Xinhua, Yangon :
Myanmar is drafting a new companies act in a bid to replace the century-old one and the new draft law will be submitted to the next parliament session for approval, official media reported Wednesday.
In conjunction with the Asian Development Bank, the new law is being developed by the Directorate of Investment and Company Administration (DICA) and business people and the public are being invited to provide input on modernization of the new legislation. “The Myanmar Company Act 1914 requires major changes,” Chris Hughes, managing partner of multinational law firm Baker and MeKenzie, told a consultation meeting, adding that its reform is as important as the modernization of the investment law. The key part of the draft law includes forms of companies, incorporation process and corporate governance. “Modernizing the old company act will be beneficial to businesses in Myanmar, making it easier for them to operate and to access finance,” said Winfried Wicklein, resident ADB country director.
Myanmar is drafting a new companies act in a bid to replace the century-old one and the new draft law will be submitted to the next parliament session for approval, official media reported Wednesday.
In conjunction with the Asian Development Bank, the new law is being developed by the Directorate of Investment and Company Administration (DICA) and business people and the public are being invited to provide input on modernization of the new legislation. “The Myanmar Company Act 1914 requires major changes,” Chris Hughes, managing partner of multinational law firm Baker and MeKenzie, told a consultation meeting, adding that its reform is as important as the modernization of the investment law. The key part of the draft law includes forms of companies, incorporation process and corporate governance. “Modernizing the old company act will be beneficial to businesses in Myanmar, making it easier for them to operate and to access finance,” said Winfried Wicklein, resident ADB country director.
