Introduction to Investment Monitoring System: A Recap
System Launch: On 28 August 2023, the Directorate of Investment and Company Administration (“DICA“) announced the commencement of phase (II) of the investment monitoring system. This phase aimed to streamline the online application process for investors intending to engage in business activities after obtaining permits under the Myanmar Investment Law 2016 (“MIL“) and Myanmar Investment Rules 2017 (“MIR“). It involves a comprehensive review by departmental officers who offer online feedback, grant approvals and maintain meticulous documentation. Additionally, the system covers applications such as the appointment of foreign experts approved by the Myanmar Investment Commission (“MIC“), as per Section 51 (a) of MIL and Rule 206 of the MIR. It also includes requests to expand employee lists and the submission of resignations of previously approved foreign experts.
MyInO Portal: The announcement includes a designated website link, Myanmar Investment Online (“MyInO“), which directs applicants to the application submission portal. This portal became operational on 1 September 2023, marking the beginning of the trial period. During the trial period, applicants are required to submit hard copies of their applications alongside online submissions. A detailed step-by-step guide within the announcement assists applicants in navigating the online submission process effectively. We have covered this announcement in our previous alert, MIC Unveils New Application System, issued on 31 August 2023.
MIC New Announcement: Trial Period Extension for Data Re-entry and Submission of Foreign Experts Appointments
Data Re-entry Requirement and Trial Period Extension: On 21 February 2024, the MIC announced extending the trial period for data re-entry from 1 September 2023 until 30 June 2024. Initially, companies that have already secured MIC permits or endorsements must re-enter their current investment-related data into the system by the time they obtain such permits or endorsements. This data re-entry process is integral to ensuring accurate and up-to-date information within the system. Companies must diligently input their investment-related data into the system, thus contributing to the efficiency and effectiveness of the monitoring process.
Application Submission Process During and After Trial Period: Furthermore, the MIC has introduced measures to facilitate the submission of various applications related to the appointment of foreign experts, changes in employee numbers, and the resignation of experts and employees under MIC permits. During the trial period, which commenced on 1 September 2023, applicants must submit applications in hard copy and online through the MyInO platform. Following the trial period conclusion on 30 June 2024, submission of applications will be exclusively through online access to the Investment Monitoring System.
Our Firm’s Compliance Support: Regarding the recent MIC announcement on extending the trial period for data re-entry and the streamlined application submission process, our firm provides tailored guidance to ensure compliance with regulatory requirements. We assist companies in understanding their obligations under the Myanmar Investment Law and Rules, including the timely re-entry of investment-related data into the system and the proper submission of applications for various purposes. With a deep understanding of the local legal framework and practical insights into regulatory developments, we strive to provide proactive solutions and support to our clients in maximizing opportunities while mitigating risks in Myanmar’s dynamic business environment.
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations
