Companies Act of 1914 to be replaced

14 December 2017
Companies Act of 1914 to be replaced
A tourist walking in the downtown area of Yangon. Photo: Ye Aung Thu/AFP

Myanmar authorities will introduce a new Companies Law, replacing the Companies Act of 1914,  from Aug. 1 next year, according to a Xinhua report quoting  U Aung Naing Oo, director-general of the Directorate of Investment and Company Administration (DICA).
The promulgation of bylaws and application of the law as well as working on the operating manual for online registration will be done in last week of July next year, he was quoted as saying.
In accordance with the new law, foreign investors are allowed to take up 35 percent in local companies, the report said.