In Part 1 of this article, we reviewed the Myanmar investment considerations of a U.S. investor as they are impacted by U.S. legislation and practice. This article continues the analysis by examining the “on-the-ground” investment considerations in Myanmar, including its Foreign Direct Investment Law of 2012 (FDI) and Foreign Direct Investment Rules of January 2013 (FIR), banking issues, and other aspects of investment.
If the (generally tax-based) decision is made to incorporate a Myanmar limited liability company with 100 percent or majority foreign capital, the process of applying for the MIC Permit, as well as for the DICA Permit to Trade can take weeks… if not months… and involve extensive documentation. The DICA permit is a separate, parallel procedure from that required to obtain a Certificate of Incorporation or a Certificate of Registration of a Branch Office, as the case may be, from the CRO. Further, DICA requires that some documents be consularized and notarized at the Myanmar Consulate in the investor’s home country.