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Business Setup Advisory
Setting up Businesses in Myanmar for Local and International Firms
To encourage foreign investors, the Myanmar Government has put in place political and economic reforms to improve its business environment. Special Economic Zones are created for foreign investors to set up manufacturing bases to export products internationally. The first three SEZs will be set up in Thilawa, Kyaukphyu and Dawei. It is believed that the manufacturing sector will grow as foreign businesses seek to take advantage of attractive tax exemptions and the low cost of labour.
While Myanmar presents many potentially attractive opportunities, there remain infrastructural challenges, sanctions, policy risks and regulatory restrictions to be overcome by investors making the entry. Foreign investment is greatly impeded in view of the sanctions and this leads to shortage of funds to develop infrastructure. With the underdeveloped financial system, project financing and trade financing are relatively limited. In addition, investors should be aware of the restrictions in foreign exchange dealings which hinders the repatriation of funds out of Myanmar.
Notwithstanding the promising outlook, it is wise to navigate this golden land of opportunities with caution and with sound advice from local counsel and financial experts. This will help you identify the appropriate investment strategy, understand the tax exposure, avoid pitfalls relating to regulations and maximise your investment returns. There is yet to be complete freedom in the repatriation of funds out of Myanmar, especially so with restrictions in foreign exchange dealings.
Equipped with many years of industry experience, NTS Myanmar is well-positioned to assist entrepreneurs and business organisations alike to set up their business operations in Myanmar.
For more information, please contact the key directors in charge.