tion of explaining the Yearbook’s purpose, the survey team were able to gather enough data to publish the first “Myanmar Compa-nies Yearbook”.

A second volume of the Yearbook with deeper insights and more information, is planned for release in 2018. Updated compa-ny information is available online, as a com-pany search service, even before publication of the second volume.

Investing in Myanmar’s growing economySince the inauguration of President Thein Sein (a former military man) on 30 March 2011, Myanmar has been steadily developing as a democracy. President Sein placed great emphasis on improving Myanmar’s relation-ships with other countries, holding confer-ences with leaders including then-President Barack Obama (US) and Toshihiko Noda, Prime Minister of Japan. Foreign company investments and interests in Myanmar have increased. On 10 March 2016, President Htin Kyaw was inaugurated following an over-whelming election victory by the National League for Democracy. Aung San Suu Kyi built her administration and Myanmar’s fully Democratic government has been established. In October 2016, the United States lifted all economic sanctions against Myanmar.

While progress has been remarkable, for-eign companies still lack good information about local companies, creating challenges for those seeking local business partners. Family-owned businesses are common in Myanmar, including among its leading com-panies. In some cases, information such as capital, shareholders, number of employees are known only to a company’s Chairman or

Managing Director. Financial Information is especially difficult to acquire and, even where obtainable, may be far from accurate. Investment analysts face challenges in ac-quiring financial information if they wish to conduct their survey adhering to compliance guidelines.

Typically, infrastructure and land prices are perceived as primary obstacles to compa-nies wishing to make inroads into Myanmar; lack of company data is a close second.

Many foreign companies and Myanmar companies are interested to start their busi-ness, however, there exists a gap between foreign companies (who need information) and Myanmar companies (who do not have information, or do not wish to share it). This book makes a significant contribution in fill-ing these gaps.

AcknowledgmentsI would like to show sincere appreciation to all involved in working together on the Yearbook and in particular to the companies which shared their information during our survey. I hope this book will be beneficial for all its readers and enable many future, lasting business partnerships in Myanmar.


Testimonial

“This book provides excellent insight into the business world of Myanmar by

including basic information, financial situations and ranks of tax payment.

So, this book makes a major contribution and will be essential reading for all

those who wishing to know more about companies and investment in Myan-

mar. This book represents a valuable hand book and should be on the read-

ing list for those who wish to understand the present Myanmar business.”

Soe Win

Executive Director

Renaissance Institute

Testimonial


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Aik Htun �� 10Aung Ko Win �� 12Aung Thet Mann �� 14Chit Khine �� 16Htay Myint �� 18Htun Myint Naing aka Steven Law �� 20Khin Maung Aye �� 22Khin Shwe �� 24Ko Ko Gyi �� 26Kyaw Win �� 28

Marlar Win �� 30Michael Moe Myint �� 32Nay Aung �� 34Sai Sam Htum �� 36Serge Pun aka U Theim Wai �� 38Tay Za �� 40Thadoe Hein �� 42Win Aung �� 44Win Win Tint �� 46Zaw Zaw �� 48

Myanmar’sTycoons


Myanmar’s Tycoons

Aik HtunBirth: October 21, 1948Source of wealth: Shwe Taung Group

In 1970, Aik Htun founded one of Myanmar’s preeminent builders of infrastructure, Shwe Taung Group. The company leads key develop-ment projects such as highways and bridge construction, power grid construction, and landmark real estate projects and distributes building materials throughout Myanmar. The group’s success has made Aik Htun among the richest men in Myanmar.

“We will continue to (build) the infrastructure. Infrastructure in Myan-mar has just started now. We need a lot of infrastructure right now for example, subways, highways. That’s our plan.”

Aik Htun is the founder of Shwe Taung Group and chairman of its Board of Directors. He is the driving force behind the group’s exponential growth, from a modest trading house in 1970 to one of Myanmar’s largest conglomerates. Today, Shwe Taung Group has a workforce of more than 6,000 people, serving Myanmar’s infrastructure in key de-velopment projects such as highways, roads and bridge construction, power grid construc-tion, and landmark real estate projects. Prior to 2004, Shwe Taung Company was known as Olympic Construction Company. The compa-ny changed its name in 2004 due to a bank scandal at the now-defunct Asia Wealth Bank.

Aik Htun’s leadership has been pivotal in building Shwe Taung into a diversified conglomerate, with key businesses in real estates, entertainment, shopping centers, constructions, engineering, cement and con-

struction materials, infrastructure, hotels, energy, trading and investment.

Aik Htun was born in Mogok in the Southern Shan State and moved to Yangon in 1970. He set up a biscuit shop and by 1984, he had expanded into border business. In 1991, he established Olympic Construc-tion Company. He also invested in agricul-tural projects within Magwe and Delta Divi-sions and the 8-Mile Junction Supermarket that was established in 1999. In 1994, Aik Htun founded the Asia Wealth Bank that later became Myanmar’s largest financial institution, until the 2003 banking crisis.

Since 1991, Aik Htun’s group has de-livered more than 200 public and private sector projects. It has over 20 years’ worth of experience in real estate projects, includ-ing design, development and construction.


Myanmar’s Tycoons

ners include the Japan-based Tokyu Con-struction Company, Korea’s K-Water Com-pany and Tiong Seng Company and Pan Pacific Hotels, in Singapore. In 2015, Shwe Taung Group entered into an agreement with Microsoft to receive software and services, for an undisclosed fee. The deal was the sec-ond largest deal that Microsoft has signed in Myanmar.

In 2015, Shwe Taung, in partnership with UK-based Oxford Business Group (OBG), donated a six-storied building that now houses Yangon Technological University (YTU) human resource development center.

As a proactive member in Myanmar’s nation-building, Aik Htun’s group has par-ticipated in the United Nations Global Com-pact since 2013. The group has committed itself to adopting sustainable and socially responsible policies, especially in matters of human rights, environment, labour, and anti-corruption. In corporate philanthropy, Shwe Taung Group has donated more than US$23 million to charitable causes, built 90 schools and three hospitals.

Type: PrivateFounded: 1970

Address:

2nd Fl, Olympic Tower (II), River View Garden Housing, Stand Rd, Ahlone Tsp, YANGONBusiness:

Construction, Real Estate Developer, En-gineering, Hotels, FM Radio Station, Pet-rol Stations, Heavy Machinery & Automo-bile Agent, Insurance

The group has constructed some of Myan-mar’s largest and most challenging projects, including Baluchaung No.3 Hydropower Plant, Myanmar Radio and Television Building, Ruby Hall, and a 60,000 square metre venue for the 2014 ASEAN Summit. Baluchaung demonstrated Shwe Taung’s ca-pabilities as the market leader in Myanmar’s hydropower sector. The group’s other prom-inent projects include Yeywa Hydropower Project in Southern Shan State (Myanmar’s largest RCC dam), Hledan Junction Flyover in Yangon, Yangon-Mandalay Highway, Myanmar International Convention Cen-ter, Dagon Ayeyarwum low-cost housing project, Hlaing township residential up-grading and development and the Thumin-galar township development and the iconic mixed-use development, ‘Junction City’, in Yangon. Launched in December 2015, the US$300 million Junction City will feature a five-star hotel that will be run by Pan Pacific Hotels. An office tower will also be built in partnership with Singapore’s Keppel Land.

High Tech Concrete (HTC), a core sub-sidiary of Shwe Taung, is ISO certified and provides high quality, ready mixed CVC and RCC concrete for a broad spectrum of con-struction needs. HTC was the sole supplier of RCC concrete for the Yeywa Hydropower Plant.

Shwe Taung Distribution is a top distrib-utor of world-leading brands for machinery and vehicles in Myanmar. It introduced Scania and Liebherr into the Myanmar auto market in 2007. In 2012, Shwe Taung Dis-tribution extended its range of services to in-clude logistic and trading businesses. Shwe Taung’s logistics services are run through Octagon International Services (OIS), a sub-sidiary of Shwe Taung Distribution that was formed in 2016.

In 2011, Aik Htun’s group was among five companies granted a 70-year-lease of the sought-after 12-acre premise near Shwedagon Pagoda for Dagon City and four other related projects. In 2016, the former President’s Office provided replacement land as compensation for cancelling some of the group’s projects.

The group’s international business part-


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How to use �� 52Category Index �� 54Company Data �� 65

Data onMyanmar Companies


Data on Myanmar Companies

How to useCompany ProfileOverview, History and other information which are related to company business are explained.

FWP# Company NameFWP Identification Number / Official name which is registered in DICA (Including some companies, Group companies, Government related companies which are not registered in DICA)

DICA#DICA Registration Number

Add. (Address) / Cur. (Current Address)Address which is registered in DICA and Current address of the company

Grp. (Group Company)Parent company or Group name which company is belonging.

ExecutivesExecutive information such as Name, Position, National Registration Card (NRC) Information.

ShareholderName and Number of shares.

Income StatementRevenue and Net-Income of each financial year. If there is (Parenthesis), Revenue and Net-Income are calculated by using Tax Ranking.

Tax RankingIncome Tax and Commercial Tax ranking which are announced by the Government. These have been announced since Financial Year in 2013-14 and amount of tax has been revealed since Financial Year 2015-16.

TiME RankingTransparency in Myanmar Enterprises (TiME) has been announced by “Pwint Thit Sa Project” and it has listed 50 companies since 2014.

FWP Research

FWP Research is a credit research compa-ny. It specialises in market survey, consult-ing business, regulatory compliance survey and business databook publishing.

COMPANY2119 FWP Research Company

LimitedDICA# : 819/2015-2016(NPW)Add. : No.1092/Ka, No-5, South

Okkalarpa Tsp, YANGONCur. : No.307, 3rd Floor, Hledan

Center, Kamayut Tsp, YANGONTel : 09-254367301~03Web : http://fwpresearch.comEmail : [email protected]

OUTLINEBiz. : Corporate Survey, PublishingRegt. : 15/03/2016Cap. : 10 mil KsEmpl. : about 20Br. : 2Fact. : 1 (Laboratory)Grp. : FWP Group

EXECUTIVEMD : Nay Aung 13/BAHANA(NAING)094899Dir. : Myo Thant 14/TAKANA(NAING)003753Dir. : Myat Ko 13/KATATA(NAING)021532Other 2 persons

SHAREHOLDER Nay Aung : 100 Share / Myo Thant @ Kyaw Ju Sing : 100 Share / Myat Ko : 50 Share / Other 1 persons

INCOME STATEMENTFinancial Year Revenue Net-Income

2015-16 10.0 bil Ks (500 mil Ks)

TAX RANKINGIncome

Year Ranking Tax (mil Ks)

2015-16 651 750Commercial


2015-16 953 50

TiME RANKING2016 position : 40



- DICA# : Directorate of Investment and Company Administration(DICA) registration number

- Add. : Address- Cur. : Current Address- Biz. : Business- Regt. : DICA Registration Date

(Est: Establishment Date)- Cap. : Capital- Empl : Employees- Br. : Branch- Fact. : Factory- Grp. : Group Company- MD : Managing Director- Dir. : Director- SH : Share Holder- Rep.by. : Represented by

- MA : Managing Agent- FDM : Finacial Deputy Manager

1 mil Ks = 1,000,000 Ks1 bil Ks = 1,000,000,000 Ks1 mil Ks ≈ 1,000 USD1 mil Ks ≈ 100,000 JPN1 bil Ks ≈ 1million USD1 bil Ks ≈ 100 million JPN

(Note)Company data uses open information from Government, and Government related organization.Interview which was conducted by FWP Research contributes to add information. Information might not be latest and also not guaranteed accuracy by FWP Research.

Category Index ��54 Finance, Insurance, Securities ��65 Transport, Warehouse ��81 Mass Media, Publishing, Printing & Bookbinding, Advertising ��90 Communications, IT, Information service ��95 Trade ��113 Distribution, Services ��133 Real Estate, Construction, Civil Engineering, Interiors ��174 Foodstuff, Agriculture, Forestry, Stockbreeding, Fishery ��227 Petroleum, Mining, Energy ��324 Textiles, Textile Products ��343 Wood, Wooden Products ��354 Paper, Pulp ��361 Chemicals, Cosmetics, Pharmaceuticals ��366 Synthetic Resin, Plastic ��404 Rubber, Rubber Goods ��419 Ceramic, Glass ��427 Steel, Non-Ferrous Metals, Metal Products ��436 Machinery ��454 Electric, Electronic Equipment ��482 Transport Machinery ��514 Precision Instrument, Medical Equipment ��529 Precious Metal Products, Jewellery, Accessories ��534 Daily Necessaries, Sundries ��544 Conglomerate, Other ��553

Legend



Category Index

Finance, Insurance, Securities

Asia Green Development Bank (AGD) ��65Aung Thitsa Oo Insurance ��66Ayeyar Myanmar Insurance (AMI) ��66Ayeyarwady Bank (AYA) ��67Co-Operative Bank (CB Bank) ��67Construction and Housing Development Bank

(CHDB) ��68First National Insurance Public (FNIP) ��69First Private Bank (FPB) ��69Global Treasure Bank Public (GTB) ��70Global World Insurance ��71Grand Guardian Insurance Public (GGI) ��71IKBZ Insurance ��72Kanbawza Bank (KBZ) ��73Myanmar Apex Bank (MAB) ��73Myanmar Citizens Bank (MCB) ��74Myanmar Oriental Bank (MOB) ��75Myawaddy Bank ��75Nay Pyi Taw Sibin Bank ��76Oriental Leasing ��76Rural Development Bank ��77Small and Medium Industrial Development Bank

(SMIDB) ��77Tun Foundation Bank (Tun Commercial Bank) ��78United Amara Bank (UAB) ��78Yadanarbon Bank ��79Yangon City Bank ��80Yoma Bank ��80

Transport, Warehouse

Air Kanbawza ��81Asteroid Services ��81C.M.T Global ��82Ever Flow River Trading (E.F.R) ��82FMI Air ��83Golden Myanmar Airlines Public ��83Lann Pyi Marine ��84Mann Yadanarpon Airlines ��84Myanma Annawa Swan - A Shin Group (S) ��85Myanma Five Star Line (MFSL) ��85Ni Ni (Myawadi) Services & Transportation ��86Nyi Paung Export & Import ��86Resources Group Logistics ��87Shwe Me ��87Shwe Sandar ��88Tin Myint Win Trading ��88Tun Thitsar Forwarding Services ��89Yangon Airport Group ��89

Mass Media, Publishing, Printing & Bookbinding, Advertising

Eleven Media Group ��90Information Matrix ��91Mango Marketing Services ��91Myanmar Album Media Services (Cherry FM) ��92Myanmar Consolidated Media ��93Shwe Than Lwin Media ��93Today Publishing House ��94

Communications, IT, Information service

ABC Telecomm ��95Access Spectrum ��95Access Spectrum Trading ��96ACE Data Systems ��96Active Business Consolidation ��97Amara Communication ��97Asia Mega Link ��98BBK ��99Blue Ocean Operating Management (BOOM) ��100Computer Technical Team Trading ��100Elite Tech Group ��100Elite Tech IT Services ��101Elite Tech Manufacturing ��102Elite Telecom Public ��102Global Royal Tech ��103Global Technology ��103Horizon Telecom International (HTI) ��104Information Technology Central Services (ITCS) �104Kinetic Myanmar Technology ��105KMD ��105Mastech ��106Myanma Computer Company (MCC) ��106Myanmar Information Technology Private (MIT) �107Myanmar Marketing Research & Development

(MMRD) ��108Myanmar Millennium Group (MMG) ��108Myanmar Telecommunication & Technology

Services ��109Myanmar World Distribution ��109Nexus International ��110Oppo Science & Technology ��110Shwe Lamin Nagar ��111Suntac Technologies ��111TrustLink ��112Yatanarpon Teleport Public ��113

Category Index


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Asia Green Development Bank (AGD)

Asia Green Development Bank (AGD) is a strategic subsidiary of Htoo Group of Companies, owned by Myanmar billion-aire Tay Za. AGD Bank opened its head office and first branch in Naypyitaw and was later converted to a public company. Currently, AGD Bank has more than 50 branches throughout Myanmar and an In-ternational Banking Division that operates International Remittance Services, For-eign Exchange and Agent Banking servic-es. AGD formed a tie-up with Thailand’s True Money to offer mobile services. In 2017, it held talks with Uber Technologies to harness digital platforms. Tay Za’s son Htoo Htet Tay Za is managing director of AGD bank and has introduced new prod-ucts and services such as UnionPay Deb-it card and mobile money applications to potential and existing clients. In 2013, US-based Visa announced that Asia Green De-velopment Bank (AGD) and Ayeyarwady Bank (AYA) will link their cash machines and point-of-sale registers to the credit card giant’s worldwide payments network. In 2016, AGD Bank became the first bank in Myanmar to offer EMV-certified ATM transactions. EMV, or Europay Master-Card Visa, is a technical specification that facilitates interoperability between chip-based credit and debit cards and point-of-sale devices or ATMs. On December 2015, AGD bank sponsored training for newly elected members of the National League for Democracy (NLD), as the party’s win-ning candidates prepared to take up their roles. AGD bank also sponsored Irrawad-dy Literary Festival which ran from Febru-ary 14th to 16th, 2014 at Kuthodaw Pago-da, Mandalay.

COMPANY0466 Asia Green Development Bank

Limited (Public)

DICA# : 4929/2012-2013Add. : No.73/75, Sule Pagoda Rd,

Pabedan Tsp, YANGONTel : 01-2399333Web : http://agdbank.comEmail : [email protected]

OUTLINEBiz. : BankRegt. : 18/02/2013 (Est:2010)Cap. : 30 bil KsEmpl. : about 2,500Br. : about 59Grp. : Htoo Group

EXECUTIVEDir. : Khin Thida Aye

9/MAHTALA(NAING)259618Dir. : Nang Aye Htwe 1/MAKANA(NAING)119336Dir. : Phyo Ei San 7/PHAMANA(NAING)154361Dir. : Sai Tue Tue 13/LAKHANA(NAING)002135Dir. : Than Than Naing

12/KATATA(NAING)018820 Other few persons

SHAREHOLDERShwe Shwe Lin : 41,007 Share / Khin Hnin Thandar : 38,607 Share / Thidar Swe : 38,290 Share / Kay Thi Swe : 34,690 Share / Ye Min Oo : 30,351 Share / Other few persons


2015-16 (438 mil Ks)

TAX RANKINGIncome


2015-16 466 1092014-15 13 Under 3,0002013-14 100 Under 300




Aung Thitsa Oo Insurance

COMPANY0031 Aung Thitsa Oo Insurance

Company LimitedDICA# : 4153/2012-2013Add. : Room (01/04), Union Financial

Centre, Corner of Mahabandoola Rd & Thein Phyu St, YANGON

Tel : 01-8610342 01-8610345Email : [email protected]

OUTLINEBiz. : InsuranceRegt. : 03/01/2013Empl. : about 220Br. : 3

EXECUTIVEMD : Ba Tun 12/DAGANA(NAING)009937Dir. : Brigader General Khin Maung Than

10/MALAMA(NAING)009937Dir. : Lt.gen San Oo 12/LAKANA(NAING)024464Dir. : Than Win 13/KAKHANA(NAING)005608Dir. : Thein Toe 12/MABANA(NAING)021717 Other 1 persons


2015-16 (3,062 mil Ks) (5,301 mil Ks)

TAX RANKINGIncome


2015-16 31 1,325Commercial


2015-16 475 153

Ayeyar Myanmar Insurance (AMI)

Ayeyar Myanmar Insurance (AMI), grant-ed a license in June 2013, is a leading in-surer in Myanmar for both Life and Gener-al Insurance. AMI is a strategic subsidiary of Myanmar millionaire Zaw Zaw’s Max Myanmar Group, which is among Myan-mar's most prosperous conglomerates. In 2015, AMI successfully launched the first health insurance product in Myanmar and became a member of the UN’s Glob-al Compact. AMI has also signed MoU for strategic alliance with SOMPO Japan Nip-ponkoa Insurance.

COMPANY0114 Ayeyar Myanmar Insurance

Company LimitedDICA# : 3417/2012-2013Add. : No.23, Kan Yeiktha St, Mingala

Taungnyunt Tsp, YANGONTel : 01-8619409Fax : 01-8619406Web : http://www.ami-insurance.com/

en_USEmail : [email protected]

OUTLINEBiz. : InsuranceRegt. : 19/11/2012Empl. : about 300Br. : 2Grp. : Max Myanmar Holding

EXECUTIVEChairman : Ohn Kyaw @ Aye Thwin

14/YAKANA(NAING)017084MD : Than Zaw 12/THALANA(NAING)034618Dir. : Htay Htay Khine

12/KAMAYA(NAING)007040Dir. : Kaung Sein 9/MAYAMA(NAING)004697Dir. : Soe Tint 12/KAMATA(NAING)018745


2015-16 (1,533 mil Ks) (2,046 mil Ks)


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TAX RANKINGIncome


2015-16 114 5122014-15 304 Under 200

CommercialYear Ranking Tax (mil Ks)

2015-16 712 772014-15 810 Under 50

Ayeyarwady Bank (AYA)

Ayeyarwaddy (AYA) Bank is a retail and commercial bank, with more than 140 branches throughout Myanmar (as at March 2016). The bank has grown steadily, with customer deposits recorded at K 163 billion, as at October 2011. In 2014, AYA Bank launched its corporate and individual “World Travel Visa Card”, partnering with VISA, offering custom-ers the option to utilise their card services worldwide, in Euro, US dollar and Singa-pore dollar. At the World Finance Bank-ing Awards 2013, AYA Bank achieved “Best Private Bank in Myanmar” award. AYA Bank is the first local institution in Myanmar to adopt full compliance with International Financial Reporting Stan-dards (IFRS); and in August 2012, became a participant of the United Nations Glob-al Compact (UNGC) initiative. The bank continues to initiate various CSR activities.

COMPANY0011 Ayeyarwady Bank LimitedDICA# : 397/2010-2011Add. : No.111/112, Shopping Complex,

Dekhinathiri Tsp, NAYPYITAWCur. : No.416, Mahabandoola Rd,

Kyauktada Tsp, YANGONTel : 09-420055582 09-250206251

09-799769165Web : http://www.ayabank.comEmail : [email protected]

[email protected]

OUTLINEBiz. : BankRegt. : 14/06/2010Cap. : 55 bil KsEmpl. : about 8,000Br. : about 219Grp. : Max Myanmar Holding

EXECUTIVEMD : Zaw Zaw 12/BAHANA(NAING)084544Dir. : Htay Htay Khine

12/KAMAYA(NAING)007040Dir. : Aung Tun Thet 12/KAMAYA(NAING)054184Dir. : Khin Ma Ma 12/SAKHANA(NAING)016849Dir. : Khin Maung 12/KAMAYA(NAING)012847 Other 5 persons

SHAREHOLDERPho Zaw @ Zaw Zaw : 70,000 Share / Htay Htay Khine : 30,000 Share


2015-16 12 bil Ks

TAX RANKINGIncome


2015-16 11 2,9122014-15 9 Under 4,000

TiME RANKING2016 position : 62015 position : 9

Co-Operative Bank (CB Bank)

Co-operative Bank (CB Bank) is among the country’s largest private banks, with the largest branch network. Myanmar busi-nessman Khin Maung Aye established the Co-operative Bank (CB Bank) which later became an instrumental part of the Myan-mar Banking Industry. In 2004, CB bank changed its legal business structure to that of a public company. In November 2011,




the bank became the first to operate ATMs in Myanmar and dubbed the service, EASI Banking. Today, the company has a large ATM network (over 250) in Myanmar and more than 75 Foreign Exchange Counters.In 2015, CB Bank became the first Myan-mar lender to sign a trade finance program with the Asian Development Bank. ADB will provide up to US$ 12 million per year to support CB Bank’s trade finance opera-tions.

COMPANY0021 Co-Operative Bank LimitedDICA# : 184/1992-1993Add. : No.334/336, Corner of 23 &

Strand Rd, Latha Tsp, YANGONCur. : No.46, UFC (Union Financial

Center - Tower A & B), Corner of Mahabandoola Rd & Thein Phyu Rd, Botataung Tsp, YANGON

Tel : 01-372646Fax : 01-2317979Web : http://www.cbbank.com.mmEmail : [email protected]

[email protected] [email protected]

OUTLINEBiz. : BankRegt. : 15/07/1992Cap. : 22 bil KsEmpl. : about 7,000Br. : about 183

EXECUTIVEChairman : Khin Maung Aye

7/TANGANA(NAING)066357Dir. : Aye Maung 12/BAHANA(NAING)064395Dir. : Hla Kyu 12/PABATA(NAING)005740Dir. : Khin Hla Hla 7/TANGNA(NAING)066165Dir. : Kyaw Lynn 12/THAGAKA(NAING)061328 Other few persons

SHAREHOLDERYan Aung : 24,350 Share / Kyi Khin : 15,000 Share / Thein Htwe : 10,000 Share / Khin Maung Aye : 9,509 Share / Aye Maung : 500 Share / Other 4 persons


2015-16 6,846 mil Ks

TAX RANKINGIncome


2015-16 21 1,7122014-15 8 Under 4,0002013-14 7 Under 4,000

Construction and Housing Development Bank (CHDB)

Construction and Housing Development Bank (CHDB) was set up under the super-vision of the Ministry of Construction. It was launched with an initial capital of K 100 billion, of which about 90% is lent out. Loans to construction entrepreneurs and future homeowners attract 13% interest. The bank creates opportunities for people to become homeowners using personal in-come and government assistance. In 2015, it pushed for funding for plans to finance mortgages for homeowners and to provide the loans that could allow more people to afford homes. It currently on-ly lends for big government projects and large, low-risk associations, like the Man-dalay City Development Committee.The bank has received international financ-ing, such as US$ 10 million from Japan’s Sawada Holding Company, which was ear-marked for mortgages in a particular hous-ing project. CHDB is widening its network to secure additional loans from South Ko-rea, among other countries, which it hopes to lend with lower interest. CHDB also plans to establish branches across the coun-try to extend the reach of funding for af-fordable housing to other states and re-gions.

COMPANY0032 Construction And Housing

Development Bank Public Company Limited

DICA# : 570/2013-2014Add. : No.60, Shwe Dagon Pagoda Rd,


Fina

nce,

Insu

ranc

e, S

ecur

ities


Dagon Tsp, YANGONTel : 01-371874

OUTLINEBiz. : BankRegt. : 08/05/2013Cap. : 100 bil KsEmpl. : about 400Br. : 9Grp. : Semi-Government

EXECUTIVEDir. : Aha Yone 9/MAMANA(NAING)084930Dir. : Aung Htwe 9/MAMANA(NAING)084930Dir. : Aung Ko Win 13/TAKANA(NAING)088477Dir. : Aung Than 12/PAZATA(NAING)022750Dir. : Aung Than Myint

12/PABATA(NAING)000703 Other 5 persons


2015-16 5,100 mil Ks

TAX RANKINGIncome


2015-16 32 1,275

First National Insurance Public (FNIP)

First National Insurance Public (FNIP) is one of the largest providers of both Life & Non-life insurance in Myanmar.

COMPANY0137 First National Insurance Public

Company LimitedDICA# : 378/2013-2014Add. : No.7, Pyi Htaung Su Yeik Thar,

Pyi Htaung Su Yeik Thar Rd, Dagon Tsp, YANGON

Cur. : No.400/406, Merchant Rd, Botataung Tsp, YANGON

Tel : 01-8610661~5Fax : 01-8610675~6Web : http://www.fnipublic.com

Email : [email protected]

OUTLINEBiz. : General Insurance, Life

Assurance, Client ServicesRegt. : 29/04/2013 (Est:2012)Empl. : about 267Br. : 4Grp. : Htoo Group

EXECUTIVEMD : Khin Aye Thit 7/PAKHANA(NAING)185865Dir. : Htoo Htet Tay Za

12/KAMAYA(NAING)060851Dir. : Htwe Htwe Win

13/KALANA(NAING)012847Dir. : Aung San 12/MAGADA(NAING)050383Dir. : Kay Thi Swe 12/MAYAKA(NAING)032260 Other 3 persons

SHAREHOLDERHtoo Htet Tayza : 381,000 Share / Htwe Htwe Win : 64,000 Share / Khin Aye Thit : 12,500 Share / Aung Sann : 500 Share / Kaythi Swe : 500 Share / Other 3 persons


2015-16 (2,137 mil Ks) (1,742 mil Ks)

TAX RANKINGIncome


2015-16 137 4352014-15 115 Under 400

CommercialYear Ranking Tax (mil Ks)

2015-16 583 1072014-15 575 Under 100

First Private Bank (FPB)

First Private Bank (FPB) is a pioneer of private banking in Myanmar, receiving its banking license in Myanmar in 1992. FPB’s Chairman is Sein Maung, who is also vice-Chairman of the Myanmar Banks Associa-tion (MBA).




COMPANY0014 First Private Bank LimitedDICA# : 223/1991-1992Add. : No.619/621, Corner of Merchant

& Bosunpat St, Pabedan Tsp, YANGON

Tel : 01-246786 01-251750Fax : 01-251750 01-250148Web : http://www.firstprivatebank.com.

mm/en/Email : [email protected]

OUTLINEBiz. : BankRegt. : 09/09/1991Cap. : 36 bil Ks (Paid up Capital)

100 bil Ks (Authorized Capital in 2014)

Empl. : about 250Br. : about 32

EXECUTIVEDir. : Myo Tun 13/KALANA(NAING)017572Dir. : Myint Zaw 12/HASANA(NAING)107222Dir. : Myint Lwin 6/MAAHYA(NAING)032711Dir. : Mi Mi Naing 9/MAYAKA(NAING)103852Dir. : Kaung 12/LAMATA(NAING)024039 Other 5 persons

SHAREHOLDERSein Maung : 2,205 Share / Ba Aye : 11 Share / Mann Thet San : 10 Share


2015-16 23 bil Ks 8,549 mil Ks2014-15 21 bil Ks 8,757 mil Ks

TAX RANKINGIncome


2015-16 14 2,1892014-15 17 Under 3,0002013-14 16 Under 2,000

TiME RANKING2016 position : 50

Global Treasure Bank Public (GTB)

Global Treasure Bank (GTB) is one of Myanmar’s largest private banks with an authorized capital of K 35 billion, divid-ed into 70,000 shares per K 500,000. For-merly known as "Myanmar Livestock and Fisheries Development Bank", the bank changed its name in 2013 and doubled its capital. GTB has a state-of-the-art treasury and is one of the most active participants in Myanmar’s foreign exchange. It provides a range of integrated cash management and trade services and also has a large stake in the Construction, Industry and Services sectors. GTB has a good relationship with Myanmar’s Central Bank and has estab-lished its own Anti- Money Laundering de-partment. In 2013, GTB’s authorized capi-tal was increased to K 70 billion, granted by the Central Bank of Myanmar, of which K 52.17 billion in shares were fully issued to the public during 2015-2016. The total number of shares fully subscribed and fully paid up as of March 31st 2016 was 104,354 shares, valued at K 52 billion.

COMPANY0006 Global Treasure Bank Public

Company LimitedDICA# : 1375/1995-1996Add. : No.653/699, Corner of Shwe

Bone Thar St & Merchant Rd, Pabedan Tsp, YANGON

Tel : 01-389365 01-389489Fax : 01-243240Web : http://www.gtbmm.comEmail : [email protected]

OUTLINEBiz. : BankRegt. : 06/02/1996Cap. : 70 bil KsEmpl. : about 2,900Br. : about 135Grp. : Semi-Government


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Government Map �� 586Agriculture, Livestock and Irrigation �� 587Border Affairs �� 588Commerce �� 588Construction �� 589Defence �� 589Education �� 590Electricity and Energy �� 591Ethnic Affairs �� 591Foreign Affairs �� 592Health and Sports �� 592Home Affairs �� 593Hotels and Tourism �� 593

Industry �� 594Information �� 594Labour, Immigration and Population �� 595Natural Resources and Environmental

Conservation �� 596Planning and Finance �� 597President’s Office �� 598Religious Affairs and Culture �� 598Social Welfare,

Relief and Resettlement �� 599The State Counsellor’s Office �� 599Transport and Communication �� 600Cabinet Profile �� 601

Government Map


Government Map

Government Map

President

U Htin KyawState Counsellor

Daw Aung San Suu Kyi

Vice President 1

U Myint SweVice President 2

U Henry Van Thio

Address Phone +95 (67) Website

Office No.(18), NAYPYTAW 409118, 409117 www.president-office.gov.mm

Minister

Agriculture, Livestock and Irrigation

Dr. Aung ThuBorder Affairs

Lt-Gen Ye AungCommerce

Dr. Than Myint

Defence

Lt-Gen Sein WinEducation

Dr. Myo Thein GyiConstruction

U Win Khaing

Ethnic Affairs

Nai Thet LwinForeign Affairs / President’s Office

Daw Aung San Suu KyiElectricity and Energy

U Win Khaing

Home Affairs

Lt-Gen Kyaw SweHotels and Tourism

U Ohn MaungHealth and Sports

Dr. Myint Htwe

Information

Dr. Pe MyintLabour, Immigration and Population

U Thein SweIndustry

U Khin Maung Cho

Planning and Finance

U Kyaw WinReligious Affairs and Culture

Thura U Aung KoNatural Resources and Environmental Conservation

U Ohn Win

Transport and Communication

U Thant Sin MaungSocial Welfare, Relief and Resettlement

Dr. Win Myat Aye

President’s Office

The State Counsellor’s Office

U Kyaw Tint Swe


Government Map


Minister Deputy Minister Permanent Secretary

Dr. Aung Thu Dr.Tin HtutU Hla Kyaw

Permanent Secretary Permanent Secretary

U Kyaw Ngwe Dr. Khin ZawMinister’s Office

Address Tel +95 (67) Fax +95 (67) Website

Office No.(67), NAYPYITAW 410004, 4108051 410013, 408049 http://www.mali.gov.mm

Department of Planning

U Kyaw Min OoDirector General

Department of Agriculture

Dr. Ye Tint TunDirector General

Department of Agricultural Land Management and Statistics

U Thet Naing OoDirector General

Department of Irrigation and Water Management

U Kyaw Myint HlaingDirector General

Agricultural Machinization Department

Director General

Agricultural Research Department

U Naing Kyi WinDirector General

Department of Fisheries

U Khin Maung MawDirector General

Livestock Breeding & Veterinary Department

Dr. Ye Tun WinDirector General

Myanma Agricultural Development Bank

U Kyaw ShweDirector General

Department of Rural Development

U Khant ZawDirector General

Department of Cooperatives

U Aung PhyuDirector General

Small Scale Industries Department

U Mya ThanDirector General

Yezin Agriculture University

Dr. Myo KyweRector

University of Veterinary Science

Dr. Mar Mar WinRector

U Soe Hlaing


Government Map

Border Affairs


Lt-Gen Ye Aung U Ye NaingMaj-Gen Than HtutMinister’s Office


Office No.(14), NAYPYITAW 409035, 409023 409448 http://www.mba.gov.mm

Progress of Border Areas and National Races Development

U Ye NaingDirector General

Education and Training Department

U Thein Htay OoDirector General


Office No.(3), NAYPYITAW 408265, 408485 408004 http://www.commerce.gov.mm


Dr. Than Myint U Toe Aung MyintU Aung Htoo

Commerce

Department of Trade

U Yan Naing TunDirector General

Consumer Affairs Department

U Hla Maw OoDirector General

Myanmar Trade Promotion Organization

U Aung SoeDirector General

Minister’s Office


Government Map

Cabinet Profile

President

U Htin Kyaw

Other Name: Dala Ban (Nom de Plume)

Nationality / Religion: Mon-Bamar / Buddhist

Date of Birth: 20 July 1946

Place of Birth: Yangon Region

Education: Master of Arts in Economics Master of Science in Computer Science

Occupation: Writer and Deputy Director (Foreign Economic Relations Department, Ministry of Planning and Treasury)

Spouse: Daw Su Su Lwin

State Counsellor

Daw Aung San Suu Kyi

Nationality / Religion: Bamar / Buddhist

Date of Birth: 19 June 1945


Education: Master of Arts in Oxford University

Current Position: Pyithu Hluttaw (Lower House) Member of Parliament (Kawhmu Township)

Spouse: Dr. Michael Aris (Deceased)

Vice President 1

U Myint Swe

Nationality / Religion: Mon-Bamar / Buddhist


Place of Birth: Mon State

Education: Defence Services Academy

Occupation: Chief Minister of Yangon Region (Retired)

Spouse: Daw Khin Thet Htay

Vice President 2

U Henry Van Thio

Nationality / Religion: Chin / Christian

Date of Birth: 9 August 1958

Place of Birth: Thantlang Township (Chin State)

Education: Bachelor of Arts

Spouse: Daw Shwe Lwan


Government Map


Dr. Aung Thu


Date of Birth: 8 July 1955

Place of Birth: Yesagyo Township (Bago Region)

Education: Doctor of Philosophy in Mathematics Amyotha Hluttaw (Upper House) Member of Parliament (Yangon Region No.6)

Spouse: Daw Khin Thida

Border Affairs

Lt-Gen Ye Aung



Place of Birth: Chauk Township (Magway Region)

Education: Bachelor of Science in Defence Services Academy Master of Arts in Defence

Current Position: Military Service

Spouse: Daw Khine May Kyi

Commerce

Dr. Than Myint


Date of Birth: 17 January 1943

Place of Birth: Ingapu Township (Ayeyarwaddy Region)

Education: Bachelor of Economics Master of Science Doctor of Philosophy

Occupation: Pyithu Hluttaw (Lower House), Hlaing-thaya Township, Yangon

Spouse: Daw Khin Htay

Construction

U Win Khaing


Date of Birth: 14 December 1950


Education: Bachelor of Engineering in Mechanical

Occupation: Chairman & CEO (United Engineering Co., Ltd)

Spouse: Daw Hla Hla Mu


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About Author �� 608Chapter 1

Setting Up a Business �� 610Chapter 2

Investment Law �� 615Chapter 3

Ownership of Land & Property �� 620Chapter 4

Import and Export �� 626Chapter 5

Closing a Business �� 628Chapter 6

Banking & Finance �� 630

Chapter 7 Labor and Immigration �� 633

Chapter 8 Dispute Resolution �� 638

Chapter 9 Taxes �� 640

Chapter 10 Intellectual Property �� 644

Chapter 11 Anti-Corruption Law �� 646

MyanmarLegal Summary

Myanmar Legal Summary


About Author

Samuel P. Britton

Samuel has over 20 years’ experience in dealing with a wide range of business trans-actional matters for multinational corporate clients and high-net-worth individuals. Sam-uel’s prior experience encompassed an array of industries and business sectors including: manufacturing, transportation and logistics, telecommunications, construction, industrial and commercial real estate, securities, bank-ing and finance, travel, and the hotel indus-try. Samuel’s legal transactional experience includes contract drafting, review, and advice as to: incorporations and corporate matters, corporate finance, including cross-border lending, project finance, loan facilities and other security agreements, asset and stock ac-quisitions as well as legal work for joint ven-tures and infrastructure projects, security reg-ulations, intellectual property, employment, and tax among others.

Samuel graduated from the University of Houston Law Center, Houston Texas (1995), a leading U.S. law school in the areas of in-tellectual property and health law, and was awarded Judicial Internship Honors upon graduation. Samuel, with his U.S. law de-gree, background in Asian Studies from the University of Texas at Austin (honors grad-uate), and Japanese language skills was re-cruited and joined Baker & McKenzie in Bangkok, Thailand in the same year, and subsequently established his own boutique law firm in 1998 catering to high-net-worth Asian clients investing in the U.S. after the Asian economic crisis of 1997. Samuel also



became a member of the U.S. California State Bar in 1998, and during this period advised U.S. and Asian clients both in Asia (on assignment) and the U.S. West Coast before joining Sciaroni & Associates Myan-mar in 2013, and later ZICO Law Myanmar as their Managing Partner in 2015. Samuel brings practical “hands-on” experience of physically residing and working in the East and Southeast Asian region for over 10 years including Japan (1988-1991) where he mas-tered Japanese, as well as stints in Thailand, Cambodia, Hong Kong, China, Dubai and now Myanmar since 2012 to the present.

To our readers:

For any investor looking to navigate the whitewater rapids of the rapidly chang-ing Myanmar legal system, California-li-censed and Asia-based attorney Samuel Britton, a 20 year seasoned American legal practitioner with numerous Asian postings and five years of on-the-ground legal experience in Myanmar, has pro-duced a legal guide that carefully lays out in question and answer format a masterful overview of Myanmar’s legal landscape summarized into 11 key “must know” sections which will enable any reader to quickly grasp and understand the main legal issues and challenges facing any in-vestor who wants to invest in Myanmar.

After reading Mr. Britton’s legal guide, you will come to know what it takes to set up a business in Myanmar, the permitted scope of activities, avail-able investment incentives, real estate, banking and finance legal issues and how they will affect your investment, closing your business, labor and im-migration concerns, dispute resolution options, taxes, and intellectual property concerns.

© Samuel P. Britton The information contained in this Guide was compiled with the help of Myanmar-qualified lawyers, but can and does change frequently, and it is imperative that the readers have the information confirmed against the latest changes and amendments. Further, the contents and any purported conclusions and recommendations contained in this Guide do not constitute the giving of legal counsel, do not create an attorney-client relationship, do not constitute a solicitation and should not be regarded as a substitute for obtaining sound legal advice from qualified lawyers on fact specific matters. Samuel P. Britton is licensed to practice law in California only. The Guide’s contents do not constitute a guaranty, warranty or prediction regarding the outcome of any legal matter.



Chapter 1Setting Up a Business This Chapter 1 addresses some of the key points in setting up a business in Myanmar.

1. What are the most common types of business entities that can be formed in Myan-mar?

One of the first steps that any investor will need to take is to select the right structure for their investment. The Companies Act (1914), its amendments (1955, 1959, 1989, 1991) along with the new Myanmar Investment Law (2016) and the more detailed Rules 2017 attempt to provide a blueprint for juristic enti-ty company formation with limited liability, i.e., Limited Company (“LC”) establishment and registration as well as for branch and rep-resentative offices in Myanmar which are the three major types of juristic entities.

Although the 1914 version of the Compa-nies Act (as originally drafted) made little dis-tinction between foreign-owned and local-ly-owned companies, the 1955 Amendment (Act XXIII, 1955) precisely defined a Myan-mar company vs. a foreign company and add-ed Section 27A. The Myanmar Investment Law (2016) and its related laws and notifica-tions further set forth some ownership and shareholding-structure requirements depend-ing on the type of activity to be undertaken. At the time of this printing, press releases in-dicate that the legislature is also working on a revised version of the Companies Act (1914) for final promulgation by the end of year 2017, which it is anticipated, will further clar-ify allowable foreign to local equity owner-ship percentages in relation to the scope of one’s business activities.

2. How are Limited Companies established? What are the minimum capital require-ments and shareholders’ liabilities?

There are two main government administra-tive vehicles which are involved either alone

or together in the promoters’ establishment and registration of their LC. One entity is the Directorate of Investment and Companies Administration (“DICA”) which is the Gov-ernment agency in charge of registering juris-tic entities. If the applicant does not wish to seek any preferential tax or custom’s duty treatment, then application is made directly with DICA, and except for specific licensing requirements, no other government agency’s involvement is required.

On the other hand, if the applicant wishes to try to obtain preferential tax and customs du-ty-free treatment, then they would also sub-mit a proposal to apply for a Myanmar Invest-ment Commission (“MIC”) permit or endorsement. The MIC would offer one-stop processing when specific separate relevant Ministry approvals and licenses are also needed. A third way, as discussed below, is to establish a company in a Special Economic Zone which are supposed to come under a special set of rules, but this has not been final-ized yet.

Under the Companies Act (1914), there are no minimal capital requirements other than as required to comply with “paid up” capital, but the revised FIL does provide new rules for minimal paid-in capital requirements depend-ing on the activities intended which in turn affect the minimum capital required for the business in question. For example, for a ser-vices-based company, such as a consulting company, the minimum capital investment would require an aggregate of $50,000 to be invested into the Myanmar LC within five years of registration. If on the other hand a manufacturing business is undertaken, then the capital requirement thresholds are higher at $150,000.

As discussed above, the Companies Act (1914) and the newly-instituted Myanmar In-vestment Law provide for shareholder limited liability protection equal to the amount of their paid-in capital for their shares. If the eq-uity owners have not paid in full on their shares at the time of registration, then their liability would extend to the outstanding “par value” amount owed, but not beyond that.

3. Can a business be 100% foreign-owned? Is a foreign enterprise required to have a Myanmar partner?

Documents

Myanmar Companies Yearbook Vol - FWP RESEARCHfwpresearch.com/jp/wp-content/themes/wsc6/pdf/yearbook_digest-we… · 2 Myanmar omanies Yearbook Vol.1 Preace PREFACE KINOSHITA, Yokho