Stay up to date with legal developments in Myanmar.
On 15 March 2019, the new Occupational Safety and Health Law (“Law”) was passed and entered into force. The intent of the Law is to implement safety and health regulations for industries and business in Myanmar. A primary goal is to reduce and mitigate the occurrences of diseases and accidents arising in various industries and business activities in Myanmar, and in so doing, to improve the productivity and health of workers.
On 6 December 2017, the President of Myanmar signed the Myanmar Companies Bill into law. This new legislation heralds a number of significant changes to the existing century-old companies legislation. Although the law will only come into effect at a later date to be announced by the President, this briefing highlights several key changes that might be of interest to foreign investors with existing presence in the country or those seeking to venture into the Myanmar market. Certain changes such as reducing the minimum number of shareholders, abolishing the requirement to obtain a Permit to Trade and removing the authorised capital concept would no doubt reduce the administrative burden of foreign companies operating in the country.
On 7 June 2016, the Union Government of Myanmar issued Notification No.43/2016, which constituted the new Myanmar Investment Commission (“MIC”). This is a welcome move, given that the status of MIC has been uncertain following the recent change in Government.