Post-Permit Activities

Post-Permit Activities

The following are post-permit activities, which are only applicable to companies holding a MIC Permit.

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Investment / Capital
Change in total investment

If investors want to increase the investment amount of the business, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter (including reasons for increasing the investment, original investment amount, increase investment amount and total investment amount)
  • Board of directors' resolution
  • Attach list of machineries and equipment if machineries and equipment to be imported with increasing investment amount
  • Copy of loan agreement (increase the investment with loan)
  • Copy of MIC permit
  • Power of attorney (if investors cannot come to the office)
  • Copy of up to date Quarterly Performance Report (no need to submit it again if already submitted)

Cost of amending permit: MMK   100000

Expansion of business (type of business)

If investors want to expand type of   business, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter ( describe the reasons for the expanding business )
  • Board of Directors' resolution
  • Investment amount increase or not
  • List of Machineries to be imported
  • List of increased product, raw materials, employee list and invested area
  • Loan agreement if the investment amount is increased by getting loan (Draft is acceptable)
  • Balance of machineries
  • Power of attorney (if investor cannot come to office)
  • Copy of up to date Quarterly Performance Report (no need to submit it again if already submitted)

 

(The expansion of the volume of investment is allowed only after 80% of the originally proposed investment has been made.)

Cost of amending permit: MMK 100000

Approval for loan

If investors want to get a loan, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter(describe the specific reasons)
  • Amount of Capital that has already invested
  • Board of Directors' resolution
  • loan agreement(attach with the repayment schedule)
  • Power of Attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report (no need to submit it again if already submitted)

(If foreign investors want to get a loan, they need to get approval from the Central Bank.)

Amendment of loan

If investors would like to amend loan amount, lender and repayment schedule, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover letter
  • Board of Directors’ Resolution
  • List of amendment of Loan (amount, borrower, repayment schedule)
  • Amendment of Loan Agreement with repayment schedule (Draft is acceptable)
  • Amount of Capital that has already invested (with copy of credit advice)
  • Power of Attorney (if investor cannot come to office)
  • Copy of up to date Quarterly Performance Report (no need to submit it again if already submitted)
Share transfer (fully or partly)

If investors want to transfer more than 50% of their assets and majority ownership or control, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents to get prior approval from the commission for such transfer.

  • Cover Letter
  • Board of Directors' resolution
  • List of shares holder and list of directors
  • Transfer of  shares (submit with form  8)
  • Recommendation letter for the clearance of taxes
  • Power of Attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report (no need to submit it again if already submitted)
  • Share Ratio Original

If investors want to reinvest their profits, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter
  • Mention budget year to reinvest profit
  • Board of Directors' resolution
  • Audit report
  • Recommendation letter for the clearance of taxes
  • Power of attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report (no need to submit it again if already submitted)
Reinvestment of profits

If investors desire to reinvest their profits, they need to apply to the Myanmar Investment Commission (MIC) for approval, address to the Chairman of MIC with the following documents:

  • Cover letter
  • Mention budget year to reinvest profit
  • Board of Directors' resolution
  • Audit report
  • Recommendation letter for the clearance of taxes
  • Copy of MIC permit
  • Power of Attorney (if investors cannot come to office)
  • Copy of latest Quarterly Performance Report
Transference of foreign currency (transfer of shares, dividend, profit share repatriation)

If investors want to transfer the foreign currency (transfer of shares, dividend, profit share repatriation), they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter
  • Board of Directors' resolution
  • Audit Report
  • Bank Statement (Name of Bank)
  • Form (  13  ) (form for transfer of foreign currency)
  • Recommendation letter for the clearance of taxes
  • Power of Attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report (no need to submit it again if already submitted)

 

It shall be noted that investment in the derivatives of the overseas companies (so- called forex and binary options providers) is not a allowed in Myanmar. This fact shall be especially highlighted after the court case against www.iqoption.com and CEO of the company Mr. Anton Rabinovich.

Mortgage of land and buildings permitted for investment

If investors want their mortgage of land and buildings permitted for investment, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter (by describing reasons)
  • Board of Directors' resolution
  • Mortgage agreement (draft) (to enclose recommendation of the Union Attorney General's Office for government Organization)
  • Power of Attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report (no need to submit it again if already submitted)
Business Operation
Import of machinery and equipment

If investors want to import machinery, equipment, instruments, machinery components, spare parts or   materials used in the business, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover letter
  • Pro forma invoice
  • Sales contract
  • Recommendation form related Ministry (If necessary)
  • Balance of Machinery and Equipment
  • Copy of original proposal (only the page which includes the list of machinery, equipment, instruments, machinery components, spare parts and materials used in the business relevant for this request)
  • Power of attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)
Import of raw materials

If investors want to import raw materials, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents;

  • Cover letter ( initial raw materials or yearly raw materials need to be mentioned)
  • Pro forma invoice
  • Sales contract
  • Progress in Construction, renovation
  • Balance of  Raw Imported Materials
  • Copy of MIC permit
  • Copy of original proposal (only the page which include the list of raw materials relevant for this request)
  • Power of attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)
Issue recommendation letter for export

If investors want to export product mentioned in their proposal, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents;

  • Cover letter
  • Pro forma Invoice
  • Import License and Import Declaration for raw materials
  • Amount of capital already invested (Cash, machineries)
  • List of exportation of product
  • Power of Attorney (if investor cannot come to office)
  • Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)

 

 

Issue confirmation for commencement date of business operation

If investors want to report the date of the commencement of business operation, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter
  • Form (   14    ) [Download link to file]
  • Amount of capital that has already invested
  • Bill of Lading(BL) or Export Declaration (ED) or similar documents used in international trade for the export of manufacturing business
  • if the company sales locally - the date of the income first-derived from the local sales of the manufacturing business
  • the date which commence of service business
  • Power of Attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)
Extension of construction period

If investors requests for extension of construction period, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents

  • Cover letter (describe the specific reasons)
  • Progress in Construction, Renovation
  • Amount of Capital that has already invested
  • Power of attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)

Permit Amendment Service Fees (MMK 100,000)

Extend land lease agreement and MIC Permit duration

If investors want to extend land lease agreement, the duration of investment of the business and duration of MIC's Permit, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents-

  • Cover Letter (reasons)
  • Board of Directors' resolution (or) recommendation letter from relevant ministries
  • Power of Attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)
Appointment of expatriate for stay permit

If investors want to apply for the permission of work for the foreign employee, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter(Name, Passport No., Position, duration)
  • Copy of Passport
  • Form ( 12-A   ) (application form for the permission of work)
  • Recommendation letter from representative of company
  • Recommendation letter from relevant industrial zone (if the business is in industrial zone)
  • Number of already appointed  employee (local, foreign)
  • Power of Attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)
Liquidation of business

If investors want to liquidate the business, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter (reasons for liquidation)
  • Board of Directors' resolution
  • Capital amount have been invested
  • Recommendation letter for the clearance of taxes
  • Power of Attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)
Application for a certified true copy of MIC Permit

If investors want to apply for a certified true copy of their MIC permit, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter (reasons)
  • Board of Directors' resolution
  • Advertisement on Newspaper
  • Recommendation letters from relevant police station
  • Power of Attorney (if investors cannot come to office)
  • Copy of up to date Quarterly Performance Report(no need to submit it again if already submitted)

Cost: MMK 750000

MIC Permit Amendments
Amendment of Permit: Change name of investor (or) promoter

If investors want to change the name of Investor (or) Promoter, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter (reasons)
  • Board of Directors' resolution
  • Form 6 (list of shares holder) and form 26 (list of directors)
  • Power of Attorney (if investors cannot come to office)
  • Copy of latest Quarterly Performance Report(no need to submit it again if already submitted)

Cost of amending permit: MMK 100000

Amendment of Permit: Change of address

If investors want to amendment of permit in changing of address, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover letter (reasons)
  • Map (concerned original and applied area)
  • Land lease Agreement for applied area (Draft is acceptable)
  • Land lease Agreement for permitted area (if it is already signed, termination agreement will be needed)
  • Land grant for applied area
  • Board of Directors’ Resolution
  • Recommendation letter for the clearance of taxes
  • Copy of latest Quarterly Performance Report
  • Power of Attorney (if investor cannot come to office) (no need to submit it again if already submitted)

Cost of amending permit: MMK 100000

Amendment of Permit: Change of permitted duration of investment

If investors want to extend land lease agreement, the duration of investment of the business and duration of MIC's Permit, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter (reasons)
  • Board of Directors' resolution (or) recommendation letter from relevant ministries
  • Power of Attorney (if investors cannot come to office)
  • Copy of latest Quarterly Performance Report(no need to submit it again if already submitted)

Cost of amending permit: MMK 100000

Amendment of Permit: Change type of investment

If investors want to change the type of investment (from Citizen Investment to Foreign investment or from Foreign investment to Citizen Investment), they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter (reasons)
  • Board of Directors' resolution
  • If the type of investment will change from Citizen Investment to Foreign investment: share ratio (JV or 100%) according to notification  26/2016 and particulars relating to foreign company
  • If the type of investment will change from  Foreign investment to Citizen investment: particulars relating to Myanmar Company
  • Recommendation letter for the clearance of taxes
  • Power of Attorney (if investors cannot come to office)
  • Copy of latest Quarterly Performance Report(no need to submit it again if already submitted)

Cost of amending permit: MMK 100000

Amendment of Permit: Change of company name

If investors want to change the name of business, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter (reasons for name change)
  • Board of Directors' resolution
  • Copy of MIC permit
  • Power of Attorney (if investors cannot come to office)
  • Copy of latest Quarterly Performance Report(no need to submit it again if already submitted)

Cost of amending permit: MMK 100000

Amendment of Permit: Change type of business

If investors want to change the type of business, they need to address to the chairman of the Myanmar Investment Commission attached with the following documents:

  • Cover Letter (reasons)
  • Board of Directors' resolution
  • Investment amount increase or not
  • List of Machineries to be imported
  • List of amended products, raw materials, employee list and invested area
  • Balance of machineries
  • Power of Attorney (if investor cannot come to office)
  • Copy of latest Quarterly Performance Report(no need to submit it again if already submitted)

Cost of amending permit: MMK 100000

Amendment of contracts

 

The following documents are necessaries on application for the permission of amendment of Land and Building Lease Agreement, BOT Agreement, 100% Foreign Agreement, Joint Venture Agreement and need to attend to the Chairman of MIC;

  • Cover Letter
  • Letter from relevant Ministry
  • Board of Directors' resolution
  • Amendment of Agreement (Draft is acceptable)
  • Recommendation letter for the clearance of taxes
  • Power of Attorney (if investor cannot come to office)
  • Copy of latest Quarterly Performance Report(no need to submit it again if already submitted)

 

Reporting
Necessary reports
  • Quarterly Report (Form 10) Rule 197
  • Audit Report (Form 11) Rule 196