MIC announces new secretary, foreign capital updates

U Thant Sin Lwin has been appointed as Secretary of the Myanmar Investment Commission (MIC), according to notification 55/2019.

U Thant Sin Lwin replaced U Aung Naing Oo as Director General of the Directorate of Investment and Company Administration (DICA) in March.

U Aung Naing Oo is now Permanent Secretary of the Ministry of Investment and Foreign Economic Relations.

DICA is responsible for undertaking administrative activities of the Commission. All other members of the MIC are unchanged and U Thaung Tun remains the chair of MIC.

The MIC also announced updates on injections of foreign capital. According to the announcement, all companies which have received MIC or state and regional investment committee endorsements to bring in foreign capital should do so within the approved timeframes.

Those which have not been able to do so within a specified timeframe may request an extension if sound reason is provided.

Should a company wish to increase its total amount of paid-up capital under Myanmar Investment Rules 104, it must seek prior approval from MIC together with evidence that 80 percent of the total capital has already been brought in. Once the total amount of capital is approved by MIC, the companies may bring in additional foreign capital.

If companies want to transfer shares or their whole business that results in a change in majority ownership or control of investor, prior approval from MIC is required.

Firms should also seek MIC approval prior to making any changes to their address.

Source: Myanmar Times

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