Setting up a company in Myanmar marks an important turning point for investment development, but it is only the beginning of a challenging and opportunistic business journey. To ensure smooth operations, comply with the law, and optimize operational efficiency, businesses need to focus on the things that the company needs to do after establishing a company in Myanmar. These matters play a key role in maintaining legality, managing risks and supporting the sustainable development of businesses in the Myanmar market. Viet An Law would like to introduce you to consulting services after company establishment in Myanmar through the article below.
What to do after setting up a company in Myanmar
Confirm the address of the registered office (within one month from the date of registration)
Prepare a dossier to prove your address including the following documents:
- Office lease contract (if rented): A notarized copy of the valid office lease contract is required, clearly stating information about the address and lease term.
- Certificate of ownership of the house (if the company owns the office ): If the company owns the location where the office is located, it is necessary to provide a notarized copy of the certificate of ownership of the house and land.
- Other documents (depending on country-by-country regulations): This may include a building permit, a business license at that location, or other documents as required by the business registry.
Submit a dossier to confirm the address of the registered office
File in person at DICA or by delivery. After the application is accepted, the business registration authority will update information about the company’s address into the data system.
Disclosure of company establishment information
The disclosure of company formation information, also known as placing advertisements in mainstream media, usually print newspapers, is a legal requirement in many countries, including Myanmar. The purpose is to publicize information about the company’s formation to the public. Advertising content usually includes company name, head office address, business area and other relevant information.
Open a corporate bank account
Opening a bank account for the company is mandatory to carry out legal financial transactions. The company needs to choose a bank licensed to operate in Myanmar and prepare all the documents required by the bank. The dossier includes: Bank account registration form at the link below:
https://www.dica.gov.mm/sites/dica.gov.mm/files/uploads/pdf/form_26.pdf
Submit existing business commencement documents to the competent authority
Documents for commencement of business operations are documents for commencement of business operations that have been completed and signed including the following documents:
- Application for commencement of business operations: Official form notifying the official commencement of operation of the enterprise (Form 01)
- Minutes of the meeting of the board of members/board of directors: Record the decision of the members on the commencement of operations.
- Business plan: A detailed description of the expected business activity.
- Sub-licenses (if any): Licenses to operate in specific business fields (e.g. import and export licenses, construction permits, etc.).
- Key personnel list: Information about the people who manage and run the business.
- Bank account statement: Prove that the business has contributed enough capital.
- Copies of published newspaper advertisements
Receive a certificate of commencement of business operations
After the enterprise has completed the registration for establishment and submitted a complete dossier to start business activities (including an approval letter from SECM if any), DICA will review and appraise the dossier. If the application is valid, DICA will issue a Certificate of Commencement of Business Operations to the enterprise. After receiving the Certificate of Commencement of Business Operations from DICA, the enterprise is officially allowed to operate legally in Myanmar. Enterprises can conduct activities such as:
- Recruit employees.
- Sign a contract with a partner.
- Carry out business activities under the license.
Customers who need support with after setting up a company consulting services in Myanmar, please contact Viet An Law for the fastest support!
