THE UNION OF MYANMAR FOREIGN INVESTMENT LAW, PROCEDURES
AND
TYPES OF ECONOMIC ACTIVITIES
ALLOWED FOR
FOREIGN INVESTMENT
INTRODUCTION
I .The Union of
Myanmar Foreign Investment Law
Chapter 1: Title &
Definition
Chapter 2: Applicable Economic
Activities
Chapter 3: Basic Principles
Chapter 4: Form of Organization
Chapter 5: Formation of the Commission
Chapter 6: Duties and Powers of the
Commission
Chapter 7: Contracts
Chapter 8: Insurance
Chapter 9: Appointment of Personnel
Chapter 10: Exemptions and Reliefs
Chapter 11: Guarantees
Chapter 12: Foreign Capital
Chapter 13: Right To Transfer Foreign Currency
II . PROCEDURES
RELATING TO THE UNION OF MYANMAR FOREIGN
INVESTMENT LAW
Chapter 1: Title and Definition
Chapter 2: Formation of the Commission
Chapter 3: Economic Activities which may be carried out
Chapter 4: Submission of Proposal
Chapter 5: Srutiny of Proposal
Chapter 6: Issue of Permit
Chapter 7: Termination of Business before the Expiry of its Term
Chapter 8: Insurance
Chapter 9: Appointment of Personnel
Chapter 10: Exemptions and Reliefs from Taxes
Chapter 11: Evaluation and Registration of Foreign Capital
Chapter 12: Right to transfer Foreign Currency
Chapter 13: Matters relating to Foreign Currency
Chapter 14: Meetings
III. PROPOSAL OF THE
PROMOTER TO MAKE FOREIGN INVESTMENT IN THE UNION OF MYANMAR
IV TYPES OF ECONOMIC
ACTIVITIES ALLOWED FOR FOREIGN INVESTMENT
STATEMENT ON FOREIGN INVESTMENT LAW OF MYANMAR
The Government of the Union of Myanmar has been striving hard to
promote all round development of national economy to improve
provisions of food, clothing and shelter for the people so as to
ameliorate their living standards. In this connection steps have been
taken to ensure mass participation with maximum utilization of the
faculties of people and induce foreign investment on the basis of
equality and mutual benefit.
The
Government has also envisaged such policy objectives as exploitation
of abundant resources of the country with a view to catering to the
needs of the nation in the first instance; exporting whatever surplus
available; creation of new employment as the economic activities
expand so that especially young people would have great job
opportunities and privileges of learning on-job traini.ng as well as
technical training both inland and abroad; economic and social
development of various
regions of the State along with expansion and improve ment of
transport and communications. Foreign investors who invest and operate
on equitable principles would be given the right to enjoy appropriate
economic benefits, ~o repatriate them, and to take their. legitimate
assets back home on closing of their business. They would also be
given pro:per guarantee. by the Government against nationalizatIon of
theii' busint:ss in operation. All these rights and privileges would
be. granted in the interest of the Union of Myanmar and its people.
At present, enquiries a!e being made by foreigncompames and persons
wishing to make investments in the State In a reasonable manner.
Similarly, enquiries and contacts are also being made by citizens. It
is desirous that a Commission of a high calibre be formed so as to
scrutinize the proposals and toco-ordinate all matters concerning
enterprises which may be permitted.
As it is necessary to make legal provisions for the above-mentioned
matter, the State Law and' Order Restoration Council has enacted
the Foreign Investment Law.
The Union of Myanamar Foreign
Investment Law CHAPTER I
Title and Definition
I. This Law shaH be called the U nionof Myanmar Foreign Investment Law.
2. The following expressions contained in this Law shall have the
meanings given hereunder:
(a)
"Commission" means the Union of Myanmar Foreign Inv~stment
Commission;
(b)
"Government" means the~Government of the Union of Myanmar;
(c) "Citizen"
includes an associate citizen or a naturalized citizen. T he
expression also
includes an economic organization formed with local investment only;
(d)
"Foreigner" means a person who is not a citizen. The said expression
also includes an
economic organization formed with. foreign investment only;
(e)
"Promoter" means any citizen or any foreigner submitting an investment
proposal to
the
Commission;
(f)
"Proposal" means the prescribed application submitted by a promoter to
the
Commission for approval of an intended investment and the accompanying
draft contract;
(g) "Permit"
means the order in which the approval of the Commision of a proposal
is
expressed;
(h) "Foreign
Capital" includes the following which are invested in an economic
enterprise
any foreigner under a permit:
- foreign currency;
- property actually required for the enterprise and which is not
available within the
State such as machinery, equipment, machinery components, spare parts
and instrucments.
- rights which can be evaluated such as licences, trade marks and
patent rights;
- technical know-how'
- re-investment out of benefits acc£IIed to the enterprise from the
above or oUt of
share of profits;
(i)
"Investor" means a person or an economic organization making an
investment under a
permit;
(j) "Bank"
means any bank of the State.
CHAPTER II
Applicable Economic Activities
3. This Law applies to economic activities prescribed by the
Commission from time to time with the prior approval of the
Government.
CHAPTER III
Basic Principles
4. Foreign investments shall be made in accordance with the following
basic principles:
(a) promotion and expansion of exports;
(b) eXploitation of natural resources which require
heavy investment;
(c) acquisition of high technology;
(d) supporting and assisting production and services involving
large capital;
(e) opening up of more employment opportunities;
(f) deve'l.opment of works which would save energy consumption; .
(g) regional development.
CHAPTER IV
Form of Organization 5.
Foreign investment may be made in any of the following forms:
(a) investment made by a foreigner to the extent of one hundred per
cent foreign capital;
(b) joint-venture made between' a foreigner and a citizen.
6.(a) In forming under section 5:
(i) a sole' proprietorship, a
partnerahip and a limited company may be formed;
(ii) if a joint-venture is formed the
foreign capital shall be at least 35 per cent of the total capital.
(b) In forming as mentioned above, in carrying, out the business
and in liquidation on the termination of
business, other exiSting laws of the
State shall be complied with.
CHAPTER V
Formation of the Commission
7.The Government shall form the Commission.
CHAPTER VI
Duties and Powers of the Commission
8. The Commission may accept any proposal which in its
opinion will promote the interests of the State and which is without
prejudice
to any existing law.
9. The Commission shall in scrutinizing a proposal
. take into consideration facts such as financial credibility,
economic justification of the business enterprise and appropriateness
of
technology.
10.The Commission shall issue a permit to a promoter,on a proposal being accepted. '
I I. In case an extension, relaxation or amendment of the term of the
permit or the agreement is submitted by those concerned, the
Commission may anow thereof as it may deem appropriate.
12.The Commission shall take necessary and prompt action in respect
of complaints made by investors on failure to receive fully,
benefits
entitled to under this Law.
13.The Commission may, at any time require a promoter or an
investor to furnish such evidence or facts as the Commission may deem
necessary.
14. The Commission may, for the purpose of carrying out the provisions
of this Law form such committees and bodies as may be
necessary.
IS. The Commission may prescribe the bank which shall transact
financial matters under this Law.
16. The Commission shaH, from time. to time report its performance to
the Government. It shall. also recommend to the Government
measures
necessary to facilitate and promote foreign investments.
CHAPTER VII
Contracts
17. In forming an economic enterprise under a permit, contracts
shall be executed as may be necessary.
18. The Commission may, upon application by those concerned allow the
extension, relaxation or amt-udment of the term of a contract
of agreement as may be appropriate.
appropriate.
CHAPTER VIII
Insurance
19. An economic
organization formed under a permit shall effect insurance with the
Myanmar Insurance Corporation in respect of the
prescribed types
of
insurance.
CHAPTER IX
Appointment of Personnel
20. In appointing personnel in an economic
organization formed under a permit, preference shall be given ~ to
citizens,
provided that the Commission may, if 0 necessary, allow the
appointment of experts and technicians from abroad
CHAPTER X
Exemptions and Relief 21. The Commission
shall, for the purpose of promoting foreign investments within the
State, grant ,the investor exemption
or relief from" taxes mentioned
in sub-section (a) out of the following exemptions or relief from
taxes. In addition the Commission may grant any or more than one or
all of the remaining exemptions or relief from taxes:-
(a) in respect of any enterprise for the productionof goods or
services, exemption from income-tax for a period
extending to 3
consecutive years, inclusive of the year of commencement of production
of goods or services; in
case where it IS beneficial for the State,
exemption or relief from income-tax for a further reasonable period
depending upon the success of the' enterprise in which investment is
made;
(b) exemption or relief from' income-tax on profit s of the business
if they are maintained in a reserve fund and
re-invested therein
within 1 year after the reserve is made;
(c) right to accelerate depreciation in respect of machinery,
equipment, building or other capital assets used in the
business, at
the rate fixed by the Commission to the extent of the original value
for the purpose of income-tax
assessment;
(d) if the goods produced by any enterprise are exported, relief from
income-tax up to 50 percent on the profits
accrued from the said
export;
(e) right of an investor to pay income-tax payable to the State on
behalf of foreigners who have come from abroad and
are employed in the
enterprise and the right to deduct such payment from the assessable
income;
(f) right to pay income-tax on the income of the above-mentioned
foreigners at the rates applicable to the citizens
residing within the
country ;
(g) right to deduct from the assessable income, such expenses incurred
in respect of research
and development relating to the enterprise which are actually required
and are carried out within the State;
(h) right to carry forward and set-off up to 3 consecutive years from
the year the loss is sustained in respect of such loss
sustained
within 2 years immediately following the enjoyment of exemption or
relief from income tax as contained
in sub-section (a), for each
individual enterprise;
(i) exemption or relief from customs duty or other internal taxes or
both on machinery, equipment, instruments,
machinery components, spare
parts and materials used in the business, which are imported as they
are actually
required for use during the period of construction;
(j) exemption or relief from customs duty or other infernal taxes or
both on such raw materials imported for the first 3
years' commercial
production following the completion of construction.
CHAPTER XI
Guarantees 22. The Government guarantees
that an economic enterprise formed under a permit shall not be
nationalized
during the term of the contract or during an extended term, if so
extended.
23. On the expiry of the term of the contract, the Government
guarantees an investor of foreign capital, the rights he is
entitled
to, in the foreign currency in which such investment was made.
CHAPTER XII
Foreign Capital
24. The Commission shall evaluate the
foreign capital in terms of kyat in the manner prescribed, and
register it in the
name of the investor. In so registering, the types
of the foreign capital and the type of the foreign currency evaluated
shall be stated.
25. In the event of termination of business, the person who has
brought in foreign capital may withdraw foreign capital
which he is
entitled to withdraw as prescribed by the Commission within the time
stipulated.
CHAPTER XIII
Right to Transfer Foreign Currency
26. The following shall be
transferable abroad in the relevant foreign currency through the bank
prescribed by the
Commission, at the prevailing official rate of
exchange:- .
(a) foreign currency entitled to by the person who has brought in
foreign capital;
(b) foreign - currency permitted for withdrawal by the Commission to
the person who has brought in foreign capital;
(c) net profits after deducting from the annual profits received by
the person who has brought in . foreign capital, all
taxes and the
prescribed funds ; legitimate balance, after causing payment to be
made in respect of taxes and after
deducting in the manner prescribed,
living expenses incurred for himself and his family, out of the salary
and
lawful income obtained by the foreign personnel .during
performance of service in the State.
(d) legitimate balance, after causing payment to be made in respect of
taxes and after deducting in the manner
prescribed, living expenses
incurred for himself and his family, out of the salary and lawful
income obtained by the
foreign personnel .during performance of
service in the State.
CHAPTER XIV
Matters Relating to Foreign Currency
27. An economic organization formed
under a permit shall open in the bank prescribed by the Commission, a
foreign
currency account in the type of foreign curency accepted by
the bank, and a kyat account and carry out all financial
transactions
relating to the business enterprise.
28. Foreigners serving in any such economic organization shall open a
foreign currency account and a kyat account in any
bank prescribed by
the Commission.
CHAPTER XV
General Provisions
29. The Commission shall hold
meetings in the manner prescribed.
30. The decisions of the Commission made under the powers conferred by
this Law shall be final and
conclusive.
3I . No suit, prosecution or other proceeding shall lie againt any
member of the Commission or
committee or body or any public servant for
any act done in good fait~:' under this Law.
32. For the purpose of carrying out the provisions of this Law the
Government may prescribe such
procedures as may be necessary, and the
Commission may issue such orders and directives as may be
necessary.
II.PROCEDURES RELATING TO THE UNION OF
MYANMAR FOREIGN INVESTMENT LAW
CHAPTER I
Title and Definition
1.These procedures shall be called
procedures relating to the Union of Myanmar Foreign Investment Law.
2.The expressions contained in these procedures shall have the same
meanings as are assigned to then in the Union of Myanmar Foreign
Investment Law. In addition, the following expressions shall have the
meanings given hereunder :
(a) "Law" means the Union of
MyanmarForeign Investment Law;
(b) " Form" means the form attached
to these procedures;
(c) "Member" means the Chairman or
member of the Union of Myanmar Foreign Investment
Commission
CHAPTER II
Formation of the Commission
3. The Commission shall consist of the following persons :
(a) Minister, Ministry of Planning and Chairman Finance
(b) Minister, Ministry of Trade ... Member
(c) Minister, Ministry of Industry Member No. (I)
(d) Minister, Ministry of Industry Member No. (2)
(e) Minister, Ministry of Energy... Member
(f) Minister, Ministry of Agriculture Member and Forests
(g) Minister, Ministry of Transport Member and Communications
(h) Minister, Ministry of Mines
(i) Minister, Ministry of Construction
(j) Minister, Ministry of Livestock Breeding and Fisheries
(k) Minister, Ministry of Co-operative Member
4. The Secretary of the Commission shall be appointed and assigned
duties by the Chairman of the Commission.
CHAPTER III
Economic Activities which may be carried out
5. The Commission shall with the
prior approval of the Government publish a list showing types of
economic activities in which foreign investment may be made. In
connection with this matter replies shall also be given when enquiries
are made.
CHAPTER IV
Submission of Proposal
6. A promoter shall state the
following particulars in submitting a proposal;
(a) name of promoter, citizenship, address, place of business, place
of incorporation, type of business;
(b) if investment is to be made by joint-venture, particulars
mentioned in sub-clause (a) relating to the persons wishing to
participate in the joint-venture;
(c) evidence in support of sub-clause (a) or sub-clause (b);
(d) commercial and financial references of the promoter or
persons wishing to participate In the joint-venture
(e) particulars relating. to production or services enterprise in
which Investment IS to be made;
(f) intended form of organization in which investment is to be made in
the State;
(g) if a partnership is to be formed, draft partnership agreement, the
ratio and amount of capital to be contributed by the
partners, the
profit sharing ratio and the rights and liabilities of the partners;
(h) if a limited company is to be formed, draft contract, drafts of
the Memorandum of Association and Articles of
Association, authorized
capital of the company, types of shares, the number of shares to be
subscribed by the
shareholders;
(i) name, citizenship, address and designation of the executives of
the organization in which investment is to be made;
(j) the total capital of the organization in which investment is to be
made, the ratio of local and foreign capital, total
amount of foreign
capital to ?e brought into the State, the value of the various types
of foreign capital and. the
period within which such foreign capital
is to be brought in;
(k) the intended term of investment, the period of construction;
(l) place or places in the State -where investment is to be made; .
(m) techniques and systems to be used in the production and sale;
(n) the type and quantum of energy to be used;
(0) the quantity and value of the main machineries, equipment, raw
materials and similar materials required to be used
during the period
of construction;
(p) the type and area of land required;
(q) volume and value of annual production of the enterprise and volume
and value of services;
(r) annual requirement of foreign exchange to carryon the business and
the estimated amount
of foreign exchange earnings;
(s) volume and value of goods to be sold locally and abroad annually;
(t) the number, category and tenure of personnel required locally and
from abroad;
(u) economic justification.
7. An application containing the above particulars shall be made in the
attached Form (I) and shall be signed in person by
the promoter and
submitted. In addition, draft contract shall also be submitted
together with the said application.
8 If it is an economic enterprise in which foreign capital to
the extent of one hundred percent is brought in to the State
and invested, the promoter shall submit together with the
application, draft contract to be executed with an
organization
determined by the Ministry concerned.
CHAPTER V
Scrutiny of Proposal
9. The Commission shall scrutinize financial credibility, in the
following manner:
(a) in cases where necessary, to examine the audited annual final
accounts of the person who will bring in foreign
capital;
(b) to require Myanmar Foreign Trade Bank to make enquiries through
its foreign correspondent banks regarding the
business standing of the
person who will bring in foreign capital;
(c) to call for supporting evidence and to scrutinize the same as to
whether any citizen subscribing
capital actually has sufficient capital or not.
10. The Commission shall scrutinize the following particulars with
regard to the economic justification of an enterprise in
which
investment is to be made:
(a) estimated annual net profit
(b) estimated annual foreign exchange earnings and requirements;
(c) recoupment period;
(d) prospects of new employment;
(e) prospects of increased national income;
( f) local and foreign market conditions;
(g) requirement for local consumption;
(h) prospects of foreign exchange savings.
II. The Commission may form technical bodies as may be necessary in
order to scrutinize the appropriateness of
12. The Commission shall scrutinize application containing the
proposal and the draft contract after
obtaining the opinion of departments or organizations concerned.
CHAPTER VI
Issue of Permit
13. On approval of the proposal by
the Commission, a permit in the attached Form (2) shall be issued.
CHAPTER VII
Termination of Business before the Expiry of its Term
14. On submission of a desire to
terminate the business by mutual agreement before the expiry of the
term of the contract,
the Commission may, based upon the following
particulars scrutinize as to whether or not lit is correct and justified,
and allow the termination:
(a) substantial and continuous losses in the enterprise;
(b) breach of the terms of contract by one of the parties to the same;
(c) occurrence of force majeure;
(d) incapability of implementing the original aims and objects of the
enterprise.
CHAPTER VIII
Insurance
15. An economic organization formed
under a permit:
(a) shall effect the following types of insurance with the Myanmar
Insurance Corporation:
(I) Machinery Insurance;
(2) Fire Insurance;
(3) Marine Insurance;
(4) Personal Accident Insurance.
(b) may effect the following types of insurance, if so desired, with
the Myanmar Insurance Corporation :
(I) Contractors' All Risks Insurance; (2) Erection All Risks
Insurance;
(3) Electronic Equipment Insurance;
(4) other insurance accepted by the .Myanmar Insurance Corporation.
16. In effecting insurance the details shall be worked Out in
consultation with the Myanmar Insurance Corporation.
CHAPTER IX
Appointment of Personnel
17. An economic organization formed
wider a permit shall allow its personnel to enjoy, at least, the
workmen's rights
contained in the existing laws of the State.
18. The Commission shall, in permitting the appointment of foreign
experts and technicians, carry out the following:
(a) prescribing the type, number and term of the required foreign
experts and technicians according to the individual
business
organization j
(b) in cases where necessary, obtaining the opinion of the Ministry of
Labour.
19. An economic
organization formed under a permit shall have the right to fix the
salary and wage rates of its local
personnel and foreign experts and
technicians,to determine the payment of such salary and wages in kyat
or foreign
currency after consultation, and to terminate the services
of such personnel.
20. An economic organization formed under a permit shall make
arrangements for local and foreign training so as to
ensure its local
personnel proficiency in theirwork and promotion to higher ranks of
services
CHAPTER X
Exemptions and Relief from Taxes
21. The Commission may, either by
notifying on lts own motion or on the application of the promoter or
the investor, grant
exemptions or relief from taxes. In so granting,
the type of exemption or relief shall be specified. In necessary cases
the period for such enjoyment shall be stipulated. Where rates of
depreciation have been prescribed and allowed on
capital goods, such
rates shall also be specified.
22. The Commission on receiving the application may, after necessary
scrutinization as to whether it. is justified or not,
grant such
exemption or relief and period thereof, as may be appropriate. Such
exemption or relief shall be intimated
to the promoter or investor,
and the. departments and organizations concerned.
23. In allowing a deduction of expenses for research and development
relating to the enterprise from the assessable
income, the said
allowance shall pertain only to those works of research and
development which cannot be conducted
by any department or
organization of the State.
CHAPTER XI
Evaluation and Registration of Foreign Capital
24, In evaluating foreign capital in
terms of kyat for the purpose of registration by the Commission the
following shall be
carried out:
(a) to cause to be brought in foreign currency in any type of foreign
currency acceptable to the Myanmar Foreign Trade
Bank, and to evaluate
the same at the prevailing official rate of exchange;
(b) to cause the value of the types of foreign capital other than the
foreign currency to be stated in any type of foreign
currency
acceptable to the Myanmar Foreign Trade Bank and to scrutinize whether
the value of the respective
foreign currency so stated is appropriate
or not, and to evaluate such values so scrutinized at the prevailing
official
rate of exchange.
25. The Commission shall register the type of re-invested foreign
capital in terms of kyat an4 in any type of foreign
currency
acceptable to the Myanmar Foreign Trade Bank.
CHAPTER XII
Right to transfer Foreign Currency
26. Foreign currency entitled to be
transferred abroad under section 26 of the Law shall be transferred
through the
Myanmar Foreign Trade Bank.
27. In determining the net profits transferable abroad the following
funds shall be deducted:
(a) employees' bonus fund;
(b) contribution made by the employer to the
employees' provident fund;
(c) employees' social and welfare fund;
(d) enterprise development fund;
(e) such other funds as are required to be reserved according to.
commercial practice.
28. In deducting the living expenses of the foreign personnel and of
his family, the Myanmar Foreign Trade Bank shall
scrutinize on the
basis of the following:
(a) cost of accommodation;
(b) cost of messing;
(c) salary and wages paid to menials such as domestic help, cook and
driver;
(d) household, medical and other expenses.
CHAPTER XIII
Matters relating to Foreign Currency
29. An economic organization formed
under a permit shall, for the purpose of carrying out financial
transaction such as
depositing, withdrawing and transferring foreign
currency and kyat relating to the business, open a foreign currency
account and a kyat account in the Myanmar Foreign Trade Bank.
30 Foreigners serving in any such economic organization shall open a
foreign currency account and a kyat account in the
Myanmar Foreign
Trade Bank.
CHAPTER XIV
Meetings
3 I. The Commission shall hold
meetings at least twice a month.
32. The Chairman of the Commission shall preside at the meetings. When
the Chairman is unable to attend, any member
assigned by him may
preside at the meeting.
33. Two-thirds of the members present at a meeting shall constitute
the quorum.
34. The Commission shall make decisions by majority vote of the
members present at the meeting.
35. The Commission may invite to the meeting such persons as are
required.
III PROPOSAL OF THE
PROMOTER TO MAKE FOREIGN INVESTMENT IN THE UNION OF MYANMAR
To
The Chairman,
The Union of -Myanmar~ Foreign
Investment
Commission,
YANGON,
The Union of Myanmar,
Reference No.
Date.
I wish to make investment. 111 the U l1ion of Myanmar in accordance
with the Union of Myanmar\ Foreign Investment Law, and I herewith
apply for permission furnishing the following particulars:-
I. Promoter's--
| (a) Name |
..................................... |
| (b) Father's Name |
..................................... |
| (c) National registrationNo |
..................................... |
| (d) Citizenship |
..................................... |
| (e) Address |
...................................... |
| (f) Name of principal organization |
..................................... |
| (g)Type of business |
..................................... |
| (h)Place of organization |
..................................... |
| (i)Place of incorporation |
..................................... |
2.If investment is to be made by
joint-venture, the particulars of the persons wishing to participate
in the joint-venture with the promoter
| (a) Name |
..................................... |
| (b) Father's Name |
..................................... |
| (c) National registrationNo |
..................................... |
| (d) Citizenship |
..................................... |
| (e) Address |
...................................... |
| (f) Name of principal organization |
..................................... |
| (g)Type of business |
..................................... |
| (h)Place of organization |
..................................... |
| (i)Place of incorporation |
..................................... |
3. Type of business. in which
investment is to be made-
(a)
Production................................................
(b)Services......................................................
(indicate name of goods or type of services)
4. Form of economic organization
(a) Sole Proprietorship................................
(b) Partnership
......................................
(c) Limited Company.....................................
(to enclose the list of the name, citizenship, address and designation
of the executives of the organization, indicating the
local and
foreign capital ratio)
5. If the organization is in the form of a partnership
(a)Capital ratio and amount to be contributed by the
partners.................................................
(b)Profit sharing ratio...............................................
(c)Rights and liabilities of partners..........................
6. If the organization is in the form of a limited company_
(a) Authorised
capital..................................................
(b)Types of
shares.........................................................
(c)Share capital to be subscribed..............................
by the shareholders
7.Particulars relating to the organization in which investment is to
be made_
(a) Amount of Capital
| |
Kyat |
| (1)Amount of local capital to be contributed |
........................ |
| (2)Amount of foreign capital to be brought in |
........................ |
| Total |
|
(b) Amount of foreign capital to be
brought in_
| |
Kyat |
| (1)Foreign Currency |
........................ |
| (2)Others |
........................ |
| Total |
|
(c) Period for
bringing in items mentioned in sub-paragraph(b)............................
(d)Proposed duration of investment...................................
(e)Construction period.......................................
(f) Commencement of construction.....................
8. Particulars relating to the proposed economic organization
(I) Type of business
...........................................
(to indicate production/services etc.)
(b) Proposed place(s) at which investment is to be
made....................
(c) Technique of operation.................................
(d) Annual fuel requirement(to indicate type /
quantity).....................
(e) Annual electricity requirement...........................
(f) Annual water requirement..................................
(to indicate daily requirement, if any)
(g) Annual equipment/ raw materials requirement.......................
(to enclose a list of type Iquantity / value)
(h) Building requirement ...........................
(i) Type of land and area
requirement.................................................
(j) Goods to be produced I services to be rendered
........................
(to indicate name, type, annual estimated quantity and value of the
goods/services)
(k) System of sales......................
9.Details of Foreign capital to be brought in_
| |
Foreign Currency |
Estimated Kyat Equipment |
(a) Foreign Currency
(type and amount) |
............................. |
............................. |
| (b)Value of machineries,equipment etc.(to enclose detail
statement) |
............................ |
............................ |
| (c)Value of raw materials and other similar materials |
......................... |
........................... |
| (d)Value of rights which can be evaluated ,such as licence,
trade mark, patent rights |
.......................... |
............................. |
| (e)Value of technical know-how |
........................ |
............................ |
| Total |
|
|
12. List of personnel required for the
proposed economic organization
(a)Local personnel requirred_
| Serial No |
Type of Personel |
Number |
| .................... |
.......................... |
.................. |
(b)Foreign experts and technicians required_
| Serial N0 |
Type of expertise |
Number |
Proposed period of
employmernt |
| ................. |
............................ |
................. |
............................. |
13. Particulars relating to economic justification_
| |
Foreign Currency |
Estimated kyat Equivalent |
| (a)Annual income |
...................... |
.............................. |
| (b)Annual expenditure |
....................... |
.............................. |
| (c)Annual net profit |
....................... |
.............................. |
| (d)Yearly investments |
...................... |
............................. |
| (e)Recoupment Period |
...................... |
............................ |
(f)Other benefits(to enclose
detail calculations) |
........................ |
............................ |
(g)To mention prospects of new
employment opportunities/local
and foreign market conditions/
foreign exchange savings) |
......................... |
............................. |
14The following documents are attached for the proposed investment:
(a) Draft contract;
(b) References for business and financial standing;
(c) Drafts of Memorandum of Association and Articles of Association
Signature...............................
Name...................................
Designation...........................
The Union of Myanmar Foreign
Investment Commission
Permit
Permit No.............................
Date............................
The Union of Myanmar Foreign Investment Commission issues this Permit
under Section 10 of the Union of Myanmar Foreign Investment Law.
| (a) Name of Promoter |
...................................... |
| (b) Citizenship |
...................................... |
| (c) Address |
...................................... |
| (d) Name and address of principal organization |
...................................... |
| (e) Place of incorporation |
...................................... |
| (f) Type of business in which investment is to be
made |
..................................... |
| (g) Place(s) at which investment is permitted |
..................................... |
| (h) Amount of foreign capital |
..................................... |
| (i) Period for bringing in foreign capital |
..................................... |
| (j) Total amount of capital (Kyat) |
..................................... |
| (k) Permitted duration of investment |
..................................... |
| (l) Name of the economic organization to be formed
in Myanmar |
..................................... |
Amendment of clauses 3 and 4 of the
Procedures Relating to Union
of Myanmar Foreign Investment Law
1. As the State Law and Order
Restoration Council has re-organized the Ministry of Planning and
Finance into the Ministry of National Planning and Economic
Development and the Ministry of Finance and Revenue by Notification
No. 12/93 of 17th February, 1993, the Government of the Union of
Myanmar hereby amends clauses 3 and 4 of the Procedures Relating to
the Union of Myanmar Foreign Investment Law as follows:
2.Commission shall consist of the following persons:
(a) Deputy Prime Minister
Chairman
(b) Deputy Prime Minister
V ice-Chairman
(c) Minister, Ministry of Industry No.1
Member
(d) Minister, Ministry of Forestry
Member
(e) Minister, Ministry of Agriculture
Member
(f) Minister, Ministry of Hotels and Tourism
Member
(g) Minister, Ministry of Trade
Member
(h) Minister, Ministry of Mines
Member
(i) Minister, Ministry of Transport
Member
(j) Minister, Ministry of Livestock
Member
Breeding and Fisheries
(k) Minister, Ministry of Energy
Member
(l) .Minister, Ministry of Industry No.2
Member
(m) Minister, Ministry of Finance
Member
and Revenue
(n) Minister, Ministry of Co-operatives
Member
(0) Minister, Ministry of National
Secretary
Planning and Economic Development
(p) A person assigned responsibility
Joint-Secretary
by the Chairman
3. The office work of the
Commission shall be undertaken by the Ministry of National Planning
and Economic Development.
The Government of the Union of Myanmar Notification
No. 10/93
Yangon. The 7th Waning Day of Second Waso, 1355 M. E. (9th August,
1993)
1. The Government of the Union of
Myanmar has amended clauses 3 and 4 of the Procedures Relating to the
Union of Myanmar Foreign Investment Law by Notification No. 3/93 of
21st April, 1993.
2. The following person is hereby added as a member to the number of
persons consisted in the Union of Myanmar Foreign Investment
Commission under clause 2 of the aforesaid Notification.
Minister
Member
The Prime Minister's Office
By order,
(Soe Tint)
Secretary
The Government of the Union of Myanmar
IV TYPES OF ECONOMIC ACTIVITIES ALLOWED FOR
FOREIGN INVESTMENT
The Union of Myanmar Foreign Investment Commission
Notification No. x/89 11th Waning Day of Kason, 1351 B.E. (30 th May,
1989)
Subject: Types of economic activities
allowed for foreign investment
| Sr. No |
Type of Economic Activities |
| (I) |
(2) |
| 1 |
|
Argiculture
1.Cultivating, producing, processing and marketing of seasonal
agricultural crops (including tapioca and tobacco).
2.Establishing of plantations, (including medicinal , plants, coffee, tea,
palm oil, horticulture, etc. and producing, processing and
marketing of their produce.) |
|
| Sr.No |
Type of Economic Activities |
|
( I ) |
( 2) |
| 2 |
| 1 |
Livestock and Fishery
Livestock breeding, processing, canning and marketing of
livestock and its products (including pig breeding and pork
processing, etc.).
Production and marketing of animal feeds, additives,
supplements and veterinary medicines.
Breeding, fishing, processing, and marketing of fresh water
and marine fish, prawns and other aquatic organisms including
fish fry, fingerlings, post larvae of shrimp, but not
including breeding and production of fish and prawns in
fisheries which have been reserved for research by the
Government.
Production, processing, marketing of all kinds of fish feeds
Forestry
Production and marketing of basic construction materials,
furniture, parquet etc., using teak extracted and sold by the
State-owned economic organizations. (To be carried out jointly
with the State-owned economic organizations.) |
| 2 |
| 3 |
| 4 |
| 1 |
|
| Sr.No |
Type of Economic Activities |
|
( I ) |
(2) |
3
4 |
| 2 |
Production and marketing of carvings and handicrafts made of
teak that has been extracted and sold by State-owned economic
organizations engaged in the extraction and marketing of
the same
Production, processing and marketing of hardwoods (other than
teak), bamboo, cane/rattan and other forest produce
Production and marketing of construction material, furniture
and other products using hardwoods (other than teak), bamboo,
cane/rattan and other forest produce.
Mining
Exploration, exploitation, production and marketing of
non-metallic industrial minerals, such as coal, limestone,
gypsum, etc.
Marble quarrying and production and marketing of marble blocks
and slabs.
Carrying out other quarrying industries and marketing of
products thereof. |
| 3 |
| 4 |
|
1
2
3 |
|
|
