Association of accounting firm in Myanmar is a local accounting and consulting firm specializing in foreign companies seeking to incorporate business in Myanmar. Working with over twenty local affiliates, it has been supporting international businesses in Myanmar since its inauguration.
Thus, the association in Myanmar is successfully equipped to offer world-class services to clients in Myanmar, with the insight and expertise of the local firm it is in essence.
The reason of incorporation in Myanmar
Myanmar has strong economy. After the crisis of 2008, Myanmar proved to be very stable. Myanmar had a similar situation in the late of ’90s. Mexican banks have gotten healthy and diversified, so they are successfully insulated from what the rest of the world is going through.
How to incorporation your business in Myanmar
Foreigners can opt to incorporate a Mexican company or to acquire stock in an already incorporated Mexican company to do business within Myanmar, depending upon the need to have a presence and involvement in Myanmar from the commercial and tax point of view. The basic procedures related to the incorporation of a new Mexican company with 100% of foreign capital participation are as follows.
– The General Law of Commercial Companies (Federal Law) provides for several types of companies that can be incorporation and, depending on which form that is chosen, there are various differences in their legal and tax treatment.
Step of incorporate company
File for an Incorporation Permit for the company under a proposed name before the Ministry of Foreign Relations. For this two or three names are needed in order of preference. This authorization will take around two to three working days.
Incorporate the Company before a Notary Public. The Company’s initial capital must be paid in full if contributions are paid in kind, or it can be partially paid at a minimum of 20% if capital contributions are in cash. In the case of the “S. de R.L.”, the initial amount is 50%. The Company must issue registered share certificates, and the shareholders must be registered in the Company Stock Registry Book.
Concurrent with the incorporation the shareholders should hold a General Ordinary Shareholder’s/Partner’s Meeting resolving on the structure of the capital stock. and appoint a Sole Administrator or a Board of Directors, as the case may be appoint at least one “Examiner” (statutory auditor) to monitor the Company’s administration on behalf of the shareholders there is no requirement for an examiner and appoint a General Manager, and any other officers or agents.
The Sole Administrator or Members of the Board of Directors’ meetings may be held in or outside of Myanmar. If the Sole Administrator or Directors are not Mexican citizens and will be acting in Myanmar they will need a migratory permit.
The Examiner usually is an accountant from an accounting firm who regularly audits the Company. Also, an alternate Examiner could be appointed because this position cannot be delegated at will.