Navigating Myanmar: A Guide to Responding to Myanmar's Current Business Environment
Image Credit: Charlie Costello, Unsplash
Myanmar’s volatile political and economic environment have left many foreign businesses looking to enter the market to put their plans on hold, while those already operating in the country wondering what to do. Nevertheless, Myanmar is still an attractive country for foreign investments for a variety of reasons, including an economy that still holds untapped potential in various sectors.
If you have an existing business, it is important for you to prevent and mitigate any harm linked to your business activity. Sanctions have been imposed and as some of these control specific supply chains which may impact your business, here are some options you can consider.
Whether you decide to enter, maintain and scale back, expand and / or exit to neighbouring alternative markets, let GRM International (GRM) guide you in every step of the way.
Enter:
If you are keenly aware of the risks and challenges of operating in an emerging economy, and are determined to ride out the storm, you stand to leverage on the country’s geostrategic location being surrounded by other countries with lucrative economies, its many natural resources, and a huge population of growing middle class who are technologically abled. Therefore, start right by taking your first steps with GRM. Our years of local expertise on the ground can facilitate that strong foothold your business needs to start reaping long-term gains.
Maintain:
If you choose to maintain business operations in Myanmar, we can help your company meet the regulatory requirements. We have teams on the ground that are monitoring the situation closely and are updated with the latest information. Failure to comply may result in fines, revocation of investment permits and prohibition from future investment projects. Contact us today to find out more about what regulatory requirements apply to your business and how we can help your business stay compliant.
Expand:
If you are looking to alternative markets in ASEAN and the Asia-Pacific, GRM’s extensive network and business affiliations can help you make the best of the opportunities available. We work closely with our partners to facilitate your overseas business operations more efficiently. Going global allows you to expand to bigger, more diversified economies as well as gain access to more cost-effective resources.
Exit:
If you choose to leave Myanmar, do exit responsibly. Section 162 of the Myanmar Companies Act sets out the criteria to wind up a company in Myanmar which includes voluntary liquidation and court supervised liquidation. At GRM, we can guide you to ensure a smooth and hassle-free process to de-register your company in Myanmar.
It is important for new businesses and for businesses currently based in Myanmar to take note that there are options, and this is a good thing. The information contain herein should provide an overview of these options depending on your area of business and target markets. Each option would have its own merits in helping to mitigate risks from the current situation depending on your business model.
For assistance with entering, maintaining, expanding, and / or exiting Myanmar, please contact us at [email protected]
If you have an existing business, it is important for you to prevent and mitigate any harm linked to your business activity. Sanctions have been imposed and as some of these control specific supply chains which may impact your business, here are some options you can consider.
Whether you decide to enter, maintain and scale back, expand and / or exit to neighbouring alternative markets, let GRM International (GRM) guide you in every step of the way.
Enter:
If you are keenly aware of the risks and challenges of operating in an emerging economy, and are determined to ride out the storm, you stand to leverage on the country’s geostrategic location being surrounded by other countries with lucrative economies, its many natural resources, and a huge population of growing middle class who are technologically abled. Therefore, start right by taking your first steps with GRM. Our years of local expertise on the ground can facilitate that strong foothold your business needs to start reaping long-term gains.
Maintain:
If you choose to maintain business operations in Myanmar, we can help your company meet the regulatory requirements. We have teams on the ground that are monitoring the situation closely and are updated with the latest information. Failure to comply may result in fines, revocation of investment permits and prohibition from future investment projects. Contact us today to find out more about what regulatory requirements apply to your business and how we can help your business stay compliant.
Expand:
If you are looking to alternative markets in ASEAN and the Asia-Pacific, GRM’s extensive network and business affiliations can help you make the best of the opportunities available. We work closely with our partners to facilitate your overseas business operations more efficiently. Going global allows you to expand to bigger, more diversified economies as well as gain access to more cost-effective resources.
Exit:
If you choose to leave Myanmar, do exit responsibly. Section 162 of the Myanmar Companies Act sets out the criteria to wind up a company in Myanmar which includes voluntary liquidation and court supervised liquidation. At GRM, we can guide you to ensure a smooth and hassle-free process to de-register your company in Myanmar.
It is important for new businesses and for businesses currently based in Myanmar to take note that there are options, and this is a good thing. The information contain herein should provide an overview of these options depending on your area of business and target markets. Each option would have its own merits in helping to mitigate risks from the current situation depending on your business model.
For assistance with entering, maintaining, expanding, and / or exiting Myanmar, please contact us at [email protected]
GRM International Limited (“GRM”) is an audit, tax and accounting firm based in Yangon, Myanmar. GRM’s focus and key competencies lie in the areas of audit assurance, tax computation and accounting. GRM works closely with consultancy and legal partners to expand their repertoire of services to include company incorporation, corporate compliance, and legal support GRM’s wide range of professional services have assisted its clients to stay compliant with regulatory requirements, in a timely and cost-effective manner. GRM aims to enable their clients with the global reach with local perspectives.
RSS Feed
