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DICA Opens One Stop Service Center
AUTHOR: EI THANDAR TUN
Myanmar’s overall ranking in the World Bank’s 2019 Ease of Doing Business Index stands at 171 out of 189 countries. In order to improve this ranking, the Directorate of Investment and Company Administration (DICA) launched a One Stop Service Center at Sein Le May Avenue, Kabar Aye Bagoda Road, Yakin Township in Yangon on March 24.
This one stop center was first announced in May 2018. The center will provide a convenient place for investors to go for all the requirement of getting started. The office will help investors complete the procedures such as getting export/import license, taxes, visas and work permits.
The service center includes the YCDC, the Directorate of Industrial Supervision and Inspection, the Department of Labour, the Internal Revenue Department, the Environmental Conservation Department, and the Food and Drug Administration altogether in one place.
“This center is going to be very important for foreign investors who are going to place money in Yangon, Myanmar’s economic hub. It will help them easily make investment. They need easier procedures when making investment here. This office will provide one stop service,” said U Phyo Min Thein, Chief Minister of Yangon, who was at the opening ceremony.
“Yangon Region is the most important regarding with the country’s economy and receives most of the investment coming into Myanmar. So, if Yangon’s office can provide one stop service for most of the requirements, it will be a lot faster in starting a business,’’ U Aung Naing Oo, Director General of DICA, said.
Government has adopted investor friendly polices and amended Companies Act in order to attract investments and make doing business easier. It also established a new ministry focusing on investment called Ministry of Investment and Foreign Economic Relations.
The World Bank’s Ease of Doing Business Index provides separate ranks for ten different categories of doing business in a country. The ten categories are: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency. The combination of all ten ranks results in the ease of doing business rank.
Myanmar’s best category is dealing with construction permits at 88, and its worst category is enforcing contracts at 188 out of 189 countries.
Myanmar is also planning its open its own ease of doing business website which promises to offer insights and guidance for starting, operating business, and investing in Myanmar, and it will serve as a platform for businessmen to inform the authorities about their difficulties. The website is still under construction.
Myanmar Permits Over 100 Foreign Investments in 5 Months
AUTHOR: XINHUA Myanmar Investment Committee (MIC) permitted 109 foreign investments as of February in present fiscal year 2018-2019 which started in October last year, according to the Directorate of Investment and Company Administration.
Online Tax Payments Now Available
AUTHOR: SWE LEI MON With the goal of making tax payments easier for taxpayers and encouraging people to pay taxes, the government has been implementing the online payment system since 2014, Daw Khine Shwe War, the Deputy Director General of the Central Bank of Myanmar, once said in a meeting at the Ministry of Commerce.
Government Urges Foreigners To Register with Local Authorities
AUTHOR: TIN MG OO One way a foreigner can be found in violation of the law is by failing to register within 24 hours of arriving in the country, or by overstaying their visa. Foreigners that break the law by overstaying their visa are fined at the port of entry (airport or land border checkpoint) when they leave the country. A fine of $3 dollars per day will be charged for an overstay of less than 90 days, and a fine of $5 per day for anything 90 days and over.