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  • Myanmar Company Law Summary

    Diunggah oleh

    Ken Ngo
    530 tayangan10 halaman
    The document summarizes key aspects of company law in Myanmar. There are three main types of companies - companies limited by shares, companies limited by guarantee, and unlimited companies, though the latter two are not commonly used in practice. Companies are further classified as private or public limited companies. The principal legislation governing companies are the Myanmar Companies Act 1913, Myanmar Companies Rules 1940, and Myanmar Companies Regulations 1957. The summary also outlines registration requirements, minimum capital requirements, and winding up procedures under Myanmar company law.

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    Myanmar - Summary of Myanmar Company Law

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    The document summarizes key aspects of company law in Myanmar. There are three main types of companies - companies limited by shares, companies limited by guarantee, and unlimited companies, though the latter two are not commonly used in practice. Companies are further classified as private or public limited companies. The principal legislation governing companies are the Myanmar Companies Act 1913, Myanmar Companies Rules 1940, and Myanmar Companies Regulations 1957. The summary also outlines registration requirements, minimum capital requirements, and winding up procedures under Myanmar company law.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    530 tayangan10 halaman

    Myanmar Company Law Summary

    Diunggah oleh

    Ken Ngo
    The document summarizes key aspects of company law in Myanmar. There are three main types of companies - companies limited by shares, companies limited by guarantee, and unlimited companies, though the latter two are not commonly used in practice. Companies are further classified as private or public limited companies. The principal legislation governing companies are the Myanmar Companies Act 1913, Myanmar Companies Rules 1940, and Myanmar Companies Regulations 1957. The summary also outlines registration requirements, minimum capital requirements, and winding up procedures under Myanmar company law.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 10

    Summary of Myanmar Company Law

    PRINCIPAL LEGISLATIONS

    Myanmar Companies Act 1913 Myanmar Companies Rules 1940 Myanmar Companies Regulations 1957

    TYPES OF COMPANIES

    Company limited by shares


    (most common form of incorporation in Myanmar)

    Company limited by guarantee


    (no existence in practice)

    Unlimited company
    (no existence in practice)

    TWO KINDS OF LIMITED COMPANIES

    Private limited company


    must have at least 2 members (shareholders) limits members up to 50 restricts transfer of shares prohibits public subscriptions for its shares or debentures

    Public limited company

    must have at least 7 members must apply for a Certificate of Commencement of Business

    MYANMAR / FOREIGN COMPANY

    Myanmar company

    wholly owned and controlled by Myanmar citizens company with one or more foreign shareholders would be classified as foreign company incorporated in Myanmar other than Myanmar company or a special company formed under the Special Company Act 1950 (with State equity) incorporated outside Myanmar and having established place of business in Myanmar (foreign branch)

    Foreign company

    PERMIT TO TRADE

    Prerequisite for every foreign company to obtain from the Ministry of National Planning and Economic Development before registration with the Companies Registration Office (CRO), but, not required for special company with State equity It is a misnomer, and does not enable a company to trade. It is just a business license Application procedure Valid for two years Renewal of permit submitted within three months before the expiry of the permit

    REGISTRATION

    Required documents for registration with the CRO


    Registration fees US$2,500 Certificate of Incorporation / Certificate of Registration of Branch Office valid for two years

    MINIMUM CAPITAL REQUIREMENT

    Minimum capital required to be brought in by foreign company


    Services company - foreign currency equivalent to Kyat 300,000 (approximately US$50,000 at the official exchange rate of K.6 = US$1) Industrial company - foreign currency equivalent to Kyat 1,000,000 (approximately US$166,666 at the official exchange rate)

    Foreign trading company is not available (since 6 years ago)

    Statutory Requirements

    Name of company Registered office Directors Allotment of shares Transfer of shares Annual General Meeting

    Extraordinary and Special Resolutions Statements, Books and Accounts Mortgage or Charge Consequences of noncompliance

    WINDING UP

    Three modes of winding up


    compulsory winding up by court voluntary winding up (members or creditors) winding up under the supervision of the court

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