Guide to Doing Business in Myanmar
Text 16/20 pt.
Text 12/16 pt.
Text 8/10 pt.
3 Introduction
4 Forms of Doing Business
5 Business Activities
8 Government Approvals for Setting up a Legal Entity in Myanmar
10 Capital Structure and Incentives
10 Sale of Shares
11 Taxation
12 TheRighttoPurchaseForeignCurrencyandRemitProfits
13 Import and Export of Goods by a Foreign Invested Company
13 Real Estate Development
14 Litigation in Myanmar
14 Foreign Workers and Labour Law
16 Intellectual Property
17 Government of Myanmar and Major State Agencies
19 Sanctions Against Myanmar
mayer brown jsm 1
List of Abbreviations
FIL Foreign Investment Law (2012)
RO RepresentativeOffice
PermittoTrade PermittoTradeCertificateissuedbytheDICA
DICA DirectorateofInvestmentandCompanyAdministration
Registration RegistrationattheCompaniesRegistrationOffice
MICPermit PermitissuedbytheMIC
MIC Myanmar Investment Commission
MOGE Myanma Oil and Gas Enterprise
CIT CorporateIncomeTax
PIT PersonalIncomeTax
NLD NationalLeagueforDemocracy
NUP National Unity Party
SDNs SpeciallyDesignatedNationals
FinCEN U.S.FinancialCrimesEnforcementNetwork
SOEELaw State-OwnedEconomicEnterprisesLaw
ESIA EnvironmentalandSocialImpactAssessment
mayer brown jsm 3
Introduction
SincetheformerPrimeMinisterUTheinSeinbecamePresidentinMarch2011,Myanmarhastakenactivestepstoupdateitslegalframework.Myanmar’spoliticalandeconomicreforms,coupledwiththereleaseofAungSanSuuKyi,haveencouragedtheUnitedStatesandothercountriestoeasesanctionsagainstMyanmar.Sincethen,thecontinuedchangeshavebeenlargelyfavourabletobothforeignandlocalinvestors.
Myanmariscurrentlyundergoingcriticaleconomicandlegalreforms,suchasbreakinguplargemonopolies,organizingamajorprivatizationprogramme,andworkingwiththeInternationalMonetaryFundontheunificationandfloatationoftheexchangerate.Majorchallengesremainahead,suchasupdatingthebankingsystem,improvinginfrastructureandcommunications,andestablishingastockexchange.
Myanmar’sForeignInvestmentLaw(FIL)hasbeensubstantiallyrevised,withtheultimateobjectiveofattractingmoreforeigninvestors.TheFILpromotestheexpansionofexports,theexploitationofnaturalresourcesthroughlarge-scaleinvestment,theacquisitionofhigh-endtechnology,expansionofmanufacturingandservices,thecreationofemploymentopportunities,andthedevelopmentoftheethnicareas.TheFILprovidesbothlocalandforeignenterpriseswithamorefavourableandclarifiedlegalframeworkfordoingbusinessinMyanmar. u
4 Guide to Doing Business in Myanmar
Forms of Doing Business
What Key Laws Govern Investments in Myanmar?Whetheraforeigninvestorinvestsasa100percentforeignownedcompanyorasajointventurewithalocalentity,theapplicablelawistheFIL,originallyenactedin1988andamendedin2012.TheFILprovidesaroadmapfortheconditionsandproceduresforinvestmentinMyanmar.Despitetherecentreforms,however,aforeigninvestormustbeawarethatmanyday-to-daybusinesstransactionsarestillgovernedbyanoutdatedlegalframework.
MyanmarhasissuedtwopiecesoflegislationtoguidetheimplementationoftheFIL:NotificationNo.1/2013(31January2013),the“StipulationofTypesofEconomicActivities”(the“Stipulation”),issuedbytheMyanmarInvestmentCommission(MIC),andNotificationNo.11/2013(31January2013),issuedbytheMinistryofNationalPlanningandEconomicDevelopment(the“ForeignInvestmentRules”).TheStipulationprovidesdistinctcategoriesforregulatingforeigninvestmentindifferentbusinessactivities.TheForeignInvestmentRulesdescribetheapplicationprocessforforeigninvestedbusinessesanddescribeparametersforthetransferofshares,useofland,anduseofforeigncurrency.
InadditiontoregistrationundertheFIL,theMyanmarCompaniesAct(1914)(the“CompaniesAct”)requiresforeigncompaniestoobtainaPermittoTrade.TheCompaniesActalsooffersanalternativeformationproceduretotheFIL,althoughwithouttheincentivesavailableunderFILincorporation.
Finally,theState-OwnedEconomicEnterprisesLaw(1989)(the“SOEELaw”)governscertainbusinessactivitiesinwhichinvestmentrequiresgovernmentparticipation.
TheMICoverseestheapprovalofforeigninvestmentsinMyanmar.
What are the Most Common Business Forms for Foreign Investment in Myanmar?Foreigninvestmentmaybemadethroughoneoftheseforms:
• Apublicorprivatelimitedliabilitycompany
• Abranchorrepresentativeofficeofaforeignenterprise
• Jointventures,structuredeitheraspartnershipsoraslimitedliabilitycompanies,withanyindividual,privateenterprise,orstate-ownedenterpriseofMyanmar,and
• ProductionsharingcontractswithaState-OwnedEconomicEnterprisefortheexplora-tion,extractionandsaleofpetroleum,naturalgasorminerals
Forforeignenterprises,themostcommonmethodofdoingbusinessinMyanmaristhroughaprivatelimitedliabilitycompany,whichcarriesoutaprojectinMyanmar.TheFILmayrequiretheenterprisetotaketheformofajointventure,dependingonitsbusinessactivities.
WhataresomeImportantDifferencesbetweenaPrivateLimitedLiabilityCompanyand a Public Limited Liability Company?Thepubliccannotbeofferedsharesinaprivatelimitedliabilitycompany.Also,thenumberofmembers is limited to 50.
Apublic limitedliabilitycompanymusthaveatleastsevenshareholders.ThecompanymustalsoapplyforaCertificateofCommencementofBusinessbeforeitsoperationsbegin.Asapracticalmatter,thisformisnotusedforforeigninvestment.
mayer brown jsm 5
WhatisaRepresentativeOfficePermittedtoDo?TheCompaniesActallowsaforeigncompanytoregisterarepresentativeoffice(RO).AnROisoftenthefirststepinestablishingacommercialpresenceinMyanmar.ROsarepermittedtoengageonlyinlimitedbusinessactivities,includingbusinessdevelopment,marketresearch,and feasibility studies. ROs are not allowed to trade inside Myanmar and do not generate any income.Theiroffshoreparentmayprovideregularremittancestocovermarketingexpenses,officelease,salaries,andotheradministrativecosts.AnROallowsaforeigncompanytoassessMyanmar’sbusinessenvironmentbeforecommittingfundsandresourcestosettingupamorepermanentpresenceinthecountry.
InordertoapplytosetupanRO,theforeigninvestormustprovideboardresolutionsapprovingtheestablishmentoftheROinMyanmarandcopiesofthepassportsofeachofthecompany’sdirectorsandshareholders.ThedirectorsmustsignanundertakingthattheywillnottradeinMyanmarandsubmitthedocumentwiththeapplicationdossier.
What Factors should a Foreign Investor Consider in Deciding between a Wholly Foreign-Owned Entity or a Joint Venture?ThetwomainfactorsthataforeigninvestormustconsiderarewhetherthebusinesssectorinwhichitwilloperaterequiresajointventuretoestablishacommercialpresenceinMyanmar,andwhethertheMyanmarpartyhasakeyassetorspecializedlocalknow-howessentialtotheproposedproject.Forexample,inrealestatedevelopmentprojects,theMyanmarpartyusuallyholdsthelanduserights,whichbylawcannotbedirectlytransferredtoaforeigninvestor,butmaybecontributedintoajointventure.
TheFILprovidesthatthepartiestoajointventuremayagreeontheforeignandlocalequitycontributions,althoughMIChasthepowerundertheFILtoprescribeaminimumforeignownershiprequirementonacase-by-casebasis,dependingonthenatureoftheproposedinvestment.ForeignownershipinajointventurewithaMyanmarcitizen(otherthantheState)inarestrictedbusinessactivityislimitedto80percentofthetotalcapital.
Is Investment through Local Companies or through Nominees Permitted?On27February2012,theMICpassedanorderregulatingnomineeinvestmentscarriedoutbyMyanmarcitizens.TheorderrequiresforeigninvestorstoinvestinaccordancewiththeFIL,notthroughtheuseofalocalnominee.Becausethelawdoesnotrecognizethenomineerelationship,foreignentitiesorindividualswillnotbeabletoenforcetheirownershiprightsinthesharesorassetsofthecompanyincaseofadisputewiththeirnominee.u
BusinessActivitiesTheStipulationcategorizesforeigninvestmentinspecificbusinessactivitiesintothreeareas:
i. Businessactivitiesinwhichforeigninvestmentisprohibited;
ii. BusinessactivitiesinwhichforeigninvestmentispermittedonlyintheformofajointventurewithaMyanmarcompanyorindividual;and
iii. Businessactivitiesinwhichforeigninvestmentdependsonmeetingcertainqualificationsorconditions,includingaspecificsubsetofactivitieswhichrequireanEnvironmentalandSocialImpactAssessment(ESIA).
6 Guide to Doing Business in Myanmar
ProhibitedBusinessActivities–Examplesinclude:
• Certainminingactivities,includingsmall-scaleandmedium-scaleproductionofminer-als;miningofmetallicminerals,includingrivergold;prospectingandproducingjadeand gemstones
• Oilrefineriesthatproducecertaintoxicsubstances;administrationofMyanmar’selectricitysystem,andtradinginelectricity
• Otheractivitiesthataredangerousordamagingtotheenvironment,suchastheproduc-tionoftoxicorprohibitedchemicals
Eventhoughforeigninvestmentisnotpermittedintheprohibitedbusinessactivities,theForeignInvestmentRulespermittheMICdiscretiontoreviewproposalsforforeigninvestmentintheseareas,iftheinvestmentwouldbeintheinterestoftheStateanditscitizens.TheMICwilltakeintoconsiderationtheopinionofthelocalpopulationandtheregionalgovernment.Ifpermitted,theinvestmentmustbeintheformofajointventure,inwhichforeigncapitalislimitedto80percentofthetotalcapital.
BusinessActivitiesinwhichaJointVenturewithaMyanmarCompanyorIndividualisRequired:Asoutlinedabove,wheretheStipulationrequiresajointventureforaparticularbusinessactivity,foreigncapitalinthejointventureislimitedto80percentofthetotalcapital.TheStipulationrequiresajointventureforactivitiessuchas:
• Productionanddistributionofavarietyoffoodandbeverages
• Manufacturingofsomepharmaceuticals,textilethreads,plastics,leatherfootwear,paperandcertainchemicalproducts
• Prospectingandexplorationofindustrialmines,andlarge-scaleminingoperations
• Constructionandinfrastructureprojects,includingbridges,highways,andgolfcourses,anddevelopmentandsaleofresidentialandofficebuildings,and
• Domesticandinternationalairtransportationservices
TheStipulationdoesnotprovideguidancetoidentifywhatismeantby“large-scale”miningoperations.
BusinessActivitiesthataresubjecttoConditions:Foreigninvestmentispermittedincertainareasifspecialconditionsaresatisfied.
• MinistryRecommendations:InvestmentinsomebusinessactivitiesrequirestherecommendationoftheMinistrywithoversightofthatbusinessarea.Forexample,theMinistryofMinesmustrecommendaproposalformineralexplorationandproductiontotheMIC.
• ConditionalRequirements:Certainbusinessareasrequiretheinvestmenttosatisfyspecialconditions.Forexample,awhollyforeign-ownedhotelinvestmentispermittedonlyforathreeormorestarhotel,whileajointventureisrequiredforahoteloflessthanthreestars.Retailactivitieswillbepermittedonlyafter2015.Theymaynotreceivetaxexemptions,andwillrequireacapitalcontributionofatleastUS$3million.
• ESIA:Explorationandproductionofminerals,oilandnaturalgas,hydropower,andcertaininfrastructureprojectswillrequireanenvironmentalandsocialimpactassess-mentreport.Thereportmustbesubmittedwiththeapplicationdossier.
Activities Reserved for the State
AccordingtotheSOEELaw,certainactivitiesmayonlybecarriedoutbythegovernment,unlessthegovernmentgrantsanexception.TheserestrictionscontinuetoapplyinadditiontotherestrictedactivitiessetoutintheFILanditsimplementinglegislation,andinclude:
mayer brown jsm 7
• Extractionanddomesticandforeignsaleofteak
• Cultivationandconservationofforestplantations
• Exploration,extractionandsaleofpetroleumandnaturalgasproducts
• Exploration,extraction,andexportofpearls,jadeandpreciousstones
• Aquacultureindesignatedfisherieswhichhavebeenreservedforresearchbythegovernment
• Postalandtelecommunicationsservices
• Airandrailwaytransportationservices
• Bankingandinsuranceservices
• Broadcastingandtelevisionservices
• Exploration,extraction,andexportofmetals
• Electricitygeneration,and
• Manufactureofproductsrelatingtosecurityanddefense
Thegovernmentreservestheauthoritytopermitjointventureswithforeigninvestorsinactivitiesinwhichprivateinvestmentwouldotherwisebeprohibited.
Foreign Investment in Mining Threekeylawsgoverntheminingsector:theMyanmarMinesLaw(1994),MyanmarGemstoneLaw(1995),andtheMyanmarMinesRules(1996).TheMinistryofMinesregulatesforeigninvestmentinthisarea.AforeigninvestorcanapplytotheMinistryofMinesinordertoobtainapermitinoneofthefollowingcategories:
• Exploration,large-scaleproductionorsmall-scaleproductionofmetallicminerals
• Large-scaleproductionofindustrialminerals,or
• Large-scaleproductionofdecorativestone
AccordingtotheMinistryofMines,foreigninvestmentcanbestructuredasprofitsharingarrangements or as new investments.
TheForeignInvestmentRulesprovidethattheinitialpermitissuedformineralexplorationmaynotincludesurveyexplorationorproductionactivities.Aftertheinvestorhascompletedexploration,theinvestormaysubmitasupplementalapplicationtotheMICforapermittoconductsurveyexplorationandproduction.
TheStipulationsetsoutcertainconditionsformineralexploration.Theinitialprospectingperiodislimitedtotwoyears,followedbyanexplorationperiodofnomorethanthreeyears.Extensionsarepossible,butrequireanapplication.Large-scaleminingoperationsarelimitedtoaproductionperiodof15years,andapprovaliscontingentontheprojectedmineralreserveandproductioncapacityoftheproject.ExplorationandexploitationofcoalmayonlybeconductedpursuanttoajointventurewiththeMyanmarGovernment.
Foreign Investment in Oil and GasWithrespecttooilandgasresources,theSOEELawreservesthegovernmenttherighttocarryouttheexploration,extraction,production,andsaleofpetroleumandnaturalgasproducts.Thegovernmentmaypermitsuchactivitiestobecarriedoutjointlywithotherorganizations,includingforeignenterprises.InvestorsmustenterintoproductionsharingcontractswithMyanmaOilandGasEnterprise(MOGE),thestate-ownedenterprisethatdominatesoilandgasactivitiesinMyanmar.
8 Guide to Doing Business in Myanmar
Projectsinvolvingoilandgasexploration,aswellasconstructionofoilandgaspipelines,arealsorequiredtocompleteanESIA.
What are the Special Economic Zones and What are the Related Incentives?Myanmarcreatedeconomiczonestoencourageexport-orientedinvestment.Inthesezones,goodsproducedbyforeign-investedenterprisesmustbeexportedandsoldontheinternationalmarket,andmaynotbesoldonthedomesticmarket.Theproceedsfromthosesalesaretax-exemptforthefirsteightyearsofoperation,andeligiblefortaxreliefforanadditionaltwoyearsthereafter.Theywillcontinuetobeeligiblefortaxreliefforfivemoreyearsiftheprofitsfromexportsarere-investeddomestically.TheSpecialEconomicZoneLawalsograntsinvestorstheabilitytoimportmachineryandrawmaterialsdutyfree,aslongasthosematerialsandmachineryareusedfortheproductionofgoodsforexport.u
Government Approvals for Setting up a Legal Entity in Myanmar
Ifasingleshareisownedbyaforeignparty,thecompanywillstillbeconsideredaforeigncompany.ForeigninvestedcompaniesmayapplyforalicenceundereithertheCompaniesActortheFIL.OnlyjointventureswithaStateentityareexemptfromobtainingthislicense.
OnlycompaniesincorporatedundertheFILhaveaccesstothetaxincentivesandotherbenefitssetoutinthatLaw.Investorswhoobtainedlicencesundertheearlier1988ForeignInvestmentLaw(priortoamendmentin2012)arenotrequiredtoobtainanewlicenceundertheFIL,andtheincentivesandconditionssetoutintheirlicenceswillremainvaliduntiltheexpirationoftheirterm.Inaddition,theFILprovidesthatinvestorslicencedundertheearlier1988ForeignInvestmentLawwillbegovernedbytheprovisionsoftheFILfromitseffectivedate,2November 2012.
CompaniesincorporatedundertheCompaniesActmustcompletethefollowinglicensingrequirements:
a. TheinvestormustobtainaPermittoTradeCertificate(“PermittoTrade”)fromtheDirectorateofInvestmentandCompanyAdministration(DICA)
b. TheinvestormustregisterattheCompaniesRegistrationOffice(“Registration”)
CompaniesincorporatedundertheFILmustcompletethefollowinglicensingrequirements:
a. Obtain a Permit to Trade from DICA
b. CompletetheRegistrationprocess
c. ObtainapermitissuedbytheMIC(“MICPermit”)
PermitstoTradearenormallyissuedtodifferenttypesofcompanies,includingmanufacturingcompanies,servicescompanies,andtradingcompanies.Atpresent,however,PermitstoTradearenotbeingissuedtotradingcompanies,asamatterofunwrittenpolicy.
TheMICoverseeslicensingofforeigninvestmentactivitiesinMyanmar.Itsprimaryresponsibilityistoevaluateforeigninvestmentproposals.Italsohastheauthoritytostipulatetermsandconditionsofinvestmentpermitsandevaluatethestatusofforeigninvestmentprojects.
mayer brown jsm 9
Application Process for MIC PermitTheForeignInvestmentRulessetouttheapplicationprocessindetail.
Dossier:Theapplicationdossiermustinclude:
• Commercialandfinancialinformationabouttheinvestorandtheproject,includinginformationaboutcapitalcommitmentsandforeignexchangerequirements
• Thedraftjointventureagreementandinformationabouttheproposedpartnership,ifapplicable
• Proposeduseoftechnology,rawmaterials,energy,andhumanresources
• Projectionsofthevolumeandvalueofproductionorserviceactivities,and
• Proposedlanduseplans,anddraftsoflandleasecontracts
IfthebusinessactivityisdesignatedasonethatrequiresanESIA,thenthatreportmustbeenclosedwiththeapplicationdossier.
Submission:IftheproposedinvestmentisbothrelatedtotheuseofnaturalresourcesandgovernedbytheSOEELaw,thentheapplicationdossiermustbesubmittedtotheMICthroughtheMinistrythathandlestheparticularnaturalresource.Inallothercases,theinvestormaysubmittheapplicationdossierdirectlytotheMIC.
Preliminary Review Process:TheapplicationgoesfirsttoaProposalReviewGroup,composedofofficersfromvariousMinistrydepartments.TheProposalReviewGroupmeetsonceaweek,andperformsapreliminaryreviewoftheapplication.Theinvestorisrequiredtoattendthemeeting.Iftheapplicationisapproved,theProposalReviewGroupsubmitstheproposaltotheMIC.
Comment Period:TheMICwillseekcommentsfromtherelevantstateorregionalgovernmentorNayPyiTawCouncil(dependingonthelocationoftheinvestment),theInvestmentAssessmentGroupoftherelevantministry,andtheMinistryofEnvironmentalProtectionandForestry.ThecommentswillbepresentedatthefollowingMICmeeting.TheMICwillmeetatleasttwicepermonth.
Issuance of Permit:TheMICwillreviewtheproposalbasedonseveralfactors,includingfinancialbenefits,potentialfornewemployment,useoftechnology,andenvironmentalimpact.IftheMICapprovestheproposal,itwillissueanMICPermitwithin90daysofitsdecision.
Post Licensing Requirements:AfteritreceivesitsMICPermit,theinvestormustreportthefinalstatusofconstructiontotheMICwithin30daysofcompletionofconstruction,andthensubmitaquarterlyprogressreporttotheMICduringoperations.Itmustalsosubmittoinspections,althoughtheForeignInvestmentRulesdonotelaborateonthepurposeorfrequencyoftheinspections.TheinvestormustalsoprovideannualauditreportstotheMIC.
Duration of MIC Permit and Permit to TradeMICPermitsareapprovedforaspecifiedduration,andareusuallyissuedonalong-termbasis.Thereisnorequirementforperiodicrenewal.
PermitstoTrademustberenewedeverythreeyears.u
10 Guide to Doing Business in Myanmar
CapitalStructureandIncentives
What are the Requirements Regarding Capital Structure for Foreign Investment?TheFILdoesnotrequireaminimumcapitalcommitmentforforeigninvestmentinMyanmar.Nevertheless,theMICwilldeterminecapitalrequirementsonacase-by-casebasisasitreviewsproposalsforforeigninvestmentprojects.TheFILdoesnotincorporateanyguidelinesforhowtheMICwilldeterminecapitalrequirements,otherthantoprovidethattheassessmentwillbemadebasedontheproposedbusinessactivitiesoftheinvestor.
ForeigninvestorsthatopttoincorporateundertheCompaniesActmustcommitatleastUS$150,000,iftheyareamanufacturingcompany,orUS$50,000,iftheyareaservicescompany.
Are there Investment Guarantees?TheFILcontainsaStateguaranteeprotectingenterprisesagainstnationalizationandexpropriation,althoughthisremainsuntested.
What are the Incentives for Obtaining an MIC Permit under the FIL?TheFILoffersalargerangeofincentivesandguaranteestoforeigninvestors.TheMICgrantsataxholidayperiodoffiveyearstoforeigninvestedcompaniesapprovedundertheFIL.Inaddition,theMICmaygrantoneormoreofthefollowingexemptionsandincentives:
• Exemptionfromorreductionoftaxesonmachineryormaterialsimportedduringtheconstructionordevelopmentphaseoftheinvestmentproject
• Exemptionfromorreductionoftaxesonimportedrawmaterialsduringthefirstthreeyearsofcommercialproduction
• Exemptionfromincometaxonprofitsreinvestedinthebusiness
• Relieffromtaxonamaximumof50percentoftheprofitsderivedfromtheexportofgoodsmanufacturedinMyanmar
• Therighttopayincometaxofforeignemployeesanddeductthosepaymentsfromassess-ableincome
• TherighttodeductthecostsofresearchanddevelopmentcarriedoutwithinMyanmar,and
• Therighttocarryforwardandsetofflossesforuptothreeconsecutiveyearsu
SaleofShares
TheFILallowsforeigninvestorstoselltheirownershipinteresttoeitheraforeignorlocalcitizenorentity.Iftheforeigninvestorsinaprivatelimitedliabilitycompanyselltheirentireownershipinterest,theforeigninvestmentpermitwillberevoked.
mayer brown jsm 11
AninvestormustfileanapplicationwiththeMICtotransferallorpartofitssharesinacompany.TheinvestormustprovideproofoftaxclearancefromtheInternalRevenueDepartment.TheMICwillreviewtheapplicationbasedontheinvestor’sreasonforthetransferandwhetherthetransfereewillbeabletocontinuetooperatethebusiness.TheMICwillalsoconsidertheimpactofthetransferontheinterestsoftheState.
Thetransfereewillbeentitledtoanytaxexemptionsorreliefstillapplicabletothecompanyatthetimesharesaretransferred.u
Taxation
What are the Corporate Income Tax Rates?CompaniesincorporatedinMyanmar,undertheCompaniesActorundertheFIL,aretaxedontheirglobalincome.Non-residentcompanies(suchasnon-residentbranchesofforeigncompanies)aretaxedonlyontheirdomesticincome.
TheCorporateIncomeTax(CIT)rateis25percentforcompaniesincorporatedunderboththeCompaniesActandtheFIL.Non-residentcompaniesaretaxedatarateof35percent.UndertheFIL,uponobtaininganMICPermit,theforeigncompanyenjoysataxholidayperiodoffiveyears,includingtheyeartheenterprisecommencescommercialoperations.Inaddition,theMICmaygrantanyoftheavailableexemptionsandreliefsitdeemsappropriate.TheexemptionsandreliefsavailabletoacompanywithanMICPermitaresetoutinthesection“CapitalStructureandIncentives”.
What is the Tax on Goods and Services?Ratherthanatraditionalvalueaddedtax,MyanmarhasaCommercialTaxongoodsandservices.Thetaxvariesdependingontheproceedsofthesale,andrangesfrom0percent(forexemptitems)to100percentforluxurygoods,and5percentforservicesdesignatedintheCommercialTaxLaw.
Who is Subject to Personal Income Tax (PIT) and What are the Rates?Myanmarcitizensandpeoplewhoareconsidered“residentforeigners”aresubjecttoPersonalIncomeTax(PIT).AforeignerstayinginMyanmarfor183daysormoreisconsideredaresidentforeigner.Non-residentsaretaxedonlyontheirdomesticincome,whileresidentsaretaxedontheirglobalincome.
Bothcitizensandresidentforeignersaretaxedonsalariesbasedonaprogressivescale,startingat1percentandrisingtoamaximumrateof20percent.Incomefromsourcesotherthansalaryistaxedonaprogressivescalefrom2percentto30percent.
Non-residentsarealsosubjecttoPITonincomederivedfromsourcesinMyanmar,regardlessofwheretheincomeispaid.Non-residentsaretaxedataflatrateof35percent.
12 Guide to Doing Business in Myanmar
Double Taxation AgreementsMyanmarcurrentlyhasdoubletaxationagreementswiththeUnitedKingdom,Singapore,Malaysia,Vietnam,SouthKorea,IndiaandThailand.u
TheRighttoPurchaseForeign CurrencyandRemitProfits
Opening an Account and Depositing Foreign CurrencyTheforeigninvestormustdisclosetheamountofforeigncapitalrequiredfortheinvestmentintheproposalsubmittedtotheMIC.Oncetheinvestorreceivesitspermit,itmayopenanaccountatabankinMyanmarpermittedtohandleforeigncurrency,anddeposittheamountofforeigncurrencydesignatedintheproposal.Theamountmaybedepositedinalumpsum,oriftheinvestmentistobecarriedoutoveraspecifiedterm,itmaybedepositedininstalments.TheinvestormustprovidetheMICadvancenoticeoftheamountofforeigncurrencyitintendstotransferintothecountryeachyear.
Use of Foreign CurrencyInvestorsmaymaketransfersfromtheirbankaccountonlyforexpendituresrelatedtotheirinvestmentinMyanmar,includingtransferswithinMyanmartolocalcompaniesorcitizens.TheinvestormayalsoreinvestprofitstoextenditsbusinessinvestmentsinMyanmar.
Theinvestormustengageanapprovedaccountingcompanytoconductanannualauditoftheirbusinessaccounts.TheauditreportsmustbesenttotheMIC.
Is it Possible to Repatriate Investments from Myanmar?Yes.TheFILandtheForeignInvestmentRulesprovidethataforeigninvestorwhohasbroughtinforeigncapitalcanremitthefollowingfromMyanmar:
• ForeigncurrencytowhichtheinvestorisentitledontheexpiryoftheMICPermit,subjecttoMICapproval
• Proceedsfromthesaleofshares,subjecttoMICapproval
• Distributionafterliquidationofthebusiness,subjecttoMICapproval
• Ifthescaleoftheinvestmenthasbeenreduced,anamountofforeigncurrencyequivalenttothereduction,subjecttoMICapproval
• Netprofitafterdeductingalltaxesanddebts,and
• Indemnityamountsreceivedunderlaw
Aforeignemployeecantransferhisorhersalaryandlawfulincomeafterdeductingtaxesandotherlivingexpensesincurreddomestically.
RemittancesofprofitandcapitalrepatriationaresubjecttoForeignExchangeRegulations,whicharestillbeingdraftedbytheCentralBankofMyanmar.Remittancemustbemadethroughabankauthorizedtoengageininternationalbankingservices.u
mayer brown jsm 13
ImportandExportofGoods by a Foreign Invested Company
Inprinciple,Myanmargenerallyallowstheimportofgoods,subjecttosomerestrictions.Whileafewtypesofgoodsareprohibitedoutright,othersarerestrictedandrequireaspecialimportlicenceissuedbytheMinistryofCommerce.Otherministriesmayhavespecialregulationsthatgoverntheimportofcertaingoodswithintheirjurisdiction.
PermitstoTradearenotcurrentlybeingissuedtotradingcompanies.TheForeignInvestmentRulesalsoprovidethattheydonotapplytotradingcompanies.
Nevertheless,productsmanufacturedinMyanmarcanbeexportedwithanexportlicence.
UndertheFIL,abusinessseekingtoimportorexportgoodsmustregisterwiththeExportImportRegistrationOfficeundertheDirectorateofTradewithintheMinistryofCommerce.Thereareplanstoeliminatethepermitrequirementforsometypesofgoods.u
Real Estate Development
LandinMyanmarisownedbytheStateandadministeredbyvariousgovernmentdepartments.Whileaforeigninvestormaynotownland,landuserightscanbeobtainedbyleasinglandfromthegovernmentorsubleasingfromacitizenwhohasaleaseholdright,subjecttotheapprovaloftheMIC.Inaddition,landcanbecontributedtoajointventurebyagovernmentagency.Foreigninvestorsmayalsodeveloppropertyusingabuild,operate,andtransfermodel,eitherasawhollyforeign-ownedproject,oronajointventurebasis.
TheForeignInvestmentRulespermitprojectstosub-leaseormortgagelandandbuildings,withtheapprovaloftheMIC.LanddevelopmentprojectsmustcomplywiththeconditionssetoutintheStipulation.
TheFILandtheForeignInvestmentRulespermitforeigninvestorstoleaseState-ownedorprivatelandforupto50years,withthepermissionoftheMIC.Theleaseisrenewabletwice,andeachrenewalmayhaveatermofupto10years.TheMICmay,initsdiscretion,approvealonger initial lease period for an investment in an undeveloped region.
TheStipulationidentifiesthedevelopmentandsaleofresidentialandcommercialpropertyasabusinessactivityinwhichajointventureisrequired.u
14 Guide to Doing Business in Myanmar
Litigation in Myanmar
What is the Structure of the Court System in Myanmar?Myanmar’slegalframeworkisbasedonacombinationoflawsfromdifferentperiodsofitshistory,rangingfromitscolonialperiodthroughtocurrentlegislation.Theselawsexistalongsideacommonlaw-stylejudicialsystem.TheConstitutiondescribesacourtsystemwiththreelevelsofhierarchy:(i)theSupremeCourtoftheUnion,HighCourtsoftheRegion,HighCourtsoftheState,CourtsoftheSelf-AdministeredDivisions,CourtsoftheSelf-AdministeredZones,DistrictCourts,andTownshipCourts,(ii)Courts-Martial,and(iii)ConstitutionalTribunaloftheUnion.
TheSupremeCourtisthehighestcourtinthecountry,butdoesnothavejurisdictionovertheConstitutionalTribunalortheCourts-Martial.Casesarenormallytriedbyasinglejudge.Inspecialcircumstances,theChiefJusticeoftheSupremeCourtcanordertheformationofapanelofjudges.AllcourtproceedingsaregovernedbytheCivilProcedureCode,CriminalProcedureCodeandtheCourtsManual.
Is Arbitration Available in Myanmar?ArbitrationwithinMyanmarisgovernedbytheArbitrationAct(1944),whichgiveslocalcourtsbroadauthoritytointerveneinarbitralproceedings,includingtherighttoremovearbitratorsandmodifytheaward.
Becausedomesticarbitrationprocessesarenotefficient,foreigninvestorsmaypreferforeignarbitration.TheFILgivesprivatepartiestherighttoagreeonadisputeresolutionprocedureintheircontracts.Investorsmaythereforeselectforeignarbitrationintheircontracts.TheForeignInvestmentRulesprovidethattheinvestormustalerttheMICifadisputearises,andmustinformthemofthetypeofresolutionprocedurethatwillbeused.However,asamatterofpolicy,contractsbetweenforeigncompaniesandState-ownedenterprisesgenerallyspecifyMyanmarlawasthegoverninglaw,andprovidefordisputesarisingfromsuchcontractstobesettledbyarbitrationinMyanmarundertheArbitrationAct.
InApril2013,MyanmaraccededtotheNewYorkConventionontheRecognitionandEnforcementofForeignArbitralAwards.MyanmarisnotapartytotheICSIDConvention.u
ForeignWorkersandLabourLaw
What Approvals do Expatriates need to Travel and Stay in Myanmar?ForeignersmusthaveavisainordertoenterMyanmar.Whileatouristvisaisvalidfor28days,foreignersdoingbusinessinMyanmarcanapplyforastaypermit,whichisvalidfor3months,6monthsor9months.Inadditiontothestaypermit,ifaforeignerintendstoremaininMyanmarformorethan90consecutivedays,heorshemustobtainaForeigner’sRegistrationCertificatefromtheImmigrationandNationalRegistrationDepartmentoftheMinistryofImmigrationandPopulation.Thecertificatecanbeextendedforuptooneyearwitharecommendationletterfromtheemployingcompany.
mayer brown jsm 15
What Approvals do Expatriates need to Work in Myanmar?TheMICapprovesemploymentofforeignersinMyanmar.AninvestormustsetoutintheinvestmentapplicationdossierthatitsubmitstotheMICthenumberofforeignexpertsortechniciansitplanstoemploy.TheMICconsidersandapprovesemploymentofforeignpersonnelonacase-by-casebasis,particularlyiftheroleinvolvesspecialexpertiseorskill,althoughitwillgivepreferencetotheemploymentofcitizens.
AfterobtaininganMICPermit,theforeignenterprisemustapplyforworkpermitsfromtheDirectorateofLabourundertheMinistryofLabourandforstaypermitsandvisasfromtheImmigration and National Registration Department.
Must a Company Employ a Minimum Number of Myanmar Citizens?TheFILsetsoutminimumrequirementsforemploymentoflocalstaffinbusinessesthatrequirespecialexpertise.TheFILdoesnotcontainanyguidelinestoindicatewhenabusinessrequiressuchspecialexpertise.Suchabusinessmusthaveatleast25percentcitizensforthefirsttwoyearsaftercommencementofbusinessactivities,atleast50percentforthesecondtwo-yearperiod,andatleast75percentforthethirdtwo-yearperiod.Inaddition,theinvestorisresponsibletoensureparityofsalariesbetweencitizensandforeignersemployedatasimilarlevelofexpertisewithinthebusiness.
Theinvestormustprepareanannualtrainingprogramforitslocalemployees,andsubmittheprogramtotheMIC.
What Other Labour Laws Govern Employment in Myanmar?Myanmarlabourregulationsgovernminimumwagerequirementsandseverance,workinghoursandleave,childlabour,worker’scompensation,tradeunions,andotherareas.
TheAgriculturalLabourers’MinimumWagesAct(1948)isthecurrentregulationontheminimumwage.Itislimitedtoagriculturalorseasonalworkers,andtheminimumwageissetat35percentoftheproductionfromthelandworkedbytheemployee.In2012,anewMinimumWageActwasdrafted,althoughithasnotyetbeenapproved.ThedraftMinimumWageActwouldcoverindividualswhoworkatanycommercial,productionorservicebusiness.A National Committee for Determining Minimum Wage would set guidelines for determining whichkindsofbusinessaresubjecttotheminimumwagerequirements.Inaddition,theNationalCommitteewoulddeclareaminimumwagerateatleastonceeverytwoyears.
TheSocialSecurityAct(1954)requiresthatcompanieswithmorethanfiveemployeescontributeaportionoftheirwagestoafundadministeredbytheSocialSecurityBoard.AccordingtotheMinistryofLabour,EmploymentandSocialSecuritywebsite,thecurrentcontributionis“approximately4%oftheinsuredwageandtheratioofcontributionbyemployerandemployeesis2½:1½respectively.”1
TheSocialSecurityFundcoversdisability,maternitybenefits,medicalcare,andpensions.Inaddition,foremployeeswhoarenotcoveredbythefund,theWorkmen’sCompensationAct(1932)makestheemployerresponsibleforprovidingcompensationforinjuriesoroccupationaldiseases.
AccordingtotheForeignInvestmentRules,allemployeesmustberegisteredwiththeSocialSecurityBoard.Inaddition,theSocialSecurityBoardmustsubmitacertificationtotheMICeverysixmonthsstatingthatthecompany’ssocialsecurityobligationsarefullypaidup.u
1 Ministry of Labour, Employment, and Social Security, http://www.mol.gov.mm/en/departments/social-security-board/ rates-of-contribution/ (last visited 26 March 2013).
16 Guide to Doing Business in Myanmar
IntellectualProperty
Trademarks
Myanmardoesnothaveasingle,comprehensivetrademarklaw.SeveraldifferentpiecesoflegislationgovernuseoftrademarksinMyanmar.
ThePenalCodedefinesatrademarkasa“markusedfordenotingthatgoodsarethemanufactureormerchandiseofaparticularperson.”ThePenalCodemakesuseofafalsetrademarkaviolationofthelaw.TrademarkscanberegisteredundertheRegistrationAct(1908)bymakingadeclarationofownershipofthetrademarkandpublishingacautionarynoticeinthenationalnewspaperwarningagainstinfringementofthetrademark.Registrationisnotcompulsory,andthefactthatatrademarkhasbeenregisteredisnotconclusiveevidenceoftheownershipofthetrademark.Rather,itestablishestheuseofthetrademarkforevidentiarypurposesincaseofprosecutionordefenseofanyfutureaction.Foreigntrademarkownerscanapplyforadeclarationthrougharegisteredagent.
Withoutaclearlegalframeworkforprotectionofproprietaryrightsinatrademark,partiesoftenwereforcedtorelyonthegeneralruleof“passingoff”togoverntheacquisitionofrightstoatrademark,protectionofthattrademark,andavailableremedies.Thisruleprohibitsatraderfromrepresentinghisorhergoodsasthegoodsofanotherpersonorentity.
CopyrightsCopyrightsaregovernedbytheCopyrightAct(1914),whichgovernsrightsinpublishedwritingormusic.TheCopyrightActsetsoutpenaltiesforviolationsofcertainrights,including:sellingordistributinganinfringingcopyofaworkinwhichacopyrightexists,importinganinfringingcopyintoMyanmar,orexhibitingorperforminganinfringingworkinpublic.Thepenaltiesrangefromsmallfinestoimprisonment.
TheCopyrightActdoesprovideforadditionalcivilremediesthataremorerelevantinamoderncontext.Forexample,theownerofacopyrightedworkmayseekaninjunctionorfileaclaimfordamages.Inaddition,theinfringingworksaredeemedtobethepropertyofthelegalownerofthecopyright.TheCopyrightAct,however,doesnotcontemplateenforcementwithinMyanmarofcopyrightsarisinginothercountries.TheActonlyprotectsworksfirstpublishedinMyanmar,orunpublishedworksiftheauthorwasacitizenorresidentofMyanmaratthetimetheworkwascreated.
TheTelevisionandVideoLaw(1996)ismoremodern,andprovidesforfinesandimprisonmentforcopying,distributing,orcommercialexhibitionofavideowithouttheconsentofthelicenceholder.
PatentsMyanmardoesnothaveasystemforregistrationofpatents.Asapracticalmeasure,theownerofapatentmaymakeadeclarationofownershipundertheRegistrationAct,asissometimesdonefortrademarks.
Technology TransferTheScienceandTechnologyDevelopmentLaw(1994)requiresthateverycontractthatinvolvesatransferoftechnologymustberegisteredwiththeMyanmarScientificandTechnologicalResearchDepartment.Ifthecontractisnotregistered,thenasuitmaynotbeinstitutedincaseofmisuseofthetechnology.u
mayer brown jsm 17
Government of Myanmar and MajorStateAgencies
TheRepublicoftheUnionofMyanmarisamulti-partysystem.TheNationalLeagueforDemocracy(NLD)istheprimaryoppositionparty,andtheNationalUnityParty(NUP)istheprimarypro-regimeparty.Therearealsoseveralsmallerethnicparties.
Myanmarisacivilianparliamentarygovernment,basedonaConstitutionreformedin2011.Thebicameralparliamentiscomposedof440membersintheHouseofRepresentatives,and224membersintheHouseofNationalities.Acertainnumberofseatsineachhousearedesignatedformilitaryappointments,selectedbytheChiefofDefenceServices.Parliamentselectsthepresidentandtwovice-presidents.Thepresidentservesafive-yearterm.
GOVERNMENT STRUCTURE
Legislative Branch
House of Nationalities Supreme Court
Constitutional Tribunal
of the Union
House of
RepresentativesCourts - Martial
Executive Branch
President
U Thein Sein
Vice President
U Nyan Tun
Vice President
U Sai Mauk Kham
Attorney General
Dr. Tun Shin
Ministries
Judicial Branch
18 Guide to Doing Business in Myanmar
MINISTRIES
Myanmarhasover30nationalministries,including:
• MinistryofDefence
• MinistryofHomeAffairs
• MinistryforProgressofBorderAreas,NationalRacesandDevelopmentAffairs
• Ministry of Foreign Affairs
• MinistryofSocialWelfare,ReliefandResettlement
• Ministry of Information
• Ministry of Culture
• MinistryofAgricultureandIrrigation
• Ministry of Forestry
• MinistryofFinanceandRevenue
• MinistryofConstruction
• MinistryofNationalPlanningandEconomicDevelopment
• MinistryofLivestockandFisheries
• MinistryofCommerce
• MinistryofCommunications,PostandTelegraphs
• Ministry of Labour
• Ministry of Mines
• Ministry of Cooperatives
• Ministry of Transportation
• MinistryofHotelsandTourism
• Ministry of Sports
• Ministry of Industry
• Ministry of Rail Transportation
• Ministry of Energy
• MinistryofElectricPower
• MinistryofEducation
• MinistryofHealth
• Ministry of Religious Affairs
• MinistryofScienceandTechnology
• Ministry of Immigration and Population
• OfficeofthePrimeMinisteru
mayer brown jsm 19
SanctionsAgainstMyanmar
What are the Sanctions Imposed by the European Union, United Kingdom, Australia, and Canada?SeveralcountrieshaveimposedsanctionsonMyanmar,althoughrestrictionshavebeenprogressivelyeasedinrecognitionofthenation’sreforminitiatives.InApril2013,theEUannouncedthatallsanctionsweretobepermanentlylifted,althoughthearmsembargoremainsineffect.Separately,theUnitedKingdomhasalsosuspendeditsassetfreezeonnearly500individualsandhaseasedotherrestrictionsonkeyindustries.
Australiahasmaintaineditsprohibitionontradeinweaponsandarms,buthasliftedtravelbansoncitizensofMyanmar.Canadahasliftedprohibitionsontrade,investmentandfinancialtransactions,andnowpermitstheexchangeoftechnicaldata.Assetfreezesandprohibitionsontransactionsremaininplaceforcertaindesignatedindividuals.
AreanyUSSanctionsagainstMyanmarstillinEffect?Yes.TheUnitedStateshashadsanctionsinplaceagainstMyanmarsince1997.InrecognitionoftheprogressonpoliticalreformsthattheMyanmargovernmenthasmadesince2011,theObamaadministrationimplementedseveralmeasuresin2012toeasesanctions.CertainUSsanctionsstillremain.
Which US Sanctions have been Removed, and What about Reporting Requirements?InJuly2012,theUnitedStatesremovedmostrestrictionsontheexportoffinancialservicestoMyanmar,sothatUSfinancialinstitutionsarenowabletoengageinmosttransactionswithMyanmar.InDecember2012,theUnitedStatesremovedtheprohibitionagainsttheimportofMyanmarproducts,exceptforjadeiteandrubies,openingtheUSmarkettogoodsoriginatingin Myanmar.
InFebruary2013,sanctionswereeasedonfourMyanmarbanks.AlthoughtheyremainontheSDNlist,UScompaniesmaynowusethesebankstotransferfundsorfacilitatetheirbusinessinMyanmar.Also,on2May2013,theStateDepartmentannouncedthatthebanonvisasforgovernmentofficialsfromMyanmarhadbeenlifted,butthatitwasextendingtargetedsanctionsforanotheryear.
TheUnitedStatesalsohaseasedrestrictionsoninvestmentinMyanmarbyUSfirms,subjecttocertainreportingrequirements.TherearetwodifferentreportingrequirementsthatmayapplytonewUSinvestmentsinMyanmar.First,thereistheAnnualReportingRequirement,wherebyanyUSindividualorentitywhosenewinvestmentinMyanmarexceedsanaggregateofUS$500,000isrequiredtofileannualreportswiththeU.S.DepartmentofState,bothinpublicandinproprietaryversions.Thepublicversionmustincludesuchinformationasthenameofthereportingperson,anoverviewoftheperson’soperationsinMyanmar,theperson’spoliciesandproceduresrelatedtohumanrights,workers’rights,anti-corruption,andenvironmentalissues,arrangementswithsecurityserviceproviders,detailsregardingsignificantpropertyacquisitions,andanypaymentsexceedingUS$10,000toagovernmentalentityinMyanmar.Theproprietaryversionmustdisclose,amongotherthings,informationregardingcommunicationswiththeMyanmararmedforcesandrisksidentifiedinconnectionwiththeperson’sduediligenceonhumanrights,workers’rights,andenvironmentalpoliciesandprocedures.
20 Guide to Doing Business in Myanmar
ThesecondreportingrequirementfornewUSinvestmentsinMyanmaristheMOGEInvestmentNotification,wherebyUSindividualsorentitiesundertakinganewinvestmentpursuanttoanagreementwithMOGEmustnotifytheU.S.DepartmentofStatewithin60daysofthenewinvestment.
Other than these Reporting Requirements, are US Businesses Free to Do Business in Myanmar?USbusinesses(andanyUScitizensorUSresidents,wherevertheyarelocated,andanyindividualslocatedintheUnitedStates)muststilltakecarenottodobusiness,directlyorindirectly,withMyanmarentitiesorindividualsthathavebeendesignatedbytheUnitedStatesas“SpeciallyDesignatedNationals”(SDNs),andnottofacilitatebusinessdealingswithSDNsbynon-USindividualsorentities.AnumberofinstrumentalitiesassociatedwiththeMyanmarMinistryofDefence,certainmilitaryofficials,certainfinancialinstitutions,andcertainindividualsandentitiesdeemedtobesupportiveofthemilitaryarespecifiedontheSDNListmaintainedbytheU.S.OfficeofForeignAssetsControloftheDepartmentoftheTreasury2. Anyentitythatisowned50percentormorebyalistedSDNisalsoconsideredanSDN.
ThecontinuedrestrictionsondealingswithMyanmarSDNsmayhamperbusinessrelationshipswithMyanmar.Forexample,USfinancialinstitutions,thoughfreedfromthecomprehensiveprohibitionsthathadbeeninplacebeforeJuly2012,arestillbarredfromdealingdirectlywithMyanmarbanksthatareSDNs.USfinancialinstitutionsarepermittedtotransferfundstoorfromanaccountofanSDNbank,ontheconditionthattheaccountoftheSDNbankmustnotbemaintainedonthebooksofanyUSfinancialinstitutions.ThefundstransfersmustberoutedthroughcorrespondentaccountsofSDNbanksatnon-USfinancialinstitutions,andthefundstransfersmustnotinvolveadebittoanaccountofanSDNbank.Also,associatedrestrictionspromulgatedbytheU.S.FinancialCrimesEnforcementNetwork(FinCEN)mayrequirehigherlevelsofduediligencewhentransactingthroughMyanmarbanks.
Inconclusion,theopportunitiesforUSbusinessestoinvestinMyanmarandengageinothercommercialventuresinMyanmarexpandedconsiderablyin2012,butUSbusinessesandtheirbusinesspartnersmuststillattendtotheremainingUSsanctions.Fortheforeseeablefuture,sanctionscompliancewillremainanimportantfeatureofdoingbusinessinMyanmar.u
2 See www.treas.gov/ofac.
About Mayer Brown JSM
Mayer Brown JSM is part of Mayer Brown, a global legal services organisation, advising clients across the Americas, Asia, Europe and the Middle East. Our geographic strength means we can off er local market knowledge combined with global reach.
We are noted for our commitment to client service and our ability to assist clients with their most complex and demanding legal and business challenges worldwide. We serve many of the world’s largest companies, including a signifi cant proportion of the Fortune 100, FTSE 100, CAC 40, DAX, Hang Seng and Nikkei index companies and more than half of the world’s largest banks. We provide legal services in areas such as banking and fi nance; corporate and securities; litigation and dispute resolution; antitrust and competition; employment and benefi ts; environmental; fi nancial services regulatory and enforcement; government and global trade; intellectual property; real estate; tax; restructuring, bankruptcy and insolvency; private clients, trusts and estates.
Please visit www.mayerbrownjsm.com for comprehensive contact information for all our offi ces.
This publication provides information and comments on legal issues and developments of interest to our clients and friends. The foregoing is intended to provide a general guide to the subject matter and is not intended to provide legal advice or be a substitute for specifi c advice concerning individual situations. Readers should seek legal advice before taking any action with respect to the matters discussed herein.
Mayer Brown is a global services provider comprising legal practices that are separate entities, including Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated (collectively the “Mayer Brown Practices”), and affi liated non-legal service providers, which provide consultancy services (the “Mayer Brown Consultancies”). The Mayer Brown Practices and Mayer Brown Consultancies are established in various jurisdictions and may be a legal person or a partnership. Details of the individual Mayer Brown Practices and Mayer Brown Consultancies can be found in the Legal Notices section of our website.
“Mayer Brown” and the Mayer Brown logo are the trademarks of Mayer Brown.
© 2018 The Mayer Brown Practices. All rights reserved.
Attorney Advertising. Prior results do not guarantee a similar outcome.