Changes in the Myanmar Companies Law
29 Nov

Changes in the Myanmar Companies Law

The National Assembly has passed the Myanmar Companies Law (the “Law”). After extensive debate on various aspects of this long awaited Myanmar corporate reform the Law is finally here, pending signing into law by The President.

Key areas, which were hotly debated in recent weeks, included the highly contentious question of whether small companies are still required to appoint an external auditor, or whether they can benefit from an audit exemption.

In this briefing note we detail several issues which were integral to the parliamentary debate, and outline the final parliamentary result.

It should be noted that the full force of this Law is contingent upon the signature of The President. There is the possibility that further changes may be applied to the Law. However, we do not expect further changes and The Presidential signature as required to bring the Law into full force is merely a formality.

The Resident Director.

The Law still retains, as was stated in the earlier draft of the Law, the requirement for a company to have a resident director for all private companies. In respect of private companies, the resident director must be ordinarily resident in Myanmar for at least 183 days in a 12 month period. The resident director requirement may prove to be an issue for companies, as any company which does not have a resident director must appoint one.

However, the position for public companies has been modified with the requirement of a Myanmar Citizen resident director. For now, the impact of this rule on foreign investment is limited as there are no public companies with foreign shareholders at this time.

Foreign ownership of Myanmar Companies.

The Law has adjusted the definition “not a Myanmar company” to “a foreign company”. Now, under the Law, a foreign company is defined as a company with an ownership interest of more than 35% by a foreign corporation or a foreign individual, or a combination of the two. This can be contrasted with the earlier draft which stated that the ownership threshold would be prescribed at a later stage by the Directorate of Investment and Company Administration (DICA).

Once signed into law this 35% ownership interest ruling will also mean that foreign corporations or individuals would be allowed to hold up to 35% ownership in a Myanmar company without the company being classified as a “foreign company”. This could potentially unlock otherwise restricted sectors and encourage foreign investors. It will allow for the first time in Myanmar foreigners to be involved, albeit indirectly, in areas such as banking and insurance. However, it is also possible that the regulators of these activities may impose their own restrictions.

The Law also allows foreign companies and investors to trade shares on the Yangon Stock Exchange. This has been described as a game changer.

Statutory audit exemption and small companies.

The controversial requirement for audit exemptions for small companies has been retained. Despite early Parliamentary resistance and disquiet in some commercial circles, small companies are no longer required to submit their financial statements for auditing. In practice this will offer small companies considerable savings in time and resources. We expect that the new audit exemptions will help the development of smaller companies.

Ability to appoint only one shareholder.

In relation to the requisite amount of shareholders the Law provides that a company must have at least one member. This allows companies to appoint only one shareholder and would in practice make the formation of small businesses less onerous than was previously the case under the 1914 Act, which required at least 2 shareholders.

The transitional provisions.

The transition period of 12 months, within which a company may either redraft or uphold their objects, has been retained and is the same as in the draft law. Companies could elect to uphold their pre-existing corporate objects by passing a special resolution. The default position would be that upon the expiration of the transition period the pre-existing objects of the company will lapse.

In relation to winding up, commenced under the Myanmar Companies Act 1914 (the “1914 Act”) the Law provides that such winding up proceedings shall be resolved by application of the 1914 Act.
Finally, the Law, much like the earlier draft, provides that documents executed under the 1914 Act shall be valid under the 1914 Act.
Options to draft tailor made constitutions.

The Law removes a provision which was contained in the draft which provided that a template constitution will be published. This removal of a template from the Law means that companies may draft customised constitutions to meet their specific business exigencies and particulars.

The Law also adds that the constitution cannot contravene the Law itself. While this may be an obvious statement of law, it does somewhat restrict options for companies to draft a completely customised constitution. Time will tell if DICA and other authorities will honour the legislators’ liberal intention and allow shareholders to organise their company as they see fit.

Distribution of dividends without profit.

The Law provides, in accordance with the draft version, that dividends may be paid subject to compliance with the solvency test. The solvency test itself remains unchanged and can be contrasted with the position under the 1914 Act, which required dividends to be paid out of company profit. Consequently, a company had to be in a profit-making position to pay dividends.

The solvency test itself requires the company to:-

a) Be able to pay their debts as they become due, and
b) For the company’s assets to exceed its liabilities.

There are other considerations which must be complied with in addition to the solvency test, such as requiring the dividend to be fair and reasonable to the company’s shareholders and for the dividend not to prejudice materially the company’s ability to pay its creditors.
The reduction of share capital is made easier.

The position on reduction of share capital under the draft remains the same under the Law, namely, compliance with the solvency test is required. The position under the Law is favourable to companies as it does not unduly restrict reduction of share capital by requiring a court order as was the case under the 1914 Act.

FocusCore was established in Myanmar in 2014 to meet the startup and ongoing requirements of overseas companies seeking investment opportunities in Myanmar. As our name suggests, our core focus is to empower our clients and provide them with a roadmap to success by guiding them through the incorporation process while providing the visas, licenses and permits required to do business in Myanmar. FocusCore’s staff of seasoned local and international professionals specialize in finding the best fit for our customers’ product or service utilizing our in-depth knowledge of the Myanmar market and established network within the commercial and government sectors. We are convinced that the combination of our expertise and the innovative endeavors of our clients will provide a swift and seamless launch for their enterprise into Myanmar, the land of opportunity.

Contact us now to secure your place in this vibrant economy.

DAMCO and Star Light Group open new logistics centre in Myanmar
28 Nov

DAMCO and Star Light Group open new logistics centre in Myanmar

A new logistics centre has opened in Myanmar, bringing together Damco a global provider of freight forwarding, chain management services and Myanmar-based construction company Star Light Group. The Guest of Honour at the opening ceremony was H.E Peter Lysholt Hansen, The Ambassador of Denmark to Myanmar.

The new facility is close to the emerging industrial zones, Thilawa economic zone (MITT) and city ports with a total space of 10,000 square meters and is built to C-TPAT standards. (Myanmar International Terminals Thilawa is a deep river port 25 kilometres south of Yangon in Myanmar, and can operate 24 hours a day, seven days a week).

Damco opened the first international standard warehouse and Container Freight Station (CFS) facility in June 2014. Damco has continued to invest in state-of-the-art Warehouse Management Systems.

Star Light Group was founded in March 1993 and operates in property management, construction, trading, hospitality, healthcare, and educational institutions.

The new location provides access to a number of services including, inventory management, order processing, RF scanning and bar coding. Also available are value-added services such as cross-border and inland trucking. But most important, and perhaps many will have noticed the importance of the Denmark connection, as Damco is part of A.P. Moller – Maersk, an integrated transport and logistics company with multiple brands and a global leader in container shipping and ports. They have 33,000 employees, 630 vessels and 306 offices in 114 countries. You have probably seen the Maersk name on containers, ships or other hardware. This really places Myanmar on the trading map, yet again.

At the opening event Samuel Conroy, Country Manager of Damco Myanmar said “We are proud of this major investment Damco has made in the Myanmar Logistics sector. This project has given us the opportunity to partner with local organizations and continue to grow our workforce further supporting the Myanmar economy. I would like to thank the Damco team and our partner Starlight for this fantastic achievement. ”

Marco Civardi, Area Managing Director of Damco Vietnam, Cambodia and Myanmar confirmed “The opening of the new Damco Myanmar Logistics Center means that we will be able to provide more comprehensive supply chain solutions…..As a warehousing distribution hub, this new facility marks a significant step forward in better helping our customers to stay ahead in their respective markets.”

Damco has a presence in over 100 countries, employing over 11,000 people and reported in 2016 a turnover of 2.5 billion US dollars, and managed 659 thousand TEUs (twenty-foot equivalent units) of ocean freight and 190 thousand tons of air freight.

Like Damco, FocusCore opened facilities in Myanmar in 2014, having also identified the positive economic growth forecasts for Myanmar. We are here to help you start trading rapidly in Myanmar and assist with the incorporation of your company, helping you with all the steps required to obtain work permits and visas and, ongoing, offer a wide range of corporate support services.

International Labour Organization (ILO) publishes guide on Myanmar laws for labour and employment
19 Oct

International Labour Organization (ILO) publishes guide on Myanmar laws for labour and employment

Considerable work amalgamating many documents is now complete within a publication by the ILO for companies, employees and Government departments, offering guidance on regulations relating to employment law in Myanmar

The ILO is a United Nations agency, with funding from the European Union, Norway, Switzerland and The United States. The agency deals with labour problems, particularly international labour standards, social protection, and work opportunities for all. In 1969, the organisation received the Nobel Peace Prize for improving peace among classes, pursuing decent work and justice for workers, and providing technical assistance to other developing nations. The ILO also registers complaints against entities that are violating international rules. However, it does not impose sanctions on governments.

There have been many recent changes in Myanmar, including revised laws offering new opportunities for foreign investors wishing to enter Myanmar. If you have been following our blogs or the press since 2014 you will have read of these changes.

The ILO has published their guide which can be downloaded in full here: http://eurocham-myanmar.org/post/152/ILO-Guide-to-Myanmar-Labour-Law-2017

As with any guide you should consult experts to validate changes for your business. There will also be updates.

You will doubtless have read of the leading global growth figures here, now both on record and still forecast for the economy in Myanmar. The Government has opened the country to international investment. These changes on labour laws are another reflection of these changes.

It was in 2011 that the Government requested assistance from the ILO, so that the process for legal reforms could be accelerated and put in place with external expertise. The guide is for employers, workers, and other relevant stakeholders. There had already been the appointment in 2002 of an ILO Liaison Officer in Myanmar. We understand that Mr Rory Mungoven is the current ILO liaison officer.

It is recognised that awareness of labour guidelines and laws is sometimes not understood in Myanmar. This publication provides valuable source documentation for both national and international parties.

The guide has included work to cover existing laws including; Minimum Wages Act (2013), Foreign Investment Law (2013) and Special Economic Zone Law (2014). Payment of Wages Act (2016), Factories Act (amended in 2016), Shops and Establishments Act (amended in 2016), Leave and Holidays Act (amended in 2006), Penal Code (1974), Child Law (1993), Overseas Employment Act (1999), Anti-Trafficking in Persons Act (2005), Labour Organisation Law (2011), Settlement of Labour Disputes Law (2012).

In summary some of the key points include:-

Minimum wages – minimum wage is K450 per hour, 3,600 Kyat per day.
Working hours – For example, factory workers, maximum 44 hours per week.
Overtime work – Maximum 16 hours per week.

Public holidays – Workers Pay at double the normal rate plus a cost-of-living allowance.
There are also guidelines for medical, maternity / paternity leave, termination of employment
(30 days notice), also child workers and working hours.

Please refer to the source document and or call us or your advisors. FocusCore opened its offices in Myanmar in 2014. We have seen such promising and consistent growth and expansion in Myanmar and these changes further endorse and strengthen the forecasts for ongoing new prosperity in Myanmar. Contact us today for guidance to create your company in this expanding economic area

Further positive economic forecasts for Myanmar
18 Sep

Further positive economic forecasts for Myanmar

Forecasts for Myanmar’s continuing economic growth are backed with excellent trading figures in 2017 and now positive forecasts for 2018.

If you follow our blogs you will have read the positive news for The new Myanmar Investment Law and The Companies Act.

Changes are progressing and trading volumes will benefit even more once all the changes have come into force, scheduled for Autumn this year.

Prior to changes in trading regulations it was only Myanmar companies and those partnering with foreign companies that could trade overseas. All firms can now import or export within specified sectors – agricultural products (pesticides, seeds) and also equipment for the hospital and construction sectors.

Products are now categorised via the Harmonised System (HS) Classification of Goods. This makes trading easier and the allocation of tariffs. The classifications are standardised across all ASEAN member countries*.

Myanmar is party to a number of Free Trade Agreements (FTA) entered into between ASEAN on behalf of all member states and other nations. Preferential tariff rates apply to goods imported from these countries and a schedule of reductions over time has been agreed with a view to eventually eliminating tariffs altogether. You can easily see the tariffs by viewing the Myanmar Trade Portal and entering the commodity code or description.

International Laws are being introduced to bring Myanmar in-line with global trading guidelines that protect trading parties. This also levels the playing field for what was once a market heavily biased in favour of Myanmar domestic companies.

Our blogs have reported on the changes in regulations allowing more foreign investment in Myanmar. This rate of change continues to increase, giving further boosts to trading figures. These changes have also made it easier for companies to complete the stages for company incorporation in Myanmar. This assistance was the first service FocusCore provided when we opened in Myanmar in 2014. Since then we have added a wide range of corporate services to assist the expansion of our client companies. These include full bookkeeping services and most recently a staff pool available to work for your company, full time, immediately.

The Government in Myanmar calls for lifting of the remaining two USA financial sanctions.
28 Aug

The Government in Myanmar calls for lifting of the remaining two USA financial sanctions.

There are calls from Myanmar Government Ministers for the remaining sanctions in the USA Patriot Act to be lifted. For example, problems arise when Myanmar Embassies attempt to transfer funds back to Myanmar from their Embassies overseas. Mr U Kyaw Tin, Deputy Minister for Foreign Affairs has highlighted these and other issues adding, “Currently, official remittance must go through an intermediary bank with a high and utterly wasteful cost. Removing Myanmar from the Patriot Act must be at the top of the agenda.”

You may have seen our blogs or elsewhere that most of the sanctions were lifted by President Obama, but sections 311 and 312 remain.

Mr U Kyaw Tin said, “To remove these barricades, Myanmar should liberalize financial policy, be more transparent and crackdown on illegal Hundi money transfers.”

(A Hundi is a financial instrument developed in India hundreds of years ago. They have been mentioned in our blogs before discussing trade and credit transactions. They are a form of remittance instrument to transfer money. There is still an estimated $5 billion sent annually to Myanmar).

Section 312 of the USA PATRIOT Act requires “certain U.S. financial institutions to apply due diligence to correspondent accounts maintained for certain foreign financial institutions”.

Section 311 of the USA PATRIOT Act “authorizes the Secretary of the Treasury to require domestic financial institutions and domestic financial agencies to take certain special measures against foreign jurisdictions, foreign financial institutions, classes of international transactions, or types of accounts of primary money laundering concern”.

Mr. U Kyaw Tin is well placed to draw attention to these topics. He has served Myanmar in Europe and in the USA over many years. For example in September 2012 as the new Permanent Representative of Myanmar to the United Nations Mr. Tin Kyaw presented his credentials to UN Secretary-General Ban Ki-moon. Mr Kyaw was Myanmar’s Ambassador to Canada from March 2011. He was Chargé d’affaires at the Myanmar Embassy in Ottawa in 2005.

Today, Mr U Kyaw Tin is also The Deputy Minister for The Ministry of President’s Office.

FocusCore was established in Myanmar in 2014 to meet the startup and ongoing requirements of overseas companies seeking investment opportunities in Myanmar. As our name suggests, our core focus is to empower our clients and provide them with a roadmap to success by guiding them through the incorporation process while providing the visas, licenses and permits required to do business in Myanmar. FocusCore’s staff of seasoned local and international professionals specialize in finding the best fit for our customers’ product or service utilizing our in-depth knowledge of the Myanmar market and established network within the commercial and government sectors. We are convinced that the combination of our expertise and the innovative endeavors of our clients will provide a swift and seamless launch for their enterprise into Myanmar, the land of opportunity.

Contact us now to secure your place in this vibrant economy.

USA companies on track to grow investment in Myanmar
16 Aug

USA companies on track to grow investment in Myanmar

Since the removal of sanctions imposed by the USA, more American companies are keen to invest in Myanmar. This was confirmed by the US Ambassador to Myanmar, Mr Scot Marciel, when he recently attended a meeting with The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

He said the changes in Myanmar and the improving financial sector were all factors which are encouraging US firms to focus on Myanmar, adding that “the removal of US financial and trade sanctions on Myanmar could give the country’s various industries a boost, with American buyers expected to return to the investment landscape following a period of sluggish trading. Banking sector reform and liberalisations in the insurance sector will provide a significant boost to bilateral economic relations between Myanmar and the United States.”

You may have seen our earlier blogs on reforms in the Insurance sector. Now, state-owned Myanma Insurance have stated that changes will be announced by the end of August. A further positive sign also for foreign insurance companies seeking to operate in Myanmar.

When meeting the UMFCCI Mr Marciel added that he was keen to encourage further activity between Myanmar and the financial sector from the USA. He also confirmed his support for the Myanmar Government to accelerate further reforms and introduce an improved range of payments and currency transfer services.

The aims of the UMFCCI are many, notably they seek to accelerate the pace of economic development and act as a bridge between the State and the private sector. They are tasked with the objectives of leading the Myanmar business community into being a “globalized economy”.

We in FocusCore have already reported in our blogs on the spectacular and ongoing growth in the expanding Myanmar economy. Indeed, we are helping more and more companies establish their presence in Myanmar, providing our local knowledge and contacts, completing all the required steps for their company incorporation, and providing recruitment, compliance and bookkeeping services.

The UMFCCI continues to provide their valuable participation in trade fairs, exhibitions, EXPOs and shows for local and international companies. We in FocusCore look forward to seeing your company name on attendee lists. Contact us now and take the first step to participating in this vibrant economy.

Myanmar Investment Commission confirm priority areas to benefit foreign & local investors
10 Jul

Myanmar Investment Commission confirm priority areas to benefit foreign & local investors

New priority areas have been confirmed by the Myanmar Investment Commission (MIC) to encourage investors. There is a new priority list stipulating ten areas. Investors targeting these areas will receive a warm welcome and this applies to both Myanmar citizens and foreign nationals.

The recent MIC statement confirms that “both foreign investors and Myanmar citizen investors are welcome to invest in [the Priority] investment areas. The Myanmar Investment Commission and the Government of respective States and Regions will provide necessary assistance to investors”.

The Priority Areas are:-

Agriculture and its related services, value-added production of agricultural products
Livestock production, breeding and production of fishery products
Export promotion industries
Import substitution industries
Power sector
Logistic industries
Education services
Health care industry
Construction of affordable housing
Establishment of industrial estate (Industrial zone development)

This follows the new Myanmar Investment Law of October 2016, which received a seal of approval by the Cabinet in March of this year. This is a further significant and beneficial change for investors attracted by the growth in Myanmar. Furthermore, now that the new Investment Law is in place, new tax benefits are available for investors.

FocusCore opened in Myanmar to help companies join this expanding prosperous economy. Now, there are even more reasons for you to consider opening your company in Myanmar. We can assist with Company Incorporation, visas, staff provision, and a full range of corporate support services.

This is an ideal time to review your plans for Myanmar. Contact us now for a confidential discussion to learn how FocusCore can help you trade in Myanmar.

Unison Collaborative choose FocusCore to help set up a joint venture in Myanmar.
28 Jun

Unison Collaborative choose FocusCore to help set up a joint venture in Myanmar.

Products from Unison Collaborative are now available via a local source in Myanmar. FocusCore was chosen to help Unison Collaborative setup a joint venture in Myanmar for the import and distribution of their products across Myanmar.

These are pharmaceutical goods and related products. The trading name is UCM Biosciences Co., Ltd. Their address is Yaw Min Gyi Rd, Yangon. Unison Collaborative has its headquarter office in Singapore and branch offices in Malaysia and The Philippines. Unison Collaborative was established in 1977 with the aim of sourcing reliable, quality in-vitro diagnostic products and research tools for the clinical, industrial and research laboratories. Their mission is “To become the preferred provider of superior products and excellent service for the Life Science and Diagnostic industry”.

FocusCore has in the past written to private medical practitioners in Myanmar, addressing just part of the medical sector. We highlighted the huge foreign investment arriving in Myanmar, plus the increasing number of luxury condominiums and prestigious office towers being built and 5 star hotels and shopping malls – but recognising there are very few clinics in Myanmar – and an increasing number of foreign national and senior business staff.

If your company operates in the medical sector do contact us now to learn about the commercial opportunities in Myanmar. As you can see from the range of products from Unison Collaborative (listed below) this joint venture is going to provide a very wide range of leading solutions.

Myanmar continues to see growth with a wide series of large investment programmes across many sectors. FocusCore is active in accelerating this growth.

FocusCore opened its offices in Myanmar in 2014 and has witnessed, and continues to be closely involved with, many leading programmes of expansion following changes in national laws and policies.

Medical: Microbiology, Diagnostics, Molecular Diagnostics, Immunohistochemistry, Surgical Products, Allergy) Life Sciences Products: Cell culture, Next generation sequencing, Immunoassay, Substances, Tissue engineering, Protein engineering, Water microbiology, In-Vitro & In-Vivo delivery, Electrophoresis, Molecular Biology. Industrial and Veterinary: Immunoassay, Antibodies and antigens, Fluorescence antibodies, Control serum, Molecular Assays, Complement Fixation, Tube Agglutination, AGID, Reference Cultures, Sample collection. Food and Feed Safety: Dairy testing, Industrial contaminants, Microbiology, Toxins, Veterinary drugs. Forensic: Drug detection kit, Sample Collection Swabs & Applicators, DNA Collection Kit, Evidence Collection Kit. Custom Service: Bacteria serotyping, Bacteria serotyping training course, Primers, Peptides, Immunoassays, Next-Generation Sequencing Services.

First foreign charitable school in Myanmar to achieve NGO status. FocusCore chosen to obtain licences and Government approvals.
27 Jun

First foreign charitable school in Myanmar to achieve NGO status. FocusCore chosen to obtain licences and Government approvals.

WE DIT IT! Some time ago FocusCore received a call asking for help to obtain administrative licences and Government Approvals, to allow a new school to open in Mandalay. The Founder of this initiative is Nigel Martin, President, Road To Mandalay Education Foundation.

Nigel Martin – “I employed FocusCore, a private company that gets approvals for foreign companies to set up in Myanmar, a process of overwhelming complexity. (Myanmar is rated 170th most difficult countries to set up a business or charity). Eddy, an Englishman took on my quest and has provided the finest support through a wonderful and very competent lady called Nang Su, who has battled, researched and achieved a final successful outcome. Nang Su and I have worked for 6 months to gain NGO status and negotiate the signing of a Memorandum of understanding (MOU) between our charity RTMEF and the Federal Government of Myanmar. This MOU basically provides the acceptance of our school and its goals and in return they own and administer the Education policy, which we must adhere to. This process has taken 12 months. There have been many emails from Nang Su outlining the complex process and our progress and now a final outcome….. our foundation is the first foreign charitable school in Myanmar to achieve NGO status…..although the final signage of the agreement is not completed at all levels of Government, we can proceed in opening the school. Furthermore I have also received this note,”The  DG (Director General of Myanmar is) is happy to support you with everything you need and he welcomes your eagerness with this charity as he is also from Mandalay”.

All of us in FocusCore are delighted. This is an incredible initiative. The school for the poorest families is in a picturesque region of Mandalay called Amurupura. The location of the school was chosen as it is in one of the main concentrations of poor families.

Most live near the many lakes of this region that flood every monsoon and force the families to abandon their homes and live on the higher ground, which are the on the sides of roads. Living in make shift tents for months until the waters subside and then they can return to their ‘homes’.  

The school is now completed, phase one, a kindergarten furnished with carpets and facilities that the children and their parents could only have dreamed of before Nigel started his work. Nigel has spent $80,000 to provide the finest school and environment that only well funded private schools in Mandalay could match.

Nigel adds, “What can we do but bring these children to school and do all we can to teach them, provide a safe learning caring environment and hope they can stay with us. The excitement on their faces as they see the ‘bus’ arrive every morning are memories I will always cherish and makes it all worthwhile. So I have graduated from teacher to bus driver.

Nang Su, the school Head Master and Nigel have completed many meetings with local officials. The school is called the ‘Light of Education Primary School’ and the authorities are grateful for all the efforts and will support Nigel “for a long into the future”. 

Now the most important news, the web site ‘roadtomandalay.org’ will be launched on June 10

Myanmar trading volumes reaches new records with the European Union.
26 May

Myanmar trading volumes reaches new records with the European Union.

The European Union operates a Generalised System of Preferences (GSP) facility. This is granted unilaterally to developing countries. This translates into special tariffs that has seen value of exports to the EU from Myanmar grow to over $800 million for the financial year 2016 – 2017. Reported figures for imports show a total value of $627 million for the same period. The Ministry of Commerce has also published figures showing total trade values of $1.4 billion, which includes trade from all countries including the EU. Trade was seen to grow more rapidly with the EU thanks to the GSP.

The GSP schemes offered by the various donor countries and their rules of origin differ fundamentally. Goods complying with the conditions of the GSP of the USA, for example, will not necessarily comply with the EU GSP. These GSP benefits have applied since 2013. In 2016 the USA also authorised special tariffs.

Annual figures from the EU indicate the leading countries in terms of annual volumes of trade are Germany and the UK. The products ordered being from the food production and wider agricultural sectors in Myanmar.

In 2015 the EU agreed a three-year development programme with Myanmar, to encourage trade between the two areas. This followed research that showed trading volumes were well below predicted values. The initiative has worked well.

The Myanmar Trade Development programme (TDP) was born, further signalling the re-emergence of Myanmar into world trade. The TDP is also aimed at enhancing sustainable economic growth, to raise standards of living and support inclusive development in Myanmar. The programme was implemented by the German Agency for International Cooperation (GIZ), in cooperation with the Myanmar Ministry of Commerce. The EU allocated 10.5 million Euros to the project, with 500,000 Euros from Germany.

Clearly with these initiatives trading volumes and demand are set to grow further. Both imports and exports enjoy confident and expanding markets.

FocusCore opened in Myanmar in 2014 to help companies establish a trading base in Myanmar. Our services assist with Myanmar Company Setup / Registration, Visa, Work Permit, Licence applications as well as on-going corporate support services ranging from bookkeeping to legal services to managed office space. Do not hesitate to contact us to learn how you can immediately start benefiting from your trading operations within this vibrant economy.