The nearly 100-year-old Myanmar Companies Act will be revised and written in Myanmar language instead of English, U Aung Naing Oo, director general of the Ministry for National Planning and Economic Development said last week.
“We’ve found that this law is not very relevant anymore,” said U Aung Naing Oo. “It will be written in Myanmar and then translated to English.”
The former Burma Companies Act was enacted in 1914. On July 23 Pyithu Hluttaw representative U Kyi Myint proposed that it be revised.
Deputy Minister for National Planning and Economic Development U Hset Aung said rewriting the law rather than amending it will make it easier to bring it into compliance with international standards. He added that the Asian Development Bank is helping the ministry rewrite the Act.
Kelvin Chia law firm advocate U Than Maung said the former law includes a number of complicated procedures that are out of step with today’s operating environment. He said a requirement to submit multiple copies of key documents no longer made sense, especially considering that many countries allow companies to register online. A recent report in the state-run New Light of Myanmar said the government will soon allow online company registration.
U Than Maung added that the Burma Special Companies Act (1950), which differentiates private and public companies, also needs to be updated and perhaps included in the appendix. However, he added that the new law must fit within Myanmar’s judicial system.
“We have to think carefully when international institutions offer to provide technical assistance in drafting a law because it has to be admissible into the country’s judicial system and not made to fit another country’s system.”
source: The Myanmar Times
http://www.mmtimes.com/index.php/business/7674-myanmar-companies-act-set-for-revision.html
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