Motorcycle showrooms required to present K50 mln bank guarantee

Private entities have to provide a bank guarantee (K50 million) to open a motorcycle showroom, according to the Ministry of Commerce.
In the exercise of the power conferred by Section 13 (b) of the Export and Import Law of the Ministry of Commerce, 18 rules for motorcycle showrooms were notified on 11 November 2022.
The bank guarantee stating that the company can deposit K50 million to the banks authorized by the Central Bank of Myanmar is required to be presented for the opening of the motorcycle showrooms.
Those companies whether it is wholly owned by Myanmar citizens or it is joint ventures between Myanmar citizens and foreigners must be registered with the Directorate of Investment and Company Administration. They have to be authorized sales agents or distribution sales representatives appointed by the head office or regional office in foreign countries.
Afterwards, the companies need to provide spare parts including batteries for e-bikes by opening a maintenance and service centre later after they sell them with a warranty.
The showroom is required to be at least 5,000 square feet area. The motorcycles imported must be brand-new products.
They must follow the rules of the Ministry of Commerce on the specification and import quota of motorcycles.
Furthermore, the owners must be aware of a surprise check assigned by the ministries concerned. Those who are found to breach the rules will face legal action under the existing laws.—NN/GNLM