New streamlined procedures have been adopted by the Myanmar Investment Commission (the “Investment Commission”) for the purposes of approving foreign investment projects.
In September 2011, the Investment Commission established the Investment Information Collection and Promotion Team (the “Investment Team”). The Investment Team convenes on Friday of each week. Prospective investors are required to make an appointment with the team on at least two weeks advance notice.
A preliminary meeting is held so as to determine whether an investment project will be permitted. The approval granted by the Investment Team is granted in principle and further steps will need to be taken in order to have the investment finally approved. Having said that, one of the most significant features of the new system is that the Investment Team offers a “one-stop” service where other line ministries are invited to attend Investment Team meetings, so that prospective investors can receive the same in principle approval from a multiplicity of different government authorities, thereby streamlining the approval process.
We are able to assist clients with arranging a meeting with the Investment Team, preparing the documentation to be submitted, representation at the meeting and ongoing advice and support with regard to the procurement of final approvals and permits.
Furthermore, the procurement of a Permit to Trade which is required by all firms in Myanmar prior to the commencement of business activities, has now been overhauled, slashing the approval period from around 18 months to two months. Only once a Permit to Trade has been issued, may an investor proceed to incorporate a legal entity in the country.
6 October 2011