Home Insider Insider News The New Company Law in the Beginning of 2018

The New Company Law in the Beginning of 2018

The proposed new company law is expected to come into force at the beginning of the coming year, according to Kyaw Win, Minister for Planning and Finance.

The minister made the comments at the 13th Joint Meeting of the MyanmarJapan CCI Business Cooperation Committees held in the third week of October.

Maung Maung Win, Deputy Minister for Planning and Finance, submitted a bill pertaining to companies to the upper house of Myanmar parliament on July 20, as the country seeks to adopt a new company law in decades after its longrunning existing laws have proved to be outdated and no longer compatible with economic policies of the State.

The new legislation comes with a facilitation of the registration of companies and liberalisation of procedures and regulations for smaller companies, according to Kyaw Win. Myanmar has used the century-long 1914 Myanmar Companies Act as its major company-related legal framework. When it comes to company administration, Myanmar has also established the 1950 Special Companies Act, the 1955 Myanmar Companies (Amendment) Act and the 1957 Myanmar Companies Regulations.

Designed to modernise and internationalise the company-related legal framework of Myanmar, the new corporate law was drafted with the technical aid provided by the Asian Development Bank (ADB), aiming to uplift domestic and foreign investments, develop the capital market of the country and improve the private sector.