Licenses which are essential to set up a new business and permits would be reviewed according to the Union Minister for Investment and Foreign Trade. License and some of the permits need to be vetted for the business sector according to the prescribed law. This is the type of license required by law. Some licenses whereas permits do not have much impact on the industry in the country, and there is a small risk. Some have completely unnecessary licenses and also permits. Therefore, licenses and permits will be reviewed and relaxed in accordance with the law.
The Ministry of Investment and Foreign Trade would be responsible for coordination between ministries and organizations on investment matters. The Directorate of Investment and Company Administration has announced that it will facilitate investment activities. The Directorate of Investment and Company Administration (DICA) supports the Electronic Company Registration System (MyCO), which provides online company registration services to facilitate investments, as well as the online Visa Certification System for Foreign Residence and the Rescue Aircraft for Investors.
In addition, investment activities, domestic industries and raw materials and equipment needed to develop infrastructure such as electricity are also imported. The Myanmar Investment Commission (MIC) and the Myanmar Investment Commission (MIC) will take immediate action in accordance with the Myanmar Companies Law and the Myanmar Investment Law. The Directorate of Investment and Company Administration (Head Office) and the Directorate of Investment and Company Administration (Branch) in the states and regions have been informed by the Directorate of Investment and Company Administration.
Source: Daily Eleven