barriers of doing business in myanmar

Only 1% of fixed-asset investment costs are financed by bank borrowing, while 92% of firms rely on their own funds. With most of the remaining Western sanctions lifted, Myanmar is officially open for business and companies are rushing in. 0000009703 00000 n 0000043093 00000 n The rules and procedures for obtaining, keeping and transferring land-use rights are complicated, non-transparent, and uncertain making access to land an issue. 0000004816 00000 n 0000010359 00000 n Report any trade barriers that are affecting your business so we can help fix them. While reforms for improving access to finance and electricity have been initiated, more analysis is needed on the appropriate role of the government in vocational training and similar programs to improve workplace readiness. 0000043869 00000 n Global data and statistics, research and publications, and topics in poverty and development. Moreover, another major barrier still exist preventing foreign investors from starting a business in Myanmar – i.e. While Myanmar has made progress with favorable economic and legal reforms and the removal of some significant trade barriers, such as restrictive license requirements, export taxes and arbitrary exchange rates, many issues surrounding trade policy still remain. 0000005298 00000 n Overview. 0000043481 00000 n Focusing Myanmar’s economic reforms on removing these obstacles will create a better business environment and enhance the productivity and efficiency of private enterprises. 0000000956 00000 n REMEMBER THAT MYANMAR IS STILL A SECRETIVE SOCIETY. 0000043794 00000 n It is based on the 2014 Enterprise Survey, also the first in Myanmar, and other quantitative and qualitative data. %%EOF Businessmen that have been doing business in China for the last 15 years seems to think that the conditions in Myanmar are normal. It is recommended that Australian companies thoroughly investigate the market and obtain professional advice where appropriate, including legal advice and relevant advice on sanctioned trade. Business culture. Myanmar's development has been gathering pace since its economic liberalisation began a few years ago. The fact sheet summarizes the current laws and licenses Americans must abide to operate in Myanmar. Agriculture. Myanmar’s economy is based on agriculture as the country consists of abundant fertile … Posted on 04 September 2017 . Myanmar's recent political and economic reforms have opened up the economy to the world. Several reports in the past month suggest foreign companies are failing to take that direction seriously. They have NO idea about the trade policies, rules and regulations, legal practices of doing business in Myanmar. Australian companies interested in doing business in Myanmar may wish to consider a market familiarisation visit to identify further opportunities. Check for any reported barriers to trading with Myanmar. In general, male to female contact should be avoided in public.The exchanging of business cards is commonplace in Myanmar. <]/Prev 1487991>> Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. 0000000016 00000 n Why because Myanmar is an emerging market and they expect to find: poor infrastructure; unskilled workers; unclear legal framework; and because of the low wages some low level of corruption. For more information, take a look at the National Trade Portal. trailer 0000008674 00000 n As the nation formerly known as Burma was closed off to the world for so long, its culture is virtually unknown to most outsiders, and this can make doing business here difficult. 0000005699 00000 n It’s tempting to think that everything … 0000045247 00000 n Doing Business 2020 Myanmar Page 6. Despite some economic reforms, Myanmar’s ease of doing business has changed little in the past three years. 0000084446 00000 n Firms also claim that the educational system does not produce workers with up-to-date knowledge and an adequate work attitude. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. 0000043018 00000 n You have clicked on a link to a page that is not part of the beta version of the new worldbank.org. 0000008126 00000 n bold and imaginative planning of reforms; rigourous implementation 0000007376 00000 n Other considerations 68 7.1 Commercial registration and licensing requirements 68 Will you take two minutes to complete a brief survey that will help us to improve our website? Firms also claim that the educational system does not produce workers with up-to-date knowledge and an adequate work attitude. 0000007854 00000 n Step Into Export Business Exportable Products How to Export Tutorials Export Documentation Export Training Courses Visit Myanmar Trade Centre How can MyanTrade help? The government has made strong private sector growth a key principle and goal for economic policy, though challenges remain. Although the barriers to entry for doing business in Myanmar are high, opportunities do exist for those who have the savvy to successfully navigate the complex system. Removing Barriers to Doing Business Will Help Create a Strong Private Sector in Myanmar. In the 2018 report, published on October 31, Myanmar fell one place compared to last year, ranking 171st of the 190 economies analysed. 368 0 obj <> endobj As Myanmar is an emerging market still undergoing a political and economic reform process, doing business is subject to risk. British companies … “I want to borrow a loan from a bank for business expansion, but it is not easy at all,” said U Myint Lwin, an owner of a small business in Yangon. 0000043406 00000 n Myanmar is ranked 165 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings. Over 9% of firms cite inadequate workforce as an obstacle to doing business. Ease Of Doing Business in Myanmar averaged 170.83 from 2014 until 2019, reaching an all time high of 177 in 2014 and a record low of 165 in 2019. startxref Cost of Doing Business in Myanmar Survey Report 2017 . For businesses looking to be part of Myanmar’s growth journey, this Guide will assist you in sieving out the key investment opportunities and navigate the challenges ahead. To make business regulation simpler, easier and smarter, allowing businesses to grow and prosper. Cost of Doing Business in Myanmar Survey Report 2017. Your feedback is very helpful to us as we work to improve the site functionality on worldbank.org. 0000005736 00000 n Guides to doing business in Myanmar How can MyanTrade help? Buddhist culture places great emphasis on harmony and respect. 36/2017 on 12 June 2017, to permit foreign-owned companies to trade and import fertilisers, seeds, pesticides, hospital equipment, and construction materials that are prescribed under the Myanmar … Put together by PricewaterhouseCoopers Myanmar, the following guide covers many aspects of Myanmar’s business landscape, from regulation and taxes to sectors overviews and incentives for investment.It will come in handy for companies, investors and professionals willing to benefit from the promising business perspectives of Myanmar. Thank you for agreeing to provide feedback on the new version of worldbank.org; your response will help us to improve our website. 0000042649 00000 n Improving regulation, taxation and eliminating corruption should be continued and expanded. Doing Business 2018: Reforming to Create Jobs, a World Bank Group flagship publication, is the 15th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it.Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies—from … Figure – Starting a Business in Myanmar – Procedure, Time and Cost *This symbol is shown beside procedure numbers that take place simultaneously with the previous procedure. Barani, Managing Director of Techno-Hill, started developing mini-grids in Myanmar in 2006 as just one of the company’s business lines. 0000013009 00000 n The severe international sanctions imposed on Myanmar during junta rule have been lifted. Foreign businesses may find that they have to make their own capital and technological investments, just in order to ensure smooth daily operations. However, this is a challenging market. The purpose of this guide is to arm readers with an overview of the information they may … Updated January 29, 2014: The U.S. Treasury Department Office of Foreign Assets Control (OFAC) fact sheet on sanctions policies in place against Myanmar. Doing Business In Myanmar. Doing Business in Burma. The first Investment Climate Assessment (ICA) in Myanmar provides an up-to-date analysis of the business climate for the government and other stakeholders. Explore Export Markets Explore EU Markets. 0000036722 00000 n Environmental and Social Policies for Projects, Myanmar - Investment climate assessment: sustaining reforms in a time of transition, Removing Barriers to Doing Business Will Help Create a Strong Private Sector in Myanmar. Share with: Printer-friendly version; PDF version; This publication offers a detailed guide to the cost of office accommodation, staffing, company setups, importing and exporting, and utilities in Myanmar. As its financial and commercial centre, Yangon is a magnet for investors and is posed to grow across many sectors. Economic growth in 2014 to 15 was 8.5%, making Myanmar the fastest growing country in south east Asia. Over 9% of firms cite inadequate workforce as an obstacle to doing business. 0000004714 00000 n Since the political change of direction in 2011, the country is undergoing a huge political and economic transformation. Myanmar has a range of religious communities, although Buddhism is the dominant belief. %PDF-1.5 %���� Burmese language is … Almost all firms face power outages, the worst level in the region. 0 If a businesswoman offers you her hand, it is acceptable to shake it, but you should not offer your hand to a woman – a small bow is enough. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. The World Bank Group works in every major area of development. Leading to increased investment and economic growth, more opportunities for SMEs and more and better jobs.” How we can get there. According to the World Bank, Myanmar is the 177th most difficult country in the world to do business in and the most difficult country in the world to start a business in. The MOC issued Notification No. It’s a country of over 50 million people in a strategic location between China and India with plentiful natural resources. Before you leave, we’d love to get your feedback on your experience while you were here. Creating a more competitive private sector and attracting more investment, particularly foreign direct investment, can help support the reform process. 0000044571 00000 n 0000005966 00000 n Myanmar has recently re-emerged onto the global stage after 50 years of isolation. 368 33 Myanmar’s economy is still substantially cash-based, with less than 20% of the population having … Much has been written in recent years on doing business in Myanmar, but few focused on Yangon. With the government making sustained efforts to create a more business-friendly environment and a population that is well-disposed to the Singapore brand, the time is right for Singapore firms to start doing business in Myanmar and enjoy first-mover opportunities. Note: Online procedures account for 0.5 days in the total time calculation. The newly-released 2019 Doing Business rankings by the World Bank showed that Myanmar ranks 171th out of 190 economies in the overall ease of doing business, unchanged from last year’s position. Myanmar is a poor country in the midst of an extraordinary transition with a GDP per capita of over $1,000 and a poverty rate of 37.5% in 2010. 0000009432 00000 n h��X�W�ז?y!o!1"$Ay*��P�. 0000042371 00000 n Myanmar Business Guide 3 6. The rank of Myanmar improved to 165 in 2019 from 171 in 2018. 0000026164 00000 n Trade barriers. The economy is predicted to grow by 7.8% and inflation is expected to be around 6.6% during fiscal year 2014 (ending March 31, 2015). Cash-based economy. March 25, 2015 by thiha. As a result, firms are forced to rely on their own power generators for electricity. Access to finance is the top constraint for business operations. Myanmar is catching up on decades of underdevelopment and this presents opportunities for British companies in a broad range of sectors. Thank you for participating in this survey! Export from Myanmar . Myanmar faces high barriers to joining AEC: economists The AEC vision is a globally integrated single market and production base in a highly competitive economic region, with equitable development. 400 0 obj <>stream Only companies based in Myanmar and those registered with specific local authorities can import to the country. 0000005850 00000 n Capacity building to make sure that government agencies, as well as civil servants, become agents of change in the government’s reform program is critical. Difficult legal and regulatory environment coupled with lack of transparency and corruption makes direct interaction between firms and the government a challenge. 0000044258 00000 n xref Businessmen will typically greet each other with a handshake. The severe international sanctions imposed on Myanmar during junta rule have been lifted. Difficulties in getting land-use rights, power outages, and inadequate workforce skills are other main barriers to business operation and growth in Myanmar. However, United Nations human rights advocates have warned against doing business with the Tatmadaw due to its human rights atrocities. 0000007264 00000 n Human resources and employment law 66 6.1 Employment of foreigners 66 6.2 Work permit processing and requirements (Managerial, supervisor, expertise) 67 6.3 Labour Laws in Myanmar 67 6.4 Permanent residency in Myanmar 67 7. A Q&A guide to doing business in Myanmar. 0000044183 00000 n Business administration and compliance in Myanmar. the language barrier. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. In theory, the economic bloc will lead to unlimited investment and trade opportunities between members.

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