Myanmar has made strides to create a business friendly regulatory environment. The government has decreased the days required to start a business in Myanmar from 76 days in 2014 to 13 days in 2016 by simplifying the process , specifically removing the need to submit a reference letter and a criminal history certificate.
As Myanmar transitions into a democratic and market-based economy, the market has seen the government passing laws that are modernising the country like the Financial Institutions Law and the soon to be passed Myanmar Companies Law.
The total number of companies in Myanmar has swelled from 10,943 in 2007 to 52,479 in 2016. Over the same period the number of foreign companies through a range of structures like foreign company / branch, partnership, association and joint ventures, has tripled from 2,120 in 2007 to 6,223 in 2016.
According to the World Bank, Myanmar’s business environment is improving as the government pursues business reforms to create a vibrant private sector to sustain its strong pace of growth. Some of the progress made includes:
Starting a business is now easier through cost reduction for registration
Simplifying the new business registration process by removing the requirement to submit a reference letter and a criminal history certificate
Improving credit information system by enacting a new law that established a new credit bureau
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