Myanmar Investment Commission Approvals

MIC Approvals

The MIL provides for two forms of MIC approval:-

1. Investments requiring an MIC Permit; and
2. Investments requiring MIC Endorsement.

MIC Permits

Pursuant to the MIL, MIC Permits are required in respect to projects which:-

1. are essential to the Government’s national development strategy;
2. are large and capital intensive;
3. are likely to have a significant impact on the environment and/or local communities;
4. involve the use of state-owned land and buildings;
5. involve activities designated by the Government to require an MIC Permit;
6. are conducted across the national border or across states or regions in Myanmar
7. involve investment of US$100M or above;
8. involve an investment of US$20M or above and is being carried out in the form of a foreign Myanmar joint venture or a concession agreement with the Government;
9. involve investment of US$20M or above, and is any of the following sectors, technology (information, communication, medical, bio or similar technologies), transport infrastructure, energy infrastructure, building urban development infrastructure, new cities, extractive/natural resource industries and media.

Myanmar Investment Commission Permits

MIC Endorsement

The MIL introduced a new class of foreign investment approval – ‘MIC Endorsements’, which can be obtained via a new stream-lined approval process.

Any investor who is not required to obtain an MIC Permit (i.e. the proposed investment does not fall into any of the categories on investment requiring an MIC Permit set out in 1 – 9 above), but who wishes to avail of the investment incentives available under the MIL (such as the right to enter into long term leases or benefit from tax incentives) may apply to the MIC for an MIC Endorsement.

MIC Endorsement applications are made to the MIC’s head office in Yangon. If the proposed investment is less than US$5 million, then the application can be made to a state or regional office of the MIC.

MIC Endorsement Application Procedure

1. Prepare application documents while liaising with MIC officer;
2. If the MIC officer is satisfied with the application documents, prepare 10 sets for ‘initial screening’ by the MIC;
3. Submit company registration application to the DICA;
4. The MIC will decide whether or not to proceed with the application following the initial screening, and pass the application to the relevant Government Ministries or other authorities for approval, where necessary;
5. The investor may be asked to amend the application, however is not necessary for the investor to meet with representatives of the MIC;
6. If the MIC is satisfied with the application it will issue an MIC Endorsement; and
7. DICA issues company incorporation certificate.

According to the MIC’s official timeline, MIC endorsement applications should take no longer than 55 working days to process.

The MIC Endorsement application fee is Kyats 100,000-200,000 (US$100 – 200) depending on the nature of the project. Investments of US$300,000 or more can apply to avail of the MIL tax incentives under the MIL.

Myanmar Investment Commission Endorsement