9. GET IT DOWN IN WRITING
Entrepreneurs and adventurers as well as major companies have been pouring into Myanmar as if it were Eldorado on the Bay of Bengal. However, many people have run aground on the shoals of bureaucracy, cultural indifference to innovations like the Foreign Investment Law, and lack of governance.
Perhaps this is to be expected after a long period of military rule.
Anyone going into the Myanmar market must be ready for risk and ready to fail, at least once. Remember that foreigners cannot own land or property in Myanmar and the business environment is full of restrictions.
However, if you are willing to accept risk, Myanmar is a market that will repay close study, especially of specific market niches, relevant supply and demand drivers, and cultural factors. And although contracts may seem open-ended, it’s wise to get as much as possible down in writing.