Long-term leases for permitted foreign or joint venture companies with terms of up to 50 years extendable twice for further 10-year periods (i.e., to a maximum of 70 years).Įnforcement of the "dispute settlement mechanism" in joint venture and investment agreements. Provisions for the repatriation of profits and invested funds on an ongoing basis, subject to payment of taxes and creditors. Such a permit carries with it a number of important benefits, including:īasic "guarantees" against nationalization and arbitrary state action: "that a business formed under the permit shall not be nationalized" that the government will not "suspend any investment business carried out under the permit … before the expiry of the permitted term without any sufficient cause" and that invested foreign capital may be remitted in the same currency upon expiry of the term of the investment contract. While foreign-owned companies and joint ventures will be subject to the same principles of company law (and, in general, the same environmental, labor, and other such regulations) as local companies, permitted foreign-owned companies and foreign joint ventures will have the advantage of a foreign investment permit. The law does not create a special class of foreign investment companies but rather provides for foreign investments to be conducted through companies formed under the existing Myanmar company law upon application to DICA.
![myanmar language legal words myanmar language legal words](https://images-na.ssl-images-amazon.com/images/I/817LB1ST+dL.jpg)
The FIL permits foreign investment through 100 percent owned investment companies, through joint ventures, or pursuant to a contract, a clause that the Rules interpret to mean a private–public joint venture contract with the Myanmar government. This Commentary summarizes the FIL and the Rules, and points out remaining ambiguities that will need to be clarified in the day-to-day practice of the Myanmar Investment Commission ("MIC"). This critical step should allow for more effective enforcement in Myanmar of arbitral awards made in signatory countries and provide foreign investors with needed confidence that contractual terms can be enforced in Myanmar. In a more recent demonstration of its commitment to attracting foreign capital, the Myanmar Parliament agreed on Mato sign the Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (the "New York Convention"). Observers, including Jones Day partners Darren Murphy and Kevin Murphy, who recently returned from a trip to Yangon, report sustained momentum for economic and political reform and a genuine enthusiasm for the development that foreign money will bring. Companies as diverse as Nestle, ANZ, and GE have announced plans to begin or expand operations in Myanmar-MTV even held a televised concert in Yangon.
Myanmar language legal words series#
They come as part of a series of economic and political reforms as foreign investors and governments begin re-engaging with Myanmar in earnest following the relaxation of American and European economic sanctions against Myanmar. Like the FIL itself, the Rules reflect a Myanmar that is eager for foreign investment having, among other things, invited bids for 18 onshore oil and gas blocks in Myanmar's second international petroleum licensing round.
![myanmar language legal words myanmar language legal words](https://wordfasr645.weebly.com/uploads/1/2/5/2/125248711/574086387.jpg)
![myanmar language legal words myanmar language legal words](https://cracking-burmese.com/wp-content/uploads/2018/03/okay-in-Burmese.jpg)
On January 31, 2013, the Directorate of Investment and Company Administration ("DICA") of the Myanmar Ministry of National Planning and Economic Development (the "NPED Ministry") published on its web site the Foreign Investment Rules and the Classification of Types of Economic Activities Notification (collectively, the "Rules") pursuant to Myanmar's new Foreign Investment Law (the "FIL").