On 28 August 2023, the Directorate of Investment and Company Administration’s (DICA) website released an official announcement to the public. The central focus of this announcement is the commencement of Part (2) of the investment supervisory system. The primary objective of this phase is to streamline the process of online applications for investors who intend to conduct business activities subsequent to obtaining permits under the Myanmar Investment Law 2016 (MIL) and Myanmar Investment Rules 2017 (MIR).
This initiative is designed to facilitate the application process for investors by leveraging an online platform. The procedure involves a comprehensive review by departmental officers, who will then offer online feedback regarding any necessary requirements. Furthermore, these officers will be responsible for granting necessary approvals and providing recommendations to the investors. All proceedings will be meticulously documented and maintained for future reference.
The specific applications this new system covers include requests for the appointment of foreign experts, as approved by the Myanmar Investment Commission (MIC). This aligns with the guidelines outlined in Section 51 (a) of the MIL and Rule 206 of the MIR. Additionally, the system encompasses applications related to the expansion of the list of employees and the submission of resignations of foreign experts who were previously granted permission for appointment by the MIC.
To facilitate the application process, the announcement features a website link that leads to the designated application submission portal. Effective from 1 September 2023, applicants will have the option to utilize this link to submit their applications online. During the trial period, applicants are also encouraged to submit hard copies of their applications in conjunction with the online submission.
To assist applicants in navigating the online submission process, a detailed step-by-step guide has been included in the announcement. This guide offers clear instructions on how to utilize the provided links for online application submission effectively.
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.