Myanmar Small Business – Setting Up in Myanmar. Visiting Myanmar for market familiarisation and an initial market assessment prior to establishing a representative office or a joint venture arrangement is advisable for a first-hand appreciation of the business environment. Given the developing nature of the economy, the changing regulatory environment and the presence of State-Owned Enterprises and major conglomerates in the market, obtaining information on individual businesses and market conditions can be challenging. It is important therefore, to remain up to date with changes in market conditions. If you think you’re ready to start your business, here’s a an overview of resources you may need to use in order to make it happen.
Myanmar Small Business Setup – Banks
Banks in Myanmar. While many entrepreneurs put their own money into their new companies, it’s very possible that you’ll need financial assistance. A commercial loan through a bank is a good starting point, although these are often difficult to secure. The following banks provide different level of banking services in Myanmar.
- Central Bank of Myanmar
- Myanma Economic Bank
- Myanma Foreign Trade Bank
- Myanma Investment and Commercial Bank
- Myanma Agricultural Development Bank
- The Bank of Tokyo-Mitsubishi UFJ, Ltd
- Oversea-Chinese Banking Corporation Ltd
- Malayan Banking Berhad (Maybank)
- Australia and New Zeland Banking Group Limited
- State Bank of India
Myanmar Government, Business and Trade
Government, Business and Trade. To become an officially recognized business entity, you must register with the government. Corporations will need a document, which includes your business name, business purpose, corporate structure, stock details and other information about your company. Otherwise, you will just need to register your business name, which can be your legal name, or the name you’ve come up with for your company. Any company considering doing business in Myanmar/Burma must develop a presence on the ground, or appoint a local agent. The Burmese place great importance on establishing a personal relationship with their business partners. The 2 main routes to establishing a presence on the ground are: getting an investment permit issued by the Myanmar Investment Commission (MIC) under the 2012 Myanmar Foreign Investment Law (MFIL), establishing an incorporated local company or branch office under the Myanmar Companies Act (MCA), It is also possible to establish a representative office. This process is similar to setting up a branch office, but a representative office is not allowed to engage in revenue generating activities.
News and Media in Myanmar
Media – Myanmar Small Business. Newspapers and Radio News
The Irrawaddy Magazine – www.theirrawaddy.com
Myanmar Times – www.mmtimes.com
Myanmar and ASEAN – Asia (AEC)
Myanmar – ASEAN Ten Countries (AEC) which comprises of all the major nations in Southeast Asia. The goal of establishing Asean Economic Community (AEC) is to transform the region into a single market and production base with a highly competitive advantage to make it a stable and prosperous region. The countries are: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. You can find 20+ more countries in Asia information by following the link. Return to our Cambodia, Laos, Myanmar, Vietnam, Thailand main page to find more regions and posts about entrepreneurs and small business in Asia and around the world.
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– Doing Business in Myanmar
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– Myanmar Jobs for Foreigners
– Myanmar Online Video Marketing Guide
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