Business federation seeks input on reforming 100-year-old Companies Act

Mr Chris Hughes, managing partner of Baker & McKenzie, makes a  presentation on Myanmar Companies Act Reform at UMFCCI Building in Yangon on Tuesday.— Photo: Ye Myint
Mr Chris Hughes, managing partner of Baker & McKenzie, makes a presentation on Myanmar Companies Act Reform at UMFCCI Building in Yangon on Tuesday.— Photo: Ye Myint

Yangon, 7 April—Myanmar’s largest business federation hosted a public briefing and consultation meeting Tuesday to reform the country’s century-old Companies Act, in conjunction with the Asian Development Bank.
The meeting took place at the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry building in Yangon, with Mr Chris Hughes, managing partner of multinational law firm Baker & McKenzie, making a presentation on the draft of a new Myanmar Companies Act.
He explained key parts of the draft law that includes forms of companies, incorporation processes and corporate governance.
The Myanmar Companies Act 1914 requires major changes, Mr Hughes said, adding that its reform is as important as the modernisation of the investment law which is being carried out by the Directorate of the Investment and Company Administration.
The new Companies Act is also being developed by DICA in cooperation with the ADB. It has invited businesspeople and the public to provide input on modernisation of the new legislation by email, post or fax to its offices in Yangon, Nay Pyi Taw and Mandalay, as well as Shan and Mon states.
Modernising the old Companies Act will be of benefits to businesses in Myanmar, making it easier for them to operate and to access finance, said Mr Winfried Wicklein, ADB country director in Myanmar.
“We are also considering a future system to strengthen a collateral framework to make it easier to access credit,” he added.
UMFCCI is facilitating debate on the new law, seeking public consultations and providing inputs for the enactment of the law, said UMFCCI Vice President U Zaw Min Win. The new draft law will be submitted to the next parliamentary session, he said. — GNLM

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