S & F CONSULTING FIRM LIMITED is an international business consultancy firm incorporated asprivate limited company in Bangladesh.
Lower Cost & higher service quality
Contact information:
Email: contact@sfconsultingbd.com
Mobile: +880 01790220729 or, +880 01790220728
Corporate Office, Dhaka, Bangladesh
Service area:
- Foreign company registration ( 100 % foreign owned share, Joint Venture, Branch/ Liason/ Virtual office)
- Legal
- Accounts Audit
- Income Tax
- Company Secretarial
We are all Countries in Asia
Afghanistan, Armenia, Azerbaijan, Bahrain, Bangladesh, Bhutan, Brunei, Burma (Myanmar), Cambodia, China, Georgia, Hong Kong, India, Indonesia, Iran, Iraq, Israel, Japan, Jordan, Kazakhstan, Korea, North, Korea, South, Kuwait, Kyrgyzstan, Laos, Lebanon, Malaysia, Maldives, Mongolia, Myanmar, Nepal, Oman, Pakistan, Philippines, Qatar, Russia, Saudi Arabia, Singapore, Sri Lanka, Syria, Taiwan, Tajikistan, Thailand, Turkey, Turkmenistan, United Arab Emirates, Uzbekistan, Vietnam, Yemen
Registration under Myanmar Companies Act
Minimum investment to be brought in by a foreign service company under the Act is US$ 50,000. The registration
process under the Act requires one to follow the same last two steps- mentioned
below – as MFIL companies have to. Under the Act, the ‘Permit to Trade’ is
valid only for two years. The renewal needs the same documents as when applying
for the first time. The incorporation process for this sort of business takes only 2-3 months.
Registration under Myanmar Foreign Investment
Law
Companies with one
hundred per cent foreign investment and in joint venture with Myanmar government and nationals can be registered under
the law. For the latter case, minimum foreign share equity must be 35 per cent.
Despite minimum capital requirement specified at US$ 500,000, the business
entities invests a minimum of US$ 1,000,000 to US$ 2,000,000 in practice,
depending on size and nature of investment. In case of a joint venture with the
government, the company could opt to enjoy a local company status under Special Company Act (1950).
Step-1: Applying for Myanmar Investment
Commission’s Permit
Companies under this
law have to apply for permit of Myanmar Investment Commission (MIC) first to be
able to enjoy three years’ tax holiday which is
period of construction or first three years of business activities during
which companies are exempted from paying customs duty.
Essential documents required for this process are:
(a)
Proposal to the Foreign Investment Commission in the prescribed form – Form I
(b)
Draft contract or contracts, as the case may be (eg. JV Agreement)
(c)
Draft Memorandum of Association and Articles of Association
(d) Feasibility Study and Profitability Projection Statement for the
project period or first ten years,
including a
“Cash
Flow Statement”
(e) Bank reference regarding financial standing
(f)
Lease of Land or Properties with maps etc.
(g)
For a company, (i) last two years’ Annual Reports and (ii) Performance
guarantee
Step-2: Applying for ‘Permit to Trade’
Apart from a joint venture with the government, as it is
regarded as a local company, every business entity needs a ‘Permit to Trade’
issued by the Directorate of Investment and Company Registration (DICA).
The following documents are required to apply for ‘Permit to
Trade’:
1.
Intended business or
economic activities
2.
Statement of Estimated
Expenditure for first year of operations
3.
Bank reference
regarding financial standing of the Subscribers to
the Memorandum & Articles of Association
4.
Power of Attorney in favour
of individually signing the applications, if he/she is not a
subscriber to the proposed Company’s Memorandum and Articles of Association or
one of its proposed first Directors
5.
If any of the parties
is a company, Board of Directors’ Resolution to incorporate a Company in
Myanmar
6.
If the Company is to
be incorporated as a subsidiary of a company abroad, accounts of the
parent company for last two years duly
signed, authenticated and legalised. (If accounts are
published and properly bound, it is not required to be authenticated and
legalised.)
On receipt of approval of the application, ‘Conditions’ attached
thereto must be agreed, signed and returned to DICA.
Remittance of capital
The minimum capital set out in the ‘Conditions’ have to be
brought into Myanmar in two installments: the initial half before issuance of
the permit and the second half within twelve months after. The initial capital
is required to be remitted either to Myanmar Investment & Commercial Bank
or to Myanmar Foreign Trade Bank.
After the receipt of credit is presented, the ‘Permit to Trade’
is issued.
Step-3: Incorporation of company
With a photocopy of the ‘Permit to Trade’ attached, the
application for incorporation of the company has to be filed.
The following data are required for this purpose:
1.
List of persons
authorized to accept service of notices and processes;
2.
Particulars of the
Directors and their details such as address, occupation, nationality
3.
Passport copies and
photos of Directors
4.
List of shareholders
and share ratios
5.
Particulars of shareholders
and their details such as address, occupation, nationality
Estimated time frame for this incorporation
process is 4-6 months.
Email: contact@sfconsultingbd.com
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