Incorporating a Service Company without FIL

As a foreigner if you intend to set up a 100% foreign-owned service company in Myanmar, you can do so under the Myanmar Companies Act with a paid-up capital of just US$50,000. Minimum of 2 shareholders is required, the shareholders need not be resident in Myanmar. As a foreign-owned company you will not be able engage in trading business i.e. import and export business.

This is the easiest route for foreign investors that want to start a company in Myanmar to get a better understanding of the market and to have an early mover advantage. Incorporation is relatively easy as it does not involve getting approval under the Foreign Investment Law (FIL) scheme, capital requirement is minimal and approval takes about 2 months.

For your information – any investment involving foreigners must be approved by the Company Registration Office which is part of the Directorate of lnvestment and Company Administration (DICA) even if it is not under the FIL scheme. Under the law foreigners are not allowed to be shareholder in local companies to do so is illegal, in the event of a dispute with local shareholders your stake in the company will not be recognized in the eyes of the law.

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