What is a MIC permit?


The Myanmar Investment Commission (MIC) is responsible for approving investment proposals and to issue investment permits (also called MIC permit) in Myanmar.

Who should apply for a MIC permit?

In general, both local and foreign investors can apply for a MIC permit.

While a MIC permit is mandatory for all foreign investors who wish to carry out direct investment in Myanmar, Myanmar citizens are only required to apply for a MIC permit for specific types of investment. Foreign companies only providing services within Myanmar do not require a MIC permit and can start operating their business after incorporating a company according to the Myanmar Companies Act. For details on which sectorsforeign investment is allowed, please refer to the MIC Notification No. 26/2016. Apart from these sectors, foreign investors can apply for a permit in the form of up to 100% foreign ownership.


Why to apply for a MIC permit?

A granted investment permit entitles to several advantages and is therefore also recommended for bigger investments. The most important are mentioned here:

  • Foreign investors are able to lease land on a long term basis
  • Access to tax incentives
  • Access to stay permits, foreign experts and technicians can be appointed
  • No nationalization of businesses during the term of investment
  • No business suspension before the expiration of the permitted duration

Read more about it on Policy & Legal page for Foreign investment and Myanmar Investment


How to apply for an Investment Permit

First, an investor must submit a proposal to MIC, which will then:

  • Scrutinize the proposal and accept or reject it within 15 days
  • Once accepted, the commission will review the proposal and either refuse it or issue a MIC permit within 90 days.


AN OVERVIEW OF THE Application PROCEDURE:

The following procedure is valid for most kinds of investment applications. The process might slightly vary depending on the type of investment.

   Stage 1: Collect information from DICA
   Stage 2: Prepare Documents
Buy Investment Proposal form then fill in forms and submit to DICA.
   Stage 3: Review by DICA Proposal Assessment Team (PAT)
DICA assesses the Application Package and organise a PAT meeting.
DICA contacts relevant Ministry and authority for recommendation letter.
   Stage 4: Review by Myanmar Investment Commission (MIC)
Investors sign contracts with services providers. Proposals of investors are assessed by MIC.
   Stage 5: OBTAING RESULTS
Investors pick-up the MIC certificate if MIC accept the proposals.

Investment proposals submitted to the MIC are usually being approved on a case-by case basis by the MIC. It evaluates investment proposals using the assessment criteria outlined below:

  1. Compatibility with the policies set out in the Foreign Investment Law
  2. Financial trustworthiness
  3. Economic solidity of the company and conformity with existing laws

When an investor is granted a permit, it may begin operations after finalizing any necessary contracts with government entities, organizations or individuals. In some cases MIC can grant parties permission to amend the terms of their contractual agreements, in accordance with the Foreign Investment Law (Link).


List of Documents to be attached along with Proposal Form (1) in making Investment in accordance with Foreign Investment Law

1. Company Registration Certificate (Copy)

2. National Identification Card (Copy) and Passport (Copy)

3. Evidences on financial and business landscape of the promoter accompanying economic justification

4. Joint Venture Agreement (Draft), and Recommendation of the Union Attorney General’s Office if the proposed investment is related to the State

5. Memorandum of Association and Articles of Association of the Company

6. Certificate on Land Ownership with land location map

7. Land Lease Agreement (Draft), and Recommendation of the Union Attorney General’s Office if the proposed investment is related to the State

8. Recruitment of employees (Local/Foreign)

9. Plans for Social Security and Welfare for employees

10. Environmental Impact Assessment

11. Social economic Impact Assessment