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Myanmar Corporate Law Revision Outline Part IV

As of now, there are the following descriptions. It is necessary to pay attention to future revision trends.
Management, Administration and governance

Board of directors has a quorum of two
It is necessary to appoint a chairman, and the chairman has a casting board according to the articles of incorporation.

General meeting of shareholders
It must be held within 18 months after the establishment of the company, and within 15 months after the holding.
Financial Report, Director’s Report and Audit Report must be submitted.

The auditor must attend the shareholders meeting.

The chair gives attendees the opportunity to ask the auditor any reasonable questions.

Small companies do not need to hold a general meeting of shareholders.
The definition of a small company is one in which two or more of the following apply.
1. 50 shareholders or less
2. Capital is less than 500 million Kyat
3. Consolidated sales of less than 50 million Kyat

It is necessary to hold a Statutory Meeting within 1 to 6 months after the company was established.

Ordinary general meeting of shareholders, at least two people are required for quorum Or, it is necessary to describe in the articles of incorporation.

If you have one-tenth of the voting rights, you can call a general meeting of shareholders. The collector will pay for the convening and holding.
A general meeting of shareholders can be called even if there are more than 100 shareholders.

The shareholders’ meeting must be notified 21 days in advance.

The general meeting of shareholders will be held with raised hands and power of attorney.

The special resolution will be a three-quarter resolution.
Example) Change of articles of incorporation, change of company name

A written resolution can be made with one director and one shareholder.
(It is necessary to confirm the arrangement with the above quorum)

In the case of conflicts of interest of directors, it will not be resolved.
Ideas to consider in case of conflict of interest.

Director remuneration

Reasons for disqualification of directors

About public companies

About Mortgage

About financial statements and auditors

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19/Oct/2015

Notification no: FE-10/365 Announced by the Central Bank, Regulations on foreign currency transactions

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Advance Guide

  • Regulations and Incentives in Myanmar
  • Myanmar Accounting Tax
  • Myanmar Company Law
  • Myanmar Labor Law

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