8) The preferential advantages for a bonded processing zone:
The procedure for obtaining an approval for a bonded processing zone to focus on the short term goal for
Myawaddy industrial zone is the subject of a separate application to MIC;
It is to be noted that both the "Foreign Investment Law" and the "Company Law” are the laws relating to the
incorporation of Myanmar However, in order to receive preferential treatment when establishing an enterprise
corporation under the Foreign Investment Law there is a favorable method more than what can be applied through
the Companies Act.
The purpose of the Union of Myanmar's Foreign Investment Law, and to expediting the enactment of the law,
meets the purpose of Myawaddy Industrial Zone SPC by:
1) Promotion of exports and expansion;
2) Exploitation of natural resources that require large-scale investment;
3) Acquisition and introduction of advanced technologies (high technology)
4) Production that requires large amounts of capital and protection of support service activities
5) Expansion of employment opportunities
6) The development of business contributes to saving energy consumption;
7) Regional development
The main points in the amendment to the Foreign Investment Law, effective January 31, 2013, are as follows.
- Extension of the exemption period of the corporate income tax from 3 to 5 years;
- Extension of the land lease period is from 30-50 years;
- Enabling the mortgaging of land;
- Remittance to foreign companies established by the foreign investment law is under consideration;
- Labor-related regulations: 25% skilled workers employed within 2 years of establishment 50%
within four years’ time, 75% within six years' time;
- Non—skilled workers must be 100% Myanmar-nationals