ADB to help Myanmar revamp business legislation, shift registration online

The nearly century-old Burma Companies Act will be revamped and an online system for registering companies will be installed with assistance from the Asian Development Bank, the director-general of the Investment and Companies Registration Department said.

 

Aung Naing Oo described the Burma Companies Act, passed in 1914, as outdated and inappropriate for modern business. The ADB would help draft amendments, he said.

“The Myanmar Companies Act has been around for nearly 100 years … it’s inappropriate for the current environment. Plans are being made to amend it and the ADB will help,” the director-general said.

He also said that the process for registering companies in Myanmar was too complicated. “If the company registration is shifted online it can be done from home,” he said, adding that the ADB would also help set up an online registration system.

“The ADB will contribute US$150,000 to the online system,” he said.

source: Eleven Myanmar

http://elevenmyanmar.com/business/2692-adb-to-help-myanmar-revamp-business-legislation-shift-registration-online