Myanmar Companies Yearbook Vol.1 Preface

FWP FWP RESEARCH RESEARCH

Myanmar Companies Yearbook

Vol.1 FWP Research & Alinsek (IR) Published on 1st November 2017 by FWP Research Co., Ltd. (1st edition)

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FWP Research Co., Ltd. has obtained permission to use “TiME Ranking” from Myanmar Center for Responsible Business and “Government Map” from Myanmar Information Man- agement Unit (MIMU). In addition to that, “Tax Ranking” is publically announced information from Internal Revenue Department of Ministry of Planning and Finance. All of rights are belonging to respective parties.

Producer: FWP Research Co., Ltd. Writer: KINOSHITA Yokho , Alinsek (IR) @ Aye Min Soe , Samuel P. Britton Design: MUTO Takehiro DTP: EBUKURO Takayuki Proofreader: Zaw Lwin Than , TANAKA Masako Survey team: KINOSHITA Kensei , ISHIDA Junya , Myo Khant Swe , Nyein Su Zaw Htay , Shwe Cynn Ye Aung , Thandar Win Pyae Assistant: Hnin Phoo Wai , Hnin Zarchi Phwe , Hsu Myat Mon , May Thet Nwe , Nwet Darle Kyu Win , Nyein Thu Toe , Pan Ei Ei Soe

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Myanmar Companies Yearbook

Myanmar’s Tycoons �� 9 Data on Myanmar Companies �� 51 Government Map �� 585 Myanmar Legal Summary �� 607 Appendix �� 647 Index �� 693

Vol.1 FWP Research & Alinsek (IR) Preface

PREFACE

About the book Myanmar Companies Yearbook is a valuable reference book for companies that are consid- ering investment in Myanmar, or who wish to make business alliances with local companies in Myanmar. This book helps companies to easily gather insights into Myanmar’s economy and investment prospects. According to sources at the Union of My- anmar Federation of Chambers of Commerce and Industry (UMFCCI) and Government, there has been high demand for publishing KINOSHITA, Yokho a Companies Yearbook but to date, this in- Executive Advisor itiative has not been realized. This book is the first Companies Yearbook to feature My- FWP Research Co., Ltd. anmar. This book features up-to-date data about a thousand companies from Myanmar’s “Top Income/Commercial Tax Payers 1000” and “Pwint Thit Sa/Transparency in Myanmar Enterprises (TiME) report”, along with data from some notable companies. The listed companies are all fulfilling their tax payment obligation and are in good financial standing. The Government of Myanmar started publishing details of financial conditions from Financial Year 2015-16.; estimated Revenue and Net-Income is calculated from Commer- cial and Income Tax amount respectively. TiME Report is the ranking of companies which have high transparency and are willing to share their information. The report serves as an index for foreign companies to choose their local business partners. The sections on

2 Myanmar Companies Yearbook Vol.1 Preface

Company Data, Tycoons, Government Map Managing Director. Financial Information and Myanmar Legal Summary are written by is especially difficult to acquire and, even specialists working in political, economic, where obtainable, may be far from accurate. survey and legal sectors. Investment analysts face challenges in ac- quiring financial information if they wish to To publish this book, phone interviews conduct their survey adhering to compliance and company visits have been conducted to guidelines. over two thousands of companies, very few of whom were willing to give their informa- Typically, infrastructure and land prices tion. The survey team also encountered prob- are perceived as primary obstacles to compa- lems in verifying identities. However, with nies wishing to make inroads into Myanmar; persistent negotiation and careful explana- lack of company data is a close second. tion of explaining the Yearbook’s purpose, Many foreign companies and Myanmar the survey team were able to gather enough companies are interested to start their busi- data to publish the first “Myanmar Compa- ness, however, there exists a gap between nies Yearbook”. foreign companies (who need information) A second volume of the Yearbook with and Myanmar companies (who do not have deeper insights and more information, is information, or do not wish to share it). This planned for release in 2018. Updated compa- book makes a significant contribution in fill- ny information is available online, as a com- ing these gaps. pany search service, even before publication of the second volume. Acknowledgments Investing in Myanmar’s growing I would like to show sincere appreciation economy to all involved in working together on the Yearbook and in particular to the companies Since the inauguration of President Thein which shared their information during our Sein (a former military man) on 30 March survey. I hope this book will be beneficial for 2011, Myanmar has been steadily developing all its readers and enable many future, lasting as a democracy. President Sein placed great business partnerships in Myanmar. emphasis on improving Myanmar’s relation- ships with other countries, holding confer- ences with leaders including then-President Barack Obama (US) and Toshihiko Noda, Prime Minister of Japan. Foreign company investments and interests in Myanmar have increased. On 10 March 2016, President Htin Kyaw was inaugurated following an over- whelming election victory by the National League for Democracy. Aung San Suu Kyi built her administration and Myanmar’s fully Democratic government has been established. In October 2016, the United States lifted all economic sanctions against Myanmar. While progress has been remarkable, foreign companies still lack good information about local companies, creating challenges for those seeking local business partners. Family-owned businesses are common in Myanmar, including among its leading companies. In some cases, information such as capital, shareholders, number of employees are known only to a company’s Chairman or

Myanmar Companies Yearbook Vol.1 3 Testimonial

Testimonial

“This book provides excellent insight into the business world of Myanmar by including basic information, financial situations and ranks of tax payment. So, this book makes a major contribution and will be essential reading for all those who wishing to know more about companies and investment in Myan- mar. This book represents a valuable hand book and should be on the reading list for those who wish to understand the present Myanmar business.”

Soe Win Executive Director Renaissance Institute

6 Myanmar Companies Yearbook Vol.1 FWP

RESEARCH

Myanmar Companies Yearbook Vol.1 Myanmar’s Tycoons

Aik Htun �� 10 Marlar Win �� 30 Aung Ko Win �� 12 Michael Moe Myint �� 32 Aung Thet Mann �� 14 Nay Aung �� 34 Chit Khine �� 16 Sai Sam Htum �� 36 Htay Myint �� 18 Serge Pun aka U Theim Wai �� 38 Htun Myint Naing aka Steven Law �� 20 Tay Za �� 40 Khin Maung Aye �� 22 Thadoe Hein �� 42 Khin Shwe �� 24 Win Aung �� 44 Ko Ko Gyi �� 26 Win Win Tint �� 46 Kyaw Win �� 28 Zaw Zaw �� 48 Myanmar’s Tycoons

Aik Htun

Birth: October 21, 1948 Source of wealth: Shwe Taung Group

In 1970, Aik Htun founded one of Myanmar’s preeminent builders of infrastructure, Shwe Taung Group. The company leads key development projects such as highways and bridge construction, power grid construction, and landmark real estate projects and distributes building materials throughout Myanmar. The group’s success has made Aik Htun among the richest men in Myanmar.

“We will continue to (build) the infrastructure. Infrastructure in Myan- mar has just started now. We need a lot of infrastructure right now for example, subways, highways. That’s our plan.”

Aik Htun is the founder of Shwe Taung struction materials, infrastructure, hotels, Group and chairman of its Board of Directors. energy, trading and investment. He is the driving force behind the group’s Aik Htun was born in Mogok in the exponential growth, from a modest trading Southern Shan State and moved to Yangon house in 1970 to one of Myanmar’s largest in 1970. He set up a biscuit shop and by conglomerates. Today, Shwe Taung Group 1984, he had expanded into border business. has a workforce of more than 6,000 people, In 1991, he established Olympic Construc- serving Myanmar’s infrastructure in key de- tion Company. He also invested in agricul- velopment projects such as highways, roads tural projects within Magwe and Delta Divi- and bridge construction, power grid construc- sions and the 8-Mile Junction Supermarket tion, and landmark real estate projects. Prior that was established in 1999. In 1994, Aik to 2004, Shwe Taung Company was known as Htun founded the Asia Wealth Bank that Olympic Construction Company. The compa- later became Myanmar’s largest ﬁnancial ny changed its name in 2004 due to a bank institution, until the 2003 banking crisis. scandal at the now-defunct Asia Wealth Bank. Aik Htun’s leadership has been pivotal Since 1991, Aik Htun’s group has de- in building Shwe Taung into a diversiﬁed livered more than 200 public and private conglomerate, with key businesses in real sector projects. It has over 20 years’ worth estates, entertainment, shopping centers, of experience in real estate projects, includ- constructions, engineering, cement and con- ing design, development and construction.

10 Myanmar Companies Yearbook Vol.1 Myanmar’s Tycoons

The group has constructed some of Myan- ners include the Japan-based Tokyu Con- mar’s largest and most challenging projects, struction Company, Korea’s K-Water Com- including Baluchaung No.3 Hydropower pany and Tiong Seng Company and Pan Plant, Myanmar Radio and Television Pacific Hotels, in Singapore. In 2015, Shwe Building, Ruby Hall, and a 60,000 square Taung Group entered into an agreement with metre venue for the 2014 ASEAN Summit. Microsoft to receive software and services, Baluchaung demonstrated Shwe Taung’s ca- for an undisclosed fee. The deal was the sec- pabilities as the market leader in Myanmar’s ond largest deal that Microsoft has signed in hydropower sector. The group’s other prom- Myanmar. inent projects include Yeywa Hydropower In 2015, Shwe Taung, in partnership with Project in Southern Shan State (Myanmar’s UK-based Oxford Business Group (OBG), largest RCC dam), Hledan Junction Flyover donated a six-storied building that now in Yangon, Yangon-Mandalay Highway, houses Yangon Technological University Myanmar International Convention Cen- (YTU) human resource development center. ter, Dagon Ayeyarwum low-cost housing project, Hlaing township residential up- As a proactive member in Myanmar’s grading and development and the Thumin- nation-building, Aik Htun’s group has par- galar township development and the iconic ticipated in the United Nations Global Com- mixed-use development, ‘Junction City’, in pact since 2013. The group has committed Yangon. Launched in December 2015, the itself to adopting sustainable and socially US$300 million Junction City will feature a responsible policies, especially in matters five-star hotel that will be run by Pan Pacific of human rights, environment, labour, and Hotels. An office tower will also be built in anti-corruption. In corporate philanthropy, partnership with Singapore’s Keppel Land. Shwe Taung Group has donated more than US$23 million to charitable causes, built 90 High Tech Concrete (HTC), a core sub- schools and three hospitals. sidiary of Shwe Taung, is ISO certified and provides high quality, ready mixed CVC and RCC concrete for a broad spectrum of construction needs. HTC was the sole supplier of RCC concrete for the Yeywa Hydropower Plant. Shwe Taung Distribution is a top distrib- utor of world-leading brands for machinery and vehicles in Myanmar. It introduced Scania and Liebherr into the Myanmar auto Type: Private market in 2007. In 2012, Shwe Taung Dis- Founded: 1970 tribution extended its range of services to include logistic and trading businesses. Shwe Address: Taung’s logistics services are run through 2nd Fl, Olympic Tower (II), River View Octagon International Services (OIS), a sub- Garden Housing, Stand Rd, Ahlone Tsp, sidiary of Shwe Taung Distribution that was YANGON formed in 2016. Business: In 2011, Aik Htun’s group was among five companies granted a 70-year-lease Construction, Real Estate Developer, En- of the sought-after 12-acre premise near gineering, Hotels, FM Radio Station, Pet- Shwedagon Pagoda for Dagon City and four rol Stations, Heavy Machinery & Automo- other related projects. In 2016, the former bile Agent, Insurance President’s Office provided replacement land as compensation for cancelling some of the group’s projects. The group’s international business part-

Myanmar Companies Yearbook Vol.1 11

FWP

RESEARCH

Myanmar Companies Yearbook Vol.1 Data on Myanmar Companies

How to use �� 52 Category Index �� 54 Company Data �� 65 Data on Myanmar Companies How to use FWP Research Company Profile Overview, History and other information which are related to company business are FWP Research is a credit research compa- explained. ny. It specialises in market survey, consulting business, regulatory compliance survey FWP# Company Name and business databook publishing. FWP Identification Number / Official name which is registered in DICA COMPANY (Including some companies, Group 2119 FWP Research Company companies, Government related companies Limited which are not registered in DICA) DICA# : 819/2015-2016(NPW) Add. : No.1092/Ka, No-5, South Okkalarpa Tsp, YANGON DICA# Cur. : No.307, 3rd Floor, Hledan DICA Registration Number Center, Kamayut Tsp, YANGON Tel : 09-254367301~03 Add. (Address) / Cur. (Current Address) Web : http://fwpresearch.com Address which is registered in DICA and Email : [email protected] Current address of the company OUTLINE Biz. : Corporate Survey, Publishing Grp. (Group Company) Regt. : 15/03/2016 Parent company or Group name which Cap. : 10 mil Ks company is belonging. Empl. : about 20 Br. : 2 Executives Fact. : 1 (Laboratory) Grp. : FWP Group Executive information such as Name, Position, National Registration Card EXECUTIVE (NRC) Information. MD : Nay Aung 13/BAHANA(NAING)094899 Dir. : Myo Thant 14/TAKANA(NAING)003753 Shareholder Dir. : Myat Ko 13/KATATA(NAING)021532 Name and Number of shares. Other 2 persons SHAREHOLDER Income Statement Nay Aung : 100 Share / Myo Thant @ Revenue and Net-Income of each financial Kyaw Ju Sing : 100 Share / Myat Ko : 50 year. If there is (Parenthesis), Revenue Share / Other 1 persons and Net-Income are calculated by using Tax Ranking. INCOME STATEMENT Financial Year Revenue Net-Income Tax Ranking 2015-16 10.0 bil Ks (500 mil Ks) Income Tax and Commercial Tax ranking which are announced by the Government. TAX RANKING These have been announced since Income Financial Year in 2013-14 and amount of Year Ranking Tax (mil Ks) tax has been revealed since Financial Year 2015-16 651 750 2015-16. Commercial TiME Ranking Year Ranking Tax (mil Ks) Transparency in Myanmar Enterprises 2015-16 953 50 (TiME) has been announced by “Pwint Thit Sa Project” and it has listed 50 TiME RANKING companies since 2014. 2016 position : 40

52 Myanmar Companies Yearbook Vol.1 Data on Myanmar Companies

Category Index ��54 Finance, Insurance, Securities ��65 Transport, Warehouse ��81 Mass Media, Publishing, Printing & Bookbinding, Advertising ��90 Communications, IT, Information service ��95 Trade �� 113 Distribution, Services �� 133 Real Estate, Construction, Civil Engineering, Interiors ��174 Foodstuff, Agriculture, Forestry, Stockbreeding, Fishery ��227 Petroleum, Mining, Energy �� 324 Textiles, Textile Products �� 343 Wood, Wooden Products �� 354 Paper, Pulp �� 361 Chemicals, Cosmetics, Pharmaceuticals ��366 Synthetic Resin, Plastic �� 404 Rubber, Rubber Goods �� 419 Ceramic, Glass �� 427 Steel, Non-Ferrous Metals, Metal Products ��436 Machinery �� 454 Electric, Electronic Equipment �� 482 Transport Machinery �� 514 Precision Instrument, Medical Equipment ��529 Precious Metal Products, Jewellery, Accessories ��534 Daily Necessaries, Sundries �� 544 Conglomerate, Other �� 553

Legend - DICA# : Directorate of - MA : Managing Agent Investment and Company - FDM : Finacial Deputy Manager Administration(DICA) registration number 1 mil Ks = 1,000,000 Ks - Add. : Address 1 bil Ks = 1,000,000,000 Ks - Cur. : Current Address 1 mil Ks ≈ 1,000 USD - Biz. : Business 1 mil Ks ≈ 100,000 JPN - Regt. : DICA Registration Date 1 bil Ks ≈ 1million USD (Est: Establishment Date) 1 bil Ks ≈ 100 million JPN - Cap. : Capital - Empl : Employees (Note) - Br. : Branch Company data uses open information - Fact. : Factory from Government, and Government - Grp. : Group Company related organization.Interview which was - MD : Managing Director conducted by FWP Research contributes - Dir. : Director to add information. Information might - SH : Share Holder not be latest and also not guaranteed - Rep.by. : Represented by accuracy by FWP Research.

Myanmar Companies Yearbook Vol.1 53 Data on Myanmar Companies

Category Index Category Index Category

Finance, Insurance, Securities Mass Media, Publishing, Printing & Bookbinding, Advertising Asia Green Development Bank (AGD) ��65 Aung Thitsa Oo Insurance ��66 Eleven Media Group ��90 Ayeyar Myanmar Insurance (AMI) ��66 Information Matrix ��91 Ayeyarwady Bank (AYA) ��67 Mango Marketing Services ��91 Co-Operative Bank (CB Bank) ��67 Myanmar Album Media Services (Cherry FM) ��92 Construction and Housing Development Bank Myanmar Consolidated Media ��93 (CHDB) ��68 Shwe Than Lwin Media ��93 First National Insurance Public (FNIP) ��69 Today Publishing House ��94 First Private Bank (FPB) ��69 Global Treasure Bank Public (GTB) ��70 Global World Insurance ��71 Communications, IT, Information Grand Guardian Insurance Public (GGI) ��71 service IKBZ Insurance ��72 Kanbawza Bank (KBZ) ��73 ABC Telecomm ��95 Myanmar Apex Bank (MAB) ��73 Access Spectrum ��95 Myanmar Citizens Bank (MCB) ��74 Access Spectrum Trading ��96 Myanmar Oriental Bank (MOB) ��75 ACE Data Systems ��96 Myawaddy Bank ��75 Active Business Consolidation ��97 Nay Pyi Taw Sibin Bank ��76 Amara Communication ��97 Oriental Leasing ��76 Asia Mega Link ��98 Rural Development Bank ��77 BBK ��99 Small and Medium Industrial Development Bank Blue Ocean Operating Management (BOOM) ��100 (SMIDB) ��77 Computer Technical Team Trading ��100 Tun Foundation Bank (Tun Commercial Bank) ��78 Elite Tech Group ��100 United Amara Bank (UAB) ��78 Elite Tech IT Services ��101 Yadanarbon Bank ��79 Elite Tech Manufacturing ��102 Yangon City Bank ��80 Elite Telecom Public ��102 Yoma Bank ��80 Global Royal Tech ��103 Global Technology ��103 Horizon Telecom International (HTI) ��104 Transport, Warehouse Information Technology Central Services (ITCS) �104 Kinetic Myanmar Technology ��105 Air Kanbawza ��81 KMD ��105 Asteroid Services ��81 Mastech ��106 C.M.T Global ��82 Myanma Computer Company (MCC) ��106 Ever Flow River Trading (E.F.R) ��82 Myanmar Information Technology Private (MIT) �107 FMI Air ��83 Myanmar Marketing Research & Development Golden Myanmar Airlines Public ��83 (MMRD) ��108 Lann Pyi Marine ��84 Myanmar Millennium Group (MMG) ��108 Mann Yadanarpon Airlines ��84 Myanmar Telecommunication & Technology Myanma Annawa Swan - A Shin Group (S) ��85 Services ��109 Myanma Five Star Line (MFSL) ��85 Myanmar World Distribution ��109 Ni Ni (Myawadi) Services & Transportation ��86 Nexus International ��110 Nyi Paung Export & Import ��86 Oppo Science & Technology ��110 Resources Group Logistics ��87 Shwe Lamin Nagar ��111 Shwe Me ��87 Suntac Technologies ��111 Shwe Sandar ��88 TrustLink ��112 Tin Myint Win Trading ��88 Yatanarpon Teleport Public ��113 Tun Thitsar Forwarding Services ��89 Yangon Airport Group ��89

54 Myanmar Companies Yearbook Vol.1 Data on Myanmar Companies

Finance, Insurance, Securities DICA# : 4929/2012-2013 Add. : No.73/75, Sule Pagoda Rd, Pabedan Tsp, YANGON Tel : 01-2399333 Web : http://agdbank.com Asia Green Development Email : [email protected] Bank (AGD) OUTLINE Biz. : Bank Regt. : 18/02/2013 (Est:2010) Cap. : 30 bil Ks Asia Green Development Bank (AGD) is Empl. : about 2,500 a strategic subsidiary of Htoo Group of Br. : about 59 Finance, Insurance, Securities Companies, owned by Myanmar billion- Grp. : Htoo Group aire Tay Za. AGD Bank opened its head EXECUTIVE office and first branch in Naypyitaw and was later converted to a public company. Dir. : Khin Thida Aye Currently, AGD Bank has more than 50 9/MAHTALA(NAING)259618 branches throughout Myanmar and an In- Dir. : Nang Aye Htwe 1/MAKANA(NAING)119336 ternational Banking Division that operates Dir. : Phyo Ei San 7/PHAMANA(NAING)154361 International Remittance Services, For- Dir. : Sai Tue Tue 13/LAKHANA(NAING)002135 eign Exchange and Agent Banking servic- Dir. : Than Than Naing es. AGD formed a tie-up with Thailand’s 12/KATATA(NAING)018820 True Money to offer mobile services. In Other few persons 2017, it held talks with Uber Technologies to harness digital platforms. Tay Za’s son SHAREHOLDER Htoo Htet Tay Za is managing director of Shwe Shwe Lin : 41,007 Share / Khin AGD bank and has introduced new prod- Hnin Thandar : 38,607 Share / Thidar ucts and services such as UnionPay Deb- Swe : 38,290 Share / Kay Thi Swe : it card and mobile money applications to 34,690 Share / Ye Min Oo : 30,351 potential and existing clients. In 2013, US- Share / Other few persons based Visa announced that Asia Green De- velopment Bank (AGD) and Ayeyarwady INCOME STATEMENT Bank (AYA) will link their cash machines Financial Year Revenue Net-Income and point-of-sale registers to the credit 2015-16 (438 mil Ks) card giant’s worldwide payments network. In 2016, AGD Bank became the first bank TAX RANKING in Myanmar to offer EMV-certified ATM transactions. EMV, or Europay Master- Income Card Visa, is a technical specification that Year Ranking Tax (mil Ks) facilitates interoperability between chip- 2015-16 466 109 based credit and debit cards and point-of- 2014-15 13 Under 3,000 sale devices or ATMs. On December 2015, AGD bank sponsored training for newly 2013-14 100 Under 300 elected members of the National League for Democracy (NLD), as the party’s win- ning candidates prepared to take up their roles. AGD bank also sponsored Irrawad- dy Literary Festival which ran from Febru- ary 14th to 16th, 2014 at Kuthodaw Pago- da, Mandalay. COMPANY 0466 Asia Green Development Bank Limited (Public)

Myanmar Companies Yearbook Vol.1 65 Data on Myanmar Companies

Aung Thitsa Oo Ayeyar Myanmar Finance, Insurance, Securities Insurance Insurance (AMI)

COMPANY Ayeyar Myanmar Insurance (AMI), grant- 0031 Aung Thitsa Oo Insurance ed a license in June 2013, is a leading in- Company Limited surer in Myanmar for both Life and Gener- DICA# : 4153/2012-2013 al Insurance. AMI is a strategic subsidiary Add. : Room (01/04), Union Financial of Myanmar millionaire Zaw Zaw’s Max Centre, Corner of Mahabandoola Myanmar Group, which is among Myan- Rd & Thein Phyu St, YANGON mar's most prosperous conglomerates. In Tel : 01-8610342 01-8610345 2015, AMI successfully launched the first Email : [email protected] health insurance product in Myanmar and became a member of the UN’s Glob- OUTLINE al Compact. AMI has also signed MoU for strategic alliance with SOMPO Japan Nip- Biz. : Insurance ponkoa Insurance. Regt. : 03/01/2013 Empl. : about 220 COMPANY Br. : 3 0114 Ayeyar Myanmar Insurance EXECUTIVE Company Limited MD : Ba Tun 12/DAGANA(NAING)009937 DICA# : 3417/2012-2013 Dir. : Brigader General Khin Maung Than Add. : No.23, Kan Yeiktha St, Mingala 10/MALAMA(NAING)009937 Taungnyunt Tsp, YANGON Dir. : Lt.gen San Oo 12/LAKANA(NAING)024464 Tel : 01-8619409 Dir. : Than Win 13/KAKHANA(NAING)005608 Fax : 01-8619406 Dir. : Thein Toe 12/MABANA(NAING)021717 Web : http://www.ami-insurance.com/ Other 1 persons en_US Email : [email protected] INCOME STATEMENT OUTLINE Financial Year Revenue Net-Income Biz. : Insurance 2015-16 (3,062 mil Ks) (5,301 mil Ks) Regt. : 19/11/2012 Empl. : about 300 TAX RANKING Br. : 2 Income Grp. : Max Myanmar Holding Year Ranking Tax (mil Ks) EXECUTIVE 2015-16 31 1,325 Chairman : Ohn Kyaw @ Aye Thwin Commercial 14/YAKANA(NAING)017084 Year Ranking Tax (mil Ks) MD : Than Zaw 12/THALANA(NAING)034618 Dir. : 2015-16 475 153 Htay Htay Khine 12/KAMAYA(NAING)007040 Dir. : Kaung Sein 9/MAYAMA(NAING)004697 Dir. : Soe Tint 12/KAMATA(NAING)018745 INCOME STATEMENT Financial Year Revenue Net-Income 2015-16 (1,533 mil Ks) (2,046 mil Ks)

66 Myanmar Companies Yearbook Vol.1 Data on Myanmar Companies

TAX RANKING OUTLINE Income Biz. : Bank Year Ranking Tax (mil Ks) Regt. : 14/06/2010 Cap. : 55 bil Ks 2015-16 114 512 Empl. : about 8,000 2014-15 304 Under 200 Br. : about 219 Commercial Grp. : Max Myanmar Holding Year Ranking Tax (mil Ks) EXECUTIVE 2015-16 712 77 MD : Zaw Zaw 12/BAHANA(NAING)084544 2014-15 810 Under 50 Dir. : Htay Htay Khine 12/KAMAYA(NAING)007040

Dir. : Aung Tun Thet 12/KAMAYA(NAING)054184 Finance, Insurance, Securities Dir. : Khin Ma Ma 12/SAKHANA(NAING)016849 Ayeyarwady Bank (AYA) Dir. : Khin Maung 12/KAMAYA(NAING)012847 Other 5 persons SHAREHOLDER Pho Zaw @ Zaw Zaw : 70,000 Share / Ayeyarwaddy (AYA) Bank is a retail and Htay Htay Khine : 30,000 Share commercial bank, with more than 140 branches throughout Myanmar (as at INCOME STATEMENT March 2016). The bank has grown steadily, with customer deposits recorded at K 163 Financial Year Revenue Net-Income billion, as at October 2011. 2015-16 12 bil Ks In 2014, AYA Bank launched its corporate and individual “World Travel Visa Card”, TAX RANKING partnering with VISA, offering custom- Income ers the option to utilise their card services Year Ranking Tax (mil Ks) worldwide, in Euro, US dollar and Singa- pore dollar. At the World Finance Bank- 2015-16 11 2,912 ing Awards 2013, AYA Bank achieved 2014-15 9 Under 4,000 “Best Private Bank in Myanmar” award. AYA Bank is the first local institution in TiME RANKING Myanmar to adopt full compliance with 2016 position : 6 International Financial Reporting Stan- 2015 position : 9 dards (IFRS); and in August 2012, became a participant of the United Nations Glob- al Compact (UNGC) initiative. The bank continues to initiate various CSR activities. Co-Operative Bank (CB COMPANY 0011 Ayeyarwady Bank Limited Bank) DICA# : 397/2010-2011 Add. : No.111/112, Shopping Complex, Dekhinathiri Tsp, NAYPYITAW Cur. : No.416, Mahabandoola Rd, Kyauktada Tsp, YANGON Co-operative Bank (CB Bank) is among Tel : 09-420055582 09-250206251 the country’s largest private banks, with 09-799769165 the largest branch network. Myanmar busi- Web : http://www.aya bank.com nessman Khin Maung Aye established the Email : info@aya bank.com Co-operative Bank (CB Bank) which later [email protected] became an instrumental part of the Myan- mar Banking Industry. In 2004, CB bank changed its legal business structure to that of a public company. In November 2011,

Myanmar Companies Yearbook Vol.1 67 Data on Myanmar Companies

the bank became the first to operate ATMs TAX RANKING in Myanmar and dubbed the service, EASI Income

Finance, Insurance, Securities Banking. Today, the company has a large Year Ranking Tax (mil Ks) ATM network (over 250) in Myanmar and more than 75 Foreign Exchange Counters. 2015-16 21 1,712 In 2015, CB Bank became the first Myan- 2014-15 8 Under 4,000 mar lender to sign a trade finance program 2013-14 7 Under 4,000 with the Asian Development Bank. ADB will provide up to US$ 12 million per year to support CB Bank’s trade finance opera- tions. Construction and COMPANY Housing Development 0021 Co-Operative Bank Limited DICA# : 184/1992-1993 Bank (CHDB) Add. : No.334/336, Corner of 23 & Strand Rd, Latha Tsp, YANGON Cur. : No.46, UFC (Union Financial Center - Tower A & B), Corner of Mahabandoola Rd & Thein Phyu Construction and Housing Development Rd, Botataung Tsp, YANGON Bank (CHDB) was set up under the super- Tel : 01-372646 vision of the Ministry of Construction. It Fax : 01-2317979 was launched with an initial capital of K Web : http://www.cbbank.com.mm 100 billion, of which about 90% is lent out. Email : [email protected] Loans to construction entrepreneurs and [email protected] future homeowners attract 13% interest. [email protected] The bank creates opportunities for people to become homeowners using personal in- OUTLINE come and government assistance. Biz. : Bank In 2015, it pushed for funding for plans to Regt. : 15/07/1992 finance mortgages for homeowners and to Cap. : 22 bil Ks provide the loans that could allow more Empl. : about 7,000 people to afford homes. It currently on- Br. : about 183 ly lends for big government projects and large, low-risk associations, like the Man- EXECUTIVE dalay City Development Committee. Chairman : Khin Maung Aye The bank has received international financ- 7/TANGANA(NAING)066357 ing, such as US$ 10 million from Japan’s Dir. : Aye Maung 12/BAHANA(NAING)064395 Sawada Holding Company, which was ear- Dir. : Hla Kyu 12/PABATA(NAING)005740 marked for mortgages in a particular hous- Dir. : Khin Hla Hla 7/TANGNA(NAING)066165 ing project. CHDB is widening its network Dir. : Kyaw Lynn 12/THAGAKA(NAING)061328 to secure additional loans from South Ko- Other few persons rea, among other countries, which it hopes to lend with lower interest. CHDB also SHAREHOLDER plans to establish branches across the coun- Yan Aung : 24,350 Share / Kyi Khin try to extend the reach of funding for af- : 15,000 Share / Thein Htwe : 10,000 fordable housing to other states and re- Share / Khin Maung Aye : 9,509 Share / gions. Aye Maung : 500 Share / Other 4 persons COMPANY INCOME STATEMENT 0032 Construction And Housing Financial Year Revenue Net-Income Development Bank Public Company Limited 2015-16 6,846 mil Ks DICA# : 570/2013-2014 Add. : No.60, Shwe Dagon Pagoda Rd,

68 Myanmar Companies Yearbook Vol.1 Data on Myanmar Companies

Dagon Tsp, YANGON Email : [email protected] Tel : 01-371874 OUTLINE OUTLINE Biz. : General Insurance, Life Biz. : Bank Assurance, Client Services Regt. : 08/05/2013 Regt. : 29/04/2013 (Est:2012) Cap. : 100 bil Ks Empl. : about 267 Empl. : about 400 Br. : 4 Br. : 9 Grp. : Htoo Group Grp. : Semi-Government EXECUTIVE EXECUTIVE MD : Khin Aye Thit 7/PAKHANA(NAING)185865

Dir. : Aha Yone 9/MAMANA(NAING)084930 Dir. : Htoo Htet Tay Za Finance, Insurance, Securities Dir. : Aung Htwe 9/MAMANA(NAING)084930 12/KAMAYA(NAING)060851 Dir. : Aung Ko Win 13/TAKANA(NAING)088477 Dir. : Htwe Htwe Win Dir. : Aung Than 12/PAZATA(NAING)022750 13/KALANA(NAING)012847 Dir. : Aung Than Myint Dir. : Aung San 12/MAGADA(NAING)050383 12/PABATA(NAING)000703 Dir. : Kay Thi Swe 12/MAYAKA(NAING)032260 Other 5 persons Other 3 persons INCOME STATEMENT SHAREHOLDER Financial Year Revenue Net-Income Htoo Htet Tayza : 381,000 Share / Htwe Htwe Win : 64,000 Share / Khin Aye Thit 2015-16 5,100 mil Ks : 12,500 Share / Aung Sann : 500 Share / Kaythi Swe : 500 Share / Other 3 persons TAX RANKING Income INCOME STATEMENT Year Ranking Tax (mil Ks) Financial Year Revenue Net-Income 2015-16 32 1,275 2015-16 (2,137 mil Ks) (1,742 mil Ks)

TAX RANKING First National Insurance Income Year Ranking Tax (mil Ks) Public (FNIP) 2015-16 137 435 2014-15 115 Under 400 Commercial Year Ranking Tax (mil Ks) First National Insurance Public (FNIP) is 2015-16 583 107 one of the largest providers of both Life & 2014-15 575 Under 100 Non-life insurance in Myanmar. COMPANY 0137 First National Insurance Public First Private Bank (FPB) Company Limited DICA# : 378/2013-2014 Add. : No.7, Pyi Htaung Su Yeik Thar, Pyi Htaung Su Yeik Thar Rd, Dagon Tsp, YANGON First Private Bank (FPB) is a pioneer of Cur. : No.400/406, Merchant Rd, private banking in Myanmar, receiving its Botataung Tsp, YANGON banking license in Myanmar in 1992. FPB’s Tel : 01-8610661~5 Chairman is Sein Maung, who is also vice- Fax : 01-8610675~6 Chairman of the Myanmar Banks Associa- Web : http://www.fnipublic.com tion (MBA).

Myanmar Companies Yearbook Vol.1 69 Data on Myanmar Companies

COMPANY 0014 First Private Bank Limited Global Treasure Bank

Finance, Insurance, Securities DICA# : 223/1991-1992 Add. : No.619/621, Corner of Merchant Public (GTB) & Bosunpat St, Pabedan Tsp, YANGON Tel : 01-246786 01-251750 Fax : 01-251750 01-250148 Web : http://www.firstpriva tebank.com. Global Treasure Bank (GTB) is one of mm/en/ Myanmar’s largest private banks with an Email : fpbbank@myanmar .com.mm authorized capital of K 35 billion, divid- ed into 70,000 shares per K 500,000. For- OUTLINE merly known as "Myanmar Livestock and Biz. : Bank Fisheries Development Bank", the bank Regt. : 09/09/1991 changed its name in 2013 and doubled its Cap. : 36 bil Ks (Paid up Capital) capital. GTB has a state-of-the-art treasury 100 bil Ks (Authorized Capital in and is one of the most active participants in 2014) Myanmar’s foreign exchange. It provides a Empl. : about 250 range of integrated cash management and Br. : about 32 trade services and also has a large stake in the Construction, Industry and Services EXECUTIVE sectors. GTB has a good relationship with Dir. : Myo Tun 13/KALANA(NAING)017572 Myanmar’s Central Bank and has estab- Dir. : Myint Zaw 12/HASANA(NAING)107222 lished its own Anti- Money Laundering de- Dir. : Myint Lwin 6/MAAHYA(NAING)032711 partment. In 2013, GTB’s authorized capi- Dir. : Mi Mi Naing 9/MAYAKA(NAING)103852 tal was increased to K 70 billion, granted Dir. : Kaung 12/LAMATA(NAING)024039 by the Central Bank of Myanmar, of which Other 5 persons K 52.17 billion in shares were fully issued to the public during 2015-2016. The total SHAREHOLDER number of shares fully subscribed and fully Sein Maung : 2,205 Share / Ba Aye : 11 paid up as of March 31st 2016 was 104,354 Share / Mann Thet San : 10 Share shares, valued at K 52 billion. INCOME STATEMENT COMPANY 0006 Global Treasure Bank Public Financial Year Revenue Net-Income Company Limited 2015-16 23 bil Ks 8,549 mil Ks DICA# : 1375/1995-1996 2014-15 21 bil Ks 8,757 mil Ks Add. : No.653/699, Corner of Shwe Bone Thar St & Merchant Rd, TAX RANKING Pabedan Tsp, YANGON Income Tel : 01-389365 01-389489 Fax : 01-243240 Year Ranking Tax (mil Ks) Web : http://www.gtbmm.com 2015-16 14 2,189 Email : [email protected] 2014-15 17 Under 3,000 OUTLINE 2013-14 16 Under 2,000 Biz. : Bank TiME RANKING Regt. : 06/02/1996 Cap. : 70 bil Ks 2016 position : 50 Empl. : about 2,900 Br. : about 135 Grp. : Semi-Government

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RESEARCH

Myanmar Companies Yearbook Vol.1 Government Map

Government Map �� 586 Industry �� 594 Agriculture, Livestock and Irrigation �� 587 Information �� 594 Border Affairs �� 588 Labour, Immigration and Population �� 595 Commerce �� 588 Natural Resources and Environmental Construction �� 589 Conservation �� 596 Defence �� 589 Planning and Finance �� 597 Education �� 590 President’s Office �� 598 Electricity and Energy �� 591 Religious Affairs and Culture �� 598 Ethnic Affairs �� 591 Social Welfare, Foreign Affairs �� 592 Relief and Resettlement �� 599 Health and Sports �� 592 The State Counsellor’s Office �� 599 Home Affairs �� 593 Transport and Communication �� 600 Hotels and Tourism �� 593 Cabinet Profile �� 601 Government Map

Government Map

President State Counsellor U Htin Kyaw Daw Aung San Suu Kyi

Vice President 1 Vice President 2 U Myint Swe U Henry Van Thio

President’s Office Address Phone +95 (67) Website Office No.(18), NAYPYTAW 409118, 409117 www.president-office.gov.mm

Minister

Agriculture, Border Affairs Commerce Livestock and Irrigation Dr. Aung Thu Lt-Gen Ye Aung Dr. Than Myint

Construction Defence Education U Win Khaing Lt-Gen Sein Win Dr. Myo Thein Gyi

Foreign Affairs / Electricity and Energy Ethnic Affairs President’s Office U Win Khaing Nai Thet Lwin Daw Aung San Suu Kyi

Health and Sports Home Affairs Hotels and Tourism Dr. Myint Htwe Lt-Gen Kyaw Swe U Ohn Maung

Labour, Immigration Industry Information and Population U Khin Maung Cho Dr. Pe Myint U Thein Swe

Natural Resources and Religious Affairs Planning and Finance Environmental Conservation and Culture U Ohn Win U Kyaw Win Thura U Aung Ko

Social Welfare, The State Transport and Relief and Resettlement Counsellor’s Office Communication Dr. Win Myat Aye U Kyaw Tint Swe U Thant Sin Maung

586 Myanmar Companies Yearbook Vol.1 Government Map

Agriculture, Livestock and Irrigation

Minister Deputy Minister Permanent Secretary Dr. Aung Thu U Hla Kyaw Dr.Tin Htut

Permanent Secretary Permanent Secretary U Kyaw Ngwe Dr. Khin Zaw Minister’s Office Address Tel +95 (67) Fax +95 (67) Website Office No.(67), NAYPYITAW 410004, 4108051 410013, 408049 http://www.mali.gov.mm

Department of Planning Department of Agriculture Department of Agricultural Land Management and Statistics Director General U Kyaw Min Oo Director General Dr. Ye Tint Tun Director General U Thet Naing Oo

Department of Irrigation Agricultural Machinization Department Agricultural Research Department and Water Management Director General U Kyaw Myint Hlaing Director General U Soe Hlaing Director General U Naing Kyi Win

Livestock Breeding & Myanma Agricultural Development Bank Department of Fisheries Veterinary Department Director General U Kyaw Shwe Director General Dr. Ye Tun Win Director General U Khin Maung Maw

Department of Rural Development Department of Cooperatives Small Scale Industries Department

Director General U Khant Zaw Director General U Aung Phyu Director General U Mya Than

Yezin Agriculture University University of Veterinary Science

Rector Dr. Myo Kywe Rector Dr. Mar Mar Win

Myanmar Companies Yearbook Vol.1 587 Government Map

Border Affairs

Minister Deputy Minister Permanent Secretary Lt-Gen Ye Aung Maj-Gen Than Htut U Ye Naing

Minister’s Office Address Tel +95 (67) Fax +95 (67) Website Office No.(14), NAYPYITAW 409035, 409023 409448 http://www.mba.gov.mm

Progress of Border Areas and Education and Training Department National Races Development Director General U Ye Naing Director General U Thein Htay Oo

Commerce

Minister Deputy Minister Permanent Secretary Dr. Than Myint U Aung Htoo U Toe Aung Myint

Minister’s Office Address Tel +95 (67) Fax +95 (67) Website Office No.(3), NAYPYITAW 408265, 408485 408004 http://www.commerce.gov.mm

Department of Trade Consumer Affairs Department Myanmar Trade Promotion Organization

Director General Director General Director General U Yan Naing Tun U Hla Maw Oo U Aung Soe

588 Myanmar Companies Yearbook Vol.1 Government Map

Cabinet Profile

President State Counsellor U Htin Kyaw Daw Aung San Suu Kyi

Other Name: Dala Ban (Nom de Plume) Nationality / Religion: Bamar / Buddhist Nationality / Religion: Date of Birth: 19 June 1945 Mon-Bamar / Buddhist Place of Birth: Yangon Region Date of Birth: 20 July 1946 Education: Master of Arts in Oxford University Place of Birth: Yangon Region Current Position: Education: Pyithu Hluttaw (Lower House) Master of Arts in Economics Member of Parliament Master of Science in Computer Science (Kawhmu Township) Occupation: Spouse: Writer and Deputy Director Dr. Michael Aris (Deceased) (Foreign Economic Relations Department, Ministry of Planning and Treasury) Spouse: Daw Su Su Lwin

Vice President 1 Vice President 2 U Myint Swe U Henry Van Thio

Nationality / Religion: Nationality / Religion: Chin / Christian Mon-Bamar / Buddhist Date of Birth: 9 August 1958 Date of Birth: 24 June 1951 Place of Birth: Place of Birth: Mon State Thantlang Township (Chin State) Education: Defence Services Academy Education: Bachelor of Arts Occupation: Spouse: Daw Shwe Lwan Chief Minister of Yangon Region (Retired) Spouse: Daw Khin Thet Htay

Myanmar Companies Yearbook Vol.1 601 Government Map

Agriculture, Border Affairs Livestock and Irrigation Lt-Gen Ye Aung Dr. Aung Thu

Nationality / Religion: Bamar / Buddhist Nationality / Religion: Bamar / Buddhist Date of Birth: 8 July 1955 Date of Birth: 8 June 1960 Place of Birth: Place of Birth: Yesagyo Township (Bago Region) Chauk Township (Magway Region) Education: Education: Doctor of Philosophy in Mathematics Bachelor of Science in Defence Services Amyotha Hluttaw (Upper House) Member Academy of Parliament (Yangon Region No.6) Master of Arts in Defence Spouse: Daw Khin Thida Current Position: Military Service Spouse: Daw Khine May Kyi

Commerce Construction Dr. Than Myint U Win Khaing

Nationality / Religion: Bamar / Buddhist Nationality / Religion: Bamar / Buddhist Date of Birth: 17 January 1943 Date of Birth: 14 December 1950 Place of Birth: Place of Birth: Yangon Region Ingapu Township (Ayeyarwaddy Region) Education: Education: Bachelor of Engineering in Mechanical Bachelor of Economics Occupation: Master of Science Chairman & CEO (United Engineering Co., Doctor of Philosophy Ltd) Occupation: Spouse: Pyithu Hluttaw (Lower House), Hlaing- Daw Hla Hla Mu thaya Township, Yangon Spouse: Daw Khin Htay

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Myanmar Companies Yearbook Vol.1 Myanmar Legal Summary

About Author �� 608 Chapter 7 Chapter 1 Labor and Immigration �� 633 Setting Up a Business �� 610 Chapter 8 Chapter 2 Dispute Resolution �� 638 Investment Law �� 615 Chapter 9 Chapter 3 Taxes �� 640 Ownership of Land & Property �� 620 Chapter 10 Chapter 4 Intellectual Property �� 644 Import and Export �� 626 Chapter 11 Chapter 5 Anti-Corruption Law �� 646 Closing a Business �� 628 Chapter 6 Banking & Finance �� 630 Myanmar Legal Summary

About Author

Samuel has over 20 years’ experience in dealing with a wide range of business transactional matters for multinational corporate clients and high-net-worth individuals. Sam- uel’s prior experience encompassed an array of industries and business sectors including: manufacturing, transportation and logistics, telecommunications, construction, industrial and commercial real estate, securities, banking and finance, travel, and the hotel industry. Samuel’s legal transactional experience includes contract drafting, review, and advice as to: incorporations and corporate matters, Samuel P. Britton corporate finance, including cross-border lending, project finance, loan facilities and other security agreements, asset and stock ac- quisitions as well as legal work for joint ven- tures and infrastructure projects, security reg- ulations, intellectual property, employment, and tax among others. Samuel graduated from the University of Houston Law Center, Houston Texas (1995), a leading U.S. law school in the areas of intellectual property and health law, and was awarded Judicial Internship Honors upon graduation. Samuel, with his U.S. law de- gree, background in Asian Studies from the University of Texas at Austin (honors grad- uate), and Japanese language skills was re- cruited and joined Baker & McKenzie in Bangkok, Thailand in the same year, and subsequently established his own boutique law firm in 1998 catering to high-net-worth Asian clients investing in the U.S. after the Asian economic crisis of 1997. Samuel also

608 Myanmar Companies Yearbook Vol.1 Myanmar Legal Summary became a member of the U.S. California State Bar in 1998, and during this period To our readers: advised U.S. and Asian clients both in Asia (on assignment) and the U.S. West Coast For any investor looking to navigate the before joining Sciaroni & Associates Myan- whitewater rapids of the rapidly chang- mar in 2013, and later ZICO Law Myanmar ing Myanmar legal system, California-li- as their Managing Partner in 2015. Samuel censed and Asia-based attorney Samuel brings practical “hands-on” experience of Britton, a 20 year seasoned American physically residing and working in the East legal practitioner with numerous Asian and Southeast Asian region for over 10 years postings and five years of on-the-ground including Japan (1988-1991) where he mas- legal experience in Myanmar, has pro- tered Japanese, as well as stints in Thailand, duced a legal guide that carefully lays out Cambodia, Hong Kong, China, Dubai and in question and answer format a masterful now Myanmar since 2012 to the present. overview of Myanmar’s legal landscape summarized into 11 key “must know” sections which will enable any reader to quickly grasp and understand the main legal issues and challenges facing any investor who wants to invest in Myanmar. After reading Mr. Britton’s legal guide, you will come to know what it takes to set up a business in Myanmar, the permitted scope of activities, available investment incentives, real estate, banking and finance legal issues and how they will affect your investment, closing your business, labor and immigration concerns, dispute resolution options, taxes, and intellectual property concerns.

© Samuel P. Britton The information contained in this Guide was compiled with the help of Myanmar-qualified lawyers, but can and does change frequently, and it is imperative that the readers have the information confirmed against the latest changes and amendments. Further, the contents and any purported conclusions and recommendations contained in this Guide do not constitute the giving of legal counsel, do not create an attorney-client relationship, do not constitute a solicitation and should not be regarded as a substitute for obtaining sound legal advice from qualified lawyers on fact specific matters. Samuel P. Britton is licensed to practice law in California only. The Guide’s contents do not constitute a guaranty, warranty or prediction regarding the outcome of any legal matter.

Myanmar Companies Yearbook Vol.1 609 Myanmar Legal Summary

or together in the promoters’ establishment Chapter 1 and registration of their LC. One entity is the Directorate of Investment and Companies Administration (“DICA”) which is the Gov- Setting Up a Business ernment agency in charge of registering juristic entities. If the applicant does not wish to This Chapter 1 addresses some of the key seek any preferential tax or custom’s duty points in setting up a business in Myanmar. treatment, then application is made directly with DICA, and except for specific licensing 1. What are the most common requirements, no other government agency’s types of business entities involvement is required. that can be formed in Myan- On the other hand, if the applicant wishes to mar? try to obtain preferential tax and customs duty-free treatment, then they would also sub- One of the first steps that any investor will mit a proposal to apply for a Myanmar Invest- need to take is to select the right structure for ment Commission (“MIC”) permit or their investment. The Companies Act (1914), endorsement. The MIC would offer one-stop its amendments (1955, 1959, 1989, 1991) processing when specific separate relevant along with the new Myanmar Investment Ministry approvals and licenses are also Law (2016) and the more detailed Rules 2017 needed. A third way, as discussed below, is to attempt to provide a blueprint for juristic enti- establish a company in a Special Economic ty company formation with limited liability, Zone which are supposed to come under a i.e., Limited Company (“LC”) establishment special set of rules, but this has not been final- and registration as well as for branch and rep- ized yet. resentative offices in Myanmar which are the Under the Companies Act (1914), there are three major types of juristic entities. no minimal capital requirements other than as Although the 1914 version of the Compa- required to comply with “paid up” capital, but nies Act (as originally drafted) made little dis- the revised FIL does provide new rules for tinction between foreign-owned and local- minimal paid-in capital requirements depend- ly-owned companies, the 1955 Amendment ing on the activities intended which in turn (Act XXIII, 1955) precisely defined a Myan- affect the minimum capital required for the mar company vs. a foreign company and add- business in question. For example, for a ser- ed Section 27A. The Myanmar Investment vices-based company, such as a consulting Law (2016) and its related laws and notifica- company, the minimum capital investment tions further set forth some ownership and would require an aggregate of $50,000 to be shareholding-structure requirements depend- invested into the Myanmar LC within five ing on the type of activity to be undertaken. years of registration. If on the other hand a At the time of this printing, press releases in- manufacturing business is undertaken, then dicate that the legislature is also working on a the capital requirement thresholds are higher revised version of the Companies Act (1914) at $150,000. for final promulgation by the end of year As discussed above, the Companies Act 2017, which it is anticipated, will further clar- (1914) and the newly-instituted Myanmar In- ify allowable foreign to local equity owner- vestment Law provide for shareholder limited ship percentages in relation to the scope of liability protection equal to the amount of one’s business activities. their paid-in capital for their shares. If the equity owners have not paid in full on their 2. How are Limited Companies shares at the time of registration, then their established? What are the liability would extend to the outstanding “par minimum capital require- value” amount owed, but not beyond that. ments and shareholders’ liabilities? 3. Can a business be 100% foreign-owned? Is a foreign There are two main government administra- enterprise required to have tive vehicles which are involved either alone a Myanmar partner?

610 Myanmar Companies Yearbook Vol.1