Company creation : CA, MFIL, or else ?

[Rain dancer]

Hi all,

It seems like all company approved by MFIL are really big, with massive capital. I wonder if some members of this forums have created company already through this system, or the old one :CA. (Myanmar companies Act).

I already got a few persons telling me that they used a local system, and local agent to setup. I wonder about the whole legality of this.

Any input is welcome !

Thanks by advance, cheers.

[DagonKhan]

I'll give you some input, but you may not like it...

Go and visit the new office they've opened just around the corner from the Sedona for foreign investors, the one they're touting as a 'one stop' shop. Ask the people in the various government departments (they're all represented) those very questions, ask for replies in writing if you're doubtful.

If you're talking to agents and the like, stop. The vast majority (I'd guess 99%) have zero experience and have no idea what they're talking about. This advice goes for all the foreign accountancy firms (some of which have published investment guides with erroneous information) and the foreign legal firms. There are local accountancy/legal firms who are well used to dealing with foreigners and will have far more accurate information to hand if you really feel you need to go down that route. They'll even prepare your proposal for you and represent you at meetings.

There are plenty of smaller companies who deal with the MIC, I'm one of them. It's not true that they're all multi-national super big companies, that's all you get to read about, nobody bothers to report the smaller million and multi-million dollar investments.

You can do everything yourself, I can't think of one piece of paperwork that you have to submit which you can't prepare/arrange yourself. As to what type of Company you set up, well you'll have to weigh the advantages/disadvantages yourself. Maybe you'll be in a better position to do that once you've talked to them. A MIC Company is no different to one incorporated under the Companies Act, it just has all the added benefits which are well publicised.

[Rain dancer]

I like it very much ! Was expecting much worse !

I arrive Yangoon beginning of July, will def visit the 'one stop' shop.

Thanks a lot DagonKhan.

[Rain dancer]

Just an update with this video on the subject i found :

http://youtu.be/a1alkUaTQ64

<iframe width="640" height="480" src="http://www.youtube.com/embed/87j04PQBbQw" frameborder="0" allowfullscreen></iframe>

Edited June 24, 2013 by Rain dancer