Myanmar

Myanmar

New Myanmar Companies Act takes effect on 1 August 2018

01 Aug 2018

The new Myanmar Companies Act, which the President approved on 6 December 2017, takes effect on 1 August 2018. Under the new Act, foreign investors are allowed to hold up to 35 per cent of shares in a domestic company without the company losing its status as 'Myanmar company'. Foreign investors are also allowed to own up to 35 per cent of the shares in companies listed on the Yangon Stock Exchange. The new Act has also abolished the mandated system of submitting an authorized capital as well as the requirement of an article of association and a memorandum of association previously prescribed.