doing business in myanmar – what you need to know as a singaporean
The Condominium Management Committee has been fine-tuning the registration process under the Condominium Law, and will accept registrations in early 2020, said U Myo Myint, general secretary of the Myanmar Construction Entrepreneurs Association (MCEA).
“We are negotiating for sales with foreigners and investors. There are some issues in the law. After negotiations, the registrations can be made,” he said.
A total of 11 existing and ongoing condo projects have been submitted to the committee and three of them which do not conform to the rules have been cancelled, he added.
After the long-expected Condominium Law was enacted, the Condominium Management Committee was formed in early 2019.
It’s been a year since the committee’s formation and sales of any condos have yet to be permitted.
When the registration has been issued there won’t be any unexpected changes, he said.
“The condo constructors want to get their registration certificates in time for the tax reduction. We also hope we’ll be able to issue them in time,” said U Myo Myint.
As the Condo Law does not specify whether or not a foreign national can establish a building, these detailed elements of the law will be further discussed by the ministry, he said.
According to the Condo Law, those who establish collectively-owned premises must present a bank account showing the investment capital. As those who make a purchase in installments also have to deposit in the same bank account, matters relating to transactions are under discussion with the bankers association as well as the CBM, said U Myo Myint.
As the law does not clearly state transactions amounts for foreign national to make the purchase, there may be issues when making first purchases, business owners say. When a foreign national buys a house they must transact the money from their country of origin to their account in Myanmar. To facilitate the payments made by the foreign nationals, a discussion is underway between the CBM and the Collective
Ownership Buildings Management Committee.
– Translated
Source: Myanmar Times
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