The World Bank is an international financial institution that provides loans to developing countries for capital programmes. Every year the bank publishes a list of 189 countries. The 2016 list has just been published. Each country is assessed on 10 headings. These include starting a business, dealing with construction permits, getting electricity, registering property, obtaining credit, taxes and cross border trading.
In the category for starting a business, Myanmar has made the biggest improvement of any other country, rising 29 places. There is more good news, because in the category for dealing with construction permits, Myanmar has jumped 10 places. In the rating measuring ease of procedures to order new electricity supplies Myanmar has moved up 6 places. This improvement is due to the abolition of the regulation that demanded a national level permit for each new connection.
As we have stated in previous blogs, there is a once in a lifetime opportunity here. We are delighted to see an organisation of world stature acknowledging the changes that we have been witnessing in Myanmar.
This is further confirmation of our own decision to open offices in Myanmar. Our research indicated companies would be arriving in Myanmar and require local expertise and experienced multinational teams to help them get started quickly. This is the aim of FocusCore. We supply all the corporate support services required by start-ups and international organisations, including bookkeeping, filing annual returns, visa applications, recruitment, HR management, finding offices, payroll and guidance on tax and compliance. This allows our client companies to focus on their business, especially at the critical times of incorporation and start of operations.
We have offices across Asia and the World Bank shows many Asian economies are well placed in the top 20. Gaining the number 1 status is Singapore. This is an on-going accolade, which they have won over the last 10 years.
The number 2 ranking is awarded to New Zealand followed by Denmark, Korea, Hong Kong SAR China, United Kingdom and the USA. Closely following are Taiwan, China 11, Australia 13 and Malaysia 18.
The World Bank drew attention to the fact that the Myanmar Authorities had removed minimum capital requirements for new companies and also improved procedures for company incorporation. The bank added that Myanmar had been noted for “helping small enterprises save valuable time and resources”.
There are many more changes and it is important you know the details. We can highlight the changes that can affect your company and supply you with the correct information so that you can harness these changes to benefit your business.
There is more to do, of course, but this shows the huge opportunity that exists here. Demand continues to grow for products, skills, services, expertise and technology in this exponentially developing economy.
By using our services we can give you a fast start into this economy which is gaining, day by day, recognition worldwide of the pace and value of these changes. Don’t miss out. Do call us. We are here to help you get started in Myanmar.