Set-up Your Company in Myanmar
Myanmar has become more open for foreign companies or individuals and is a great opportunity for established companies and budding entrepreneurs. Setting up a legal entity in Myanmar can be complicated requiring a response from authorities and specific legal documents. NNRoad can assist with the process and the best solution for your business while complying with the laws.
Business entities you can open in Myanmar
1) Limited Liability Company (LLC)
A Limited Liability Company can be established in Myanmar with at least two shareholders and two directors. The shareholders can be corporate or individual and they do not need to reside in Myanmar. The minimum paid capital for companies with foreign shareholders is $50,000 in service industries and $150,000 in manufacturing.
2) Joint Venture
A Joint Venture is a standard Limited Liability Company incorporated by one foreigner and one local shareholder.
3) Public Limited Company (PLC)
This company can be set up with seven shareholders and two directors. They are subject to the same requirements as a limited liability company, but their financial statements are always subject to audit rules.
4) Branch Office and Representative Office
Foreign companies can open branches and rep offices. The requirement for rep offices is that they do not have to conduct commercial activities.
Our Company Formation Service Includes:
- Confirm the selection of a business entity type.
- Advice on initial capital amount, if applicable.
- Guiding and preparing with the document’s submission for Business Incorporation certificate.
- Work closely with the Directorate of Investment and Company Administration (DICA) and the Myanmar Investment Commission (MIC) for the incorporation process.
- Advice on corporate governance and operational compliance aligned with the Myanmar Companies Law.
- Provide you with the provision of non-executive directors, all of whom are experienced with company operations in Myanmar.
- Myanmar Entity Health checks, ensuring that your entity information is correct and aligned to new laws.
- Support with Company Secretarial Services.
- Registered Office Service support.
- Bank Account Opening assistance.
PEO/Employer of Record in Myanmar
Hire employees in Myanmar while NNRoad handles all employer liabilities. No local entity needed.
Employer of Record, or PEO in Myanmar, is a great option for companies that want to expand their operations and onboard employees. Hiring staff in Myanmar via Employer of Record provides more flexibility than setting up a new foreign-owned legal entity.
NNRoad hires and pays your employee in compliance with local laws and regulations. We work on your behalf and handle all matters of Myanmar employment compliance so that you can focus on building your company. Taking advantage of talented labor markets and sales opportunities in Myanmar is now easier than ever.
NNRoad's PEO/Employer of Record Service in Myanmar Includes:
- The hiring of and termination of employees through local labor contracts including contract administration, engagement, extension termination, and conversion to a permanent hire.
- On-boarding and off-boarding employees following Myanmar labor law practice.
- Registration of employees with social security board and with income tax office at the relevant Township Revenue Office.
- Complete payroll solution and mandatory benefit administration.
- Employee management according to local laws, including employee record, timekeeping, bonus, and allowance management, expense and claims, and leave employee database management.
- Payment management, including invoicing customers/clients and salary payments.
- Business visa application assistance, if needed.
Company Payroll demands considerable management and staff time. Timely, accurate, efficient, and consistent operations are essential for any company, and complying with local Myanmar labor laws and regulations is vital to business success. NNRoad, through our payroll solutions, can act as your company’s HR department by providing customized solutions for your payroll needs in Myanmar. NNRoad works with local trusted experts to support our client’s companies and make sure they operate in compliance with Myanmar’s local laws and regulations.
- Registering and Deregistering the necessary company and personnel information for payroll calculation at the relevant Township Revenue Office.
- Registering all local employees with the social security board (Yangon only).
- Calculation of gross salary, salary deductions, such as social insurances, unpaid leaves, etc., and net salary based on information provided by the Company including irregular payments such as incentive/bonus, allowance, severance, etc. if applicable.
- Calculation and submission of income tax statements to the relevant Township Revenue Office as required.
- Calculation and submission of the social security calculation statements to the Myanmar Social Security Board as required (Yangon only).
- Providing a monthly payroll summary to the Company.
- The monthly issue of electronic pay-slips.
- Prepare annual individual income tax calculation and contribution.
As a business, it is vital to stay up-to-date and in compliance with Myanmar accounting standards and practices. Without experience and highly skilled accountants and CPAs, mistakes are likely to be made. NNRoad can handle your business’ accounting tasks in compliance with all updated standards and policies. NNRoad, with its local experience and skilled accountants, are specialized in Myanmar-related tax matters. We provide a complete offering of financial, accounting, and reporting services.
- Taxation planning and tax clearance services.
- Entering bookkeeping data records into accounting software.
- Sorting and matching transaction documents against bank statements/ preparation of bank reconciliation.
- Preparation of monthly and year-to-date Profit & Loss Statement.
- Preparation of year-to-date balance sheet.
- Consolidation accounting and preparation of group financial statements.