MIC application service
What is the Myanmar Investment Commission (MIC)?
The Myanmar Investment Commission (MIC) is a government-appointed body formed under the Myanmar Investment Law.
According to the Myanmar Investment Law- Section 36, Foreign Investments that include under the following category need to apply for respective permit or endorsement from Myanmar Investment Commission:
- investment businesses that are essential to the Union strategy;
- large capital intensive investment projects;
- projects which are likely to cause a large impact on the environment and the local community;
- investment businesses which use state-owned land and building ;
- investment businesses which are designated by the government to require the submission of a proposal to the Commission.
Type of MIC applications
There are (3) types of application depending on the type of business and investment amount:
- MIC Proposal
- MIC Endorsement
- State & Division Endorsement
Investors can submit an inquiry form to Myanmar Investment Commission to confirm the type of application.
No investor requires to submit a proposal to the Commission for other investment businesses except investment businesses stipulated under Section-36 mentioned above.
However, in order to enjoy the rights to use land, and all or more than or any exemptions and reliefs, an endorsement application must be submitted in the stipulated form to the Commission office.
Flow of MIC Application Procedure
Collect info & Docx Preparation
Firstly, consult with us for detail application and necessary measures, then, we will submit an inquiry form to MIC to determine the type of application. After the collection of all necessary information from customer, we will submit the application at MIC. A presentation of business plan will be held during the screening process and final permission will be granted after.
Quotation will be different depending on case by case and hence, kindly be feel free to consult with us for more details.
Privileges & Benefits of MIC application
- Exemptions & Reliefs
- An investor who obtains permit or endorsement under this law has the right to apply for Income Tax Exemption and depending on the Zones designated by the Commission, income tax exemption can be granted from 3 to 7 years in accordance with Myanmar Investment Law, Chapter XVIII.
- The commission may grant the right to depreciation, right to deduct expenses, the exemptions and reliefs on Custom Duty under the situations that are described in Myanmar Investment Law, Chapter XVIII.
- Use & Lease of land
- An investor who obtains permit or endorsement under this law has the right to obtain a long-term lease of land or building from the owner if it is private land or building or from the relevant government departments or government organization if it is land managed by the government, or land or building owned by the Union from commencing on the date of receipt of the permit or endorsement of the Commission up to an Initial period of (50) years with the stipulations in order to do investment.
The following investments businesses are prohibited investments:
- investment businesses which may bring or cause the hazardous or poisonous wastes into the Union;
- investment businesses which may bring technologies, medicines, flora and fauna and instruments which are still being tested abroad or which have not been obtained approvals to use, plant and cultivate, except the investments which made for the purpose of research and development;
- investment businesses which may affect the traditional culture and customs of the ethnic groups within the Union;
- investment businesses which may affect the public;
- investment businesses which may cause an enormous impact to the natural environment and ecosystem;
- investment businesses which manufacture goods or provide services that are prohibited under the applicable laws./li>
The following types of investment businesses are restricted investments:
- investment businesses allowed to carry out only by the Union;
- investment businesses that are not allowed to carry out by foreign investors;
- investment businesses allowed only in the form of joint venture with any citizen owned entity or any Myanmar citizen; and
- investment businesses to be carry out with the approval of the relevant ministries.