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No.
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Procedure
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Time to Complete
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Associated Costs
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1
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Conduct a name check at the Company Registration Office (CRO) at the Directorate of Investment and Company Administration (DICA)
Agency: The Company Registration Office (CRO) at the Directorate of Investment and Company Administration (DICA)
On the first visit to the Companies Registries Office (CRO) at the Yangon Directorate of Investment and Company Administration (DICA) office, the proposed name for the new business must be checked and cleared. There is an electronic database at DICA since October 2012 that makes it easier to check and to complete this procedure within the same day. The request is made and depending on the workload the check will be done in either a few minutes or a few hours at most, in the meantime the business owner or representative can wait in the office.
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1 day
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Kyat 1,000 (form fee)
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2
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Request business incorporation certificate
Agency: Directorate of Investment and Company Administration (DICA)
Once the name check is complete, the following documents are automatically generated by CRO based on the information provided on the application form (to conduct name check) and are checked for accuracy by the applicant:
o Application form (company name, list of directors with ID# and addresses, authorized capital, initial paid up capital, address)
o Memorandum and Articles of Association (for local company, only Burmese version is required, though for English there is also a standardized format available)
o List of proposed business activities (to be included in the Memorandum of Association)
o Photocopy of the national registration certificate for each director (includes dates of birth, relationship, occupation, ID#, ethnicity, citizenship, religion). This is a standard form which each director already has in his/her possession.
o Copy of the township household list (each director to provide)
o Ward reference letter (each director to provide)
o Criminal history letter from the township police station (each director to provide)
The applicant checks the accuracy of the generated documents, and goes back to the directors/shareholders to obtain relevant signatures on the application form and memorandum and articles of association.
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1 day
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Kyat 5,100 (application fee)
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3
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Obtain signature of the directors before a lawyer or certified public accountant
Agency: Law or Accounting firm
The memorandum and articles of association are signed before a lawyer or CPA. The cost of witnessing the signature of the memorandum and articles of association are about 40,000 Kyat.
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1 day
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Kyat 40,000 for witnessing the signature of the memorandum and articles of association
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4
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Payment of stamp duty and registration fees
Agency: Directorate of Investment and Company Administration (DICA)
Payment of stamp duty on the Articles of Association, can be done at the one-stop-service for company registration at DICA.
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1 day
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Kyat 500,000 (registration fees) + Kyat 60,000 (stamp duty)
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5
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Open Bank Account
Agency: Bank
After paying registration fees DICA issues a letter to confirm that the company has been registered. The applicant takes this letter to a bank and opens an bank account in the company's name.
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1 day
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no charge
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6
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Obtain certificate of incorporation
Agency: Yangon Directorate of Investment and Company Administration (DICA)
After opening a bank account, the applicant returns to the CRO (DICA) to submit evidence of bank account to DICA and to obtain the incorporation certificate. It needs to be reviewed and signed by the Assistant Director and the Deputy Director of the CRO. The applicant is informed by the DICA when the definitive certificate is ready to be picked up. The certificate is valid for 5 years.
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3 days
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paid as part of company incorporation fees
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7
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Submit certification of registration documents (CRD)
Agency: Yangon Directorate of Investment and Company Administration (DICA)
Entrepreneurs submit Form 6 (Shareholder list) and Form 26 (Director list) to DICA. These forms contain information on whom owns shares in the company, the list of board of directors, a description of the roles, and other pertinent information.
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1 day
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no charge
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8
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Obtain a seal or a rubber stamp
Agency: Sealmaker
According to the law, a company seal is required for a newly constituted firm to operate. However, in practice a rubber stamp is used and accepted. It can be produced in shops in downtown Yangon for a cost of 2,000 kyat.
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1 day
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Kyat 2,000
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9
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Register for commercial tax
Agency: Township Internal Revenue Department Office
Registration for commercial tax (similar to VAT): companies are obliged to register with the tax authorities one month before the start of their business if the business is expected to generate turnover subject to commercial tax (a broad array of products fall into this category, including manufactured goods). Furthermore, within 10 days of starting a business the tax authorities should also be informed.
DICA compiles a list of newly registered companies each month and sends this information to the relevant townships where the businesses are located.
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1 day
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no charge
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10
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Registration of employees at the Labor office in township
Agency: Labor office
Registration of employees at the ministry is mandatory for labor tax purposes.
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1 day
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No charge
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11
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Registration with the Social Security Board for social security benefits
Agency: Social security board
Company needs to register employees at the social security office for health and pension fund benefits.
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1 day
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No charge
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