Burma's Business Act To Be Overhauled

[News_Editor]

Burma’s antiquated Companies Act is due to be overhauled with the help of the Asian Development Bank, Eleven Media reports. It said the bank would also help set up an online company registering system. “The Myanmar Companies Act has been around for nearly 100 years … it’s inappropriate for the current environment. Plans are being made to amend it and the ADB will help,†director-general of the Investment and Companies Registration Department Aung Naing Oo, was quoted as saying. “If the company registration is shifted online it can be done from home,†he said.

Source: Irrawaddy.org

[jamles]

what will the changes mean for Myanmar and those interested in doing business there?

[Xcelency]

Well it really depends on which parts are being overhauled. Myanmar has the opportunity to learn from Singapore and implement an e-business system that allows anyone qualified to register a business and incorporate a company within an hour. Something like this happening would be pretty awesome.

However I suspect that it will just be a modernisation of the actual Companies Act, which will essentially bring Myanmar's business rules into the 21st century.