Myanmar.ca Foreign Investment Law 2012 Unofficial Translation (Updated 18Nov2012)
Foreign Investment Law 2012
Chapter 1
Title and Definition
1.
2.
This Law shall be called the Foreign Investment Law.
The following expression contained in this Law shall have the meanings
given hereunder:
(a)
State means the Republic of the Union of Myanmar;
(b)
Commission means Myanmar Investment Commission formed
under this Law;
(c)
Union Government means Union Government of the Republic of
the Union of Myanmar;
(d)
Citizen includes an associate citizen or a naturalized citizen. The
said expression also includes an economic organization formed with
citizens only;
(e)
Foreigner means a person who is not a citizen. The said expression
also includes an economic organization formed with foreign
investment only;
(f)
Promoter means any citizen or any foreigner submitting an
investment proposal to the Commission;
(g)
Proposal means the prescribed application submitted by a promoter
to the Commission for approval of an intended investment and
accompanying draft contract, financial documents and documents
relating to company;
(h)
Permit means the order in which the approval of the Commission of
a proposal is expressed;
(i)
Foreign Capital includes the following which are invested in an
economic enterprise by any foreigner under a permit:(1) foreign currency;
(2) property actually required for the enterprise and which is not
available within the State such as machinery, equipment,
machinery components, spare parts and instruments;
(3) rights to evaluate including intellectual properties such as
licenses, patent rights, industrial designs, trademarks and
copyrights;
(4) technical know-how;
(5) re-investment out of the benefits accrued to the enterprise
from the above or of share of profits;
(j)
Investor means a person or an economic organization making an
investment under a permit;
(k)
Bank means any bank permitted by the Union Government in the
State;
(l)
Investment means every kind of asset, owned or controlled by an
investor, including but not limited to the following:
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(i)
(ii)
(iii)
(iv)
(v)
(m)
movable and immovable property and other property rights
such as mortgages, liens or pledges;
shares, stocks, bonds and debentures of a company;
claims to money or to any contractual performance related to
a business and having financial value;
intellectual property rights which are conferred pursuant to
the existing Laws;
concession rights relating to exploration and extraction of
natural resources conferred by Law or under a contract.
Person entitled to land lease or land use is entitled to lease or use
land in accordance with the prescribed terms after causing payment
of fees prescribed by the Government to be made for land lease or
land use.
Chapter 2
Economic Activities Concerned
3.
This Law shall deal with economic activities prescribed in the notification
issued by the Commission with the prior approval of the Union
Government.
4.
The following investment activities may be considered as restrictive or
prohibited economic activities(a)
activities harmful to traditional culture and customs of national
races;
(b)
activities harmful to public health;
(c)
activities harmful to natural environment and ecology;
(d)
activities which may carry dangerous or toxic wastes to the State;
(e)
activities which may produce dangerous chemicals in factory or use
dangerous chemicals under international agreements;
(f)
production and services activities prescribed by the Commission
which can be conducted by citizen;
(g)
technology, pharmaceuticals, and utensils activities which are under
experiment at abroad or approval is not yet allowed to use;
(h)
short and long term agriculture activities prescribed by the
Commission which can be conducted by citizen;
(i)
livestock and breeding activities prescribed by the Commission
which can be conducted by citizen;
(j)
fisheries activities at Myanmar marine fisheries water prescribed by
the Commission which can be conducted by citizen;
(k)
foreign investment activities conducted within ten miles of territory
by demarcating the States and the boundary of other States except at
economic zone established with the permission of the Union
Government.
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5.
The Commission may allow with the approval of the Union Government
investment activities restricted or prohibited under section 4 if the activities
are for the benefit of the State or for the citizen, especially for the benefit of
the native citizens.
6.
The Commission shall submit to the Pyidaungsu Hluttaw through the Union
Government, heavy foreign investment activities which are largely
beneficial to the security, economics, environment and social conditions.
Chapter 3
Objectives
7.
The Law purposes to explore abundant resources of State and people use
adequately and to export and sell the extra; to create more employment
opportunities for citizen as economic activities increase more; to develop
human resources; to promote the infrastructure such as bank and monetary
activities, high classed roads, highways communicated between two States,
national electronic and power production activities and high technologies
including updated information and technology; to develop communication
networks, transport activities with internationally standardized train, ship,
aircraft and academic fields, all round growth of the State; to strengthen
competitiveness with citizen and foreigner; to emerge economic activities
and investment in line with international standards.
Chapter 4
Basic Principles
8.
Investment shall be permitted based on the following principles:(a)
Facilitating main objectives of national economic development plan
and economic activities which have not yet been operated owing to
insufficiency of finance and technology;
(b)
Opening up of the more employment opportunities;
(c)
Promoting expansion of exports;
(d)
Production involving large capital;
(e)
Production with high technology in acquisition of high skill and
technology;
(f)
Supporting and assisting production and services involving huge
capital;
(g)
Development of works which would save energy consumption;
(h)
Regional development;
(i)
Growing renewable energy resources like new energy and bio-based
energy;
(j)
Development of advanced industries;
(k)
Environmental protection and conservation;
(l)
Protection of small and medium industries performed by citizen;
(m)
Enhancing exchange of information and technology;
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(n)
(o)
(p)
(q)
(r)
Helping not to endanger State sovereignty and public safety;
Development of knowledge and technology;
Development of bank and banking transaction in accordance with
international standards;
Emerging modernized services for State and citizen;
Promotion sufficient energy and resources for local utilization for
short and long terms.
Chapter 5
Type of Investment
9.
Investment may be made in any of the following form:
(a)
investment made by a foreigner to the extent of one hundred percent
foreign capital in economic activities permitted by the Commission;
(b)
joint-venture made between a foreigner and citizen or with
Government Department or Organization;
(c)
performance of contractual arrangement agreed by both parties.
10.
(a)
(b)
In doing investment under section 9:(i)
a company shall be formed;
(ii)
if a joint-venture is formed the foreign capital and local
citizen capital ratio shall be negotiated between parties and
agreed upon;
(iii) the Commission shall prescribe a minimum amount of capital
in foreign investment depending on the nature of activity
with the approval of the Union Government;
(iv)
if a joint-venture between foreigner and citizen is formed in
prohibited or restrictive activities equity ratio may be as
prescribed by the Commission.
In carrying out the business under sub-section (a), termination of
business before the expiry of its term, or liquidation on the
termination of business, shall be complied with existing Laws of the
State.
Chapter 6
Formation of the Commission
11.
(a)
The Union Government:(1)
shall form the Myanmar Investment Commission, with
regard to the investment business to carry out the functions in
this Law, with a suitable member of Union level as chairman,
expertise from Union Ministry concerned, Government
Department,
organizations
and
non-governmental
organizations; and suitable persons as members,
(2)
In forming the Commission, shall assign the deputy
chairman, secretary, assistant secretary among members.
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(b)
Members of the Commission who are not in civil service are entitled
to the salary, expenses and honorarium allowed from Ministry of
National Planning and Economic Development.
Chapter 7
Duties and Power of the Commission
12.
The duties and powers of the Commission are as follows:(a)
scrutinizing a proposal reviewing whether the proposal is in
conformity with the basic principles in Chapter 4, financial
credibility, economic justification of the business enterprise and
appropriateness of technology, maintenance and protection of
environment, etc;
(b)
taking necessary and prompt action in respect of complaints made by
investors on failure to receive fully, rights entitled to under this Law;
(c)
scrutinizing the proposals in accordance with existing Laws;
(d)
reporting its performance to the Pyidaungsu Hluttaw through Union
Government every six months;
(e)
recommending to the Union Government from time to time measures
necessary to facilitate and promote local and foreign investments;
(f)
prescribing the type of investment, amount of the investment value
and the term of the business with the prior consent of the Union
Government;
(g)
make known immediately to the Commission and to take action if
natural mineral resources or antiques not relating to the permitted
enterprise and which are not included in the original agreement are
found above or under the land which he is entitled to lease or use;
(h)
scrutinizing business activities whether investor abides by the
provisions of the Law, rules, procedures, orders, directives issued
under this Law and conditions of the permit or not. If not, to abide
by the Law, rules, procedures, orders, directives issued under this
Law and conditions of the permit and taking action the business
activities which the investor did not abide by;
(i)
in the interest of the nationals, term relating to the right of Myanmar
nationals, to re-purchase and investment ratio in full or in part and
change of share ratio shall be mentioned in contracting for any
activity for any form of investment approved by the Union
Government under Chapter 5;
(j)
according to sub-section (i) to make the investor to sell stipulated
equity ratio of investment to Myanmar Citizen;
(k)
prescribing economic activities which do not need to grant tax
exemption and relief;
(l)
carrying out the duties assigned from time to time by the Union
Government.
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13.
The powers of the Commission are as follows:
(a)
accepting the proposal which will promote the interests of the State
and which is without prejudice to any existing Law;
(b)
issuing a permit to a promoter on an accepted proposal;
(c)
allowing or rejecting to scrutinize an extension or amendment of the
term of the permit or the agreement as submitted by those concerned;
(d)
requiring at any time a promoter or an investor to furnish such
evidence or facts;
(e)
allowing or rejecting to prescribe the bank which shall transact
financial matters under this Law.
14.
The Commission may, from time to time, form committees and bodies as
may be necessary in carrying out the purposes contained in this Law.
15.
The Commission shall submit its performance reports to the Union
Government meetings.
16.
The Commission shall submit on the situation of the finished
implementation and development to the Union Government quarterly.
Chapter 8
Duties and Rights of Investor
17.
The duties of the investor are as follows:(a)
abiding by the existing Laws of the Republic of the Union of
Myanmar;
(b)
forming company by investor under Myanmar existing Laws;
(c)
abide by the provisions of this Law, rules, procedures, orders,
directives issued under this Law and conditions of the permit;
(d)
using the land which he is entitled to lease or use in accordance with
the stipulation prescribed by the Commission and terms prescribed in
the contract;
(e)
with the approval of the Commission, sublease, mortgage or transfer
the share and business concerning the land and building to another
person for investment business within the term granted under the
permit;
(f)
undertake not to modify or alter, without permission of the
Commission, the topography or the contour of the land for which he
obtained lease or land use;
(g)
inform immediately to the Commission if natural mineral resources
or antiques not relating to the permitted enterprise and which are not
included in the original agreement are found above or under the land
which he is entitled to lease or use. Continuing to operate on such
land if the Commission permits and shift to substituted area chosen
by the investor and approved by the Commission;
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(h)
(i)
(j)
(k)
(l)
18.
not causing environmental pollution and destruction in respect of
business within existing Laws;
registration of the transfer of foreign company’s shares of business
in accordance with the existing Laws, after the prior approval of the
Commission and return the permit if he sells all shares to any
foreigner or citizen;
registration of the transfer of foreign company’s shares of business
in accordance with the existing Laws, after the prior approval of the
Commission and after receiving the permit if he sells some shares to
any foreigner or citizen;
proper transfer of the high skill and technology to enterprise,
department and organization concerned as mentioned in the contract;
resell investment value out of the investment of foreigner to
Myanmar Citizens after reaching the year stipulated under section12(i) of Chapter 7.
The rights of the investor are as follows;
(a)
making sale, exchange or transfer by other means the assets with the
approval of the Commission in accordance with Law;
(b)
carrying out the extension of the business stated in the original
proposal or increasing the foreign capital with the approval of the
Commission;
(c)
submitting to the Commission to review and scrutinize for acquiring
his rights fully in accordance with the existing Law;
(d)
applying to the Commission for acquiring his rights in accordance
with the Law and for taking action in respect of his grievances;
Chapter 9
Application for Permit
19.
A promoter or investor desirous of making an investment shall submit a
proposal to the commission for approval in accordance with prescriptions.
20.
The Commission:(a)
if a proposal submitted under section 19 is received may accept or
refuse within 15 days after necessary scrutinizing.
(b)
if the proposal is accepted, shall approve or refuse a proposal within
90 days.
21.
If a promoter or investor obtains the permit issued by the Commission he
shall execute the required business contract with government department,
government, organization or individual, organization concerned.
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22.
The Commission may allow as may be necessary when the investor applies
for extension or relaxation or amendment of the term of the contract or
agreement accordance with Law.
Chapter 10
Insurance
23.
The investor shall affect the prescribed type of insurance with any insurance
enterprise permitted to operate insurance business.
Chapter 11
Employment of Staff and Worker
24.
The investor(a)
in employing citizens skilled workers, technicians and staff for
expertise works, shall employ at least 25 percent of citizens within
the first two year, 50 percent within second two years and 75 percent
within the third two years from commencement year of the business.
But in the case of intellectual property based business the
Commission may extend and alter the suitable time limitation;
(b)
shall arrange and provide necessary training for the improvement of
the skill of the employees and staff in appointing under sub-section
(a);
(c)
shall employ citizens only at the works where expertise is not
required;
(d)
shall carry out labour recruitment through the Work and Labour
Recruitment Office, local labour recruitment agents or by own
arrangement;
(e)
shall engage citizen skilled workers, technicians and staff, by signing
the employment agreement mutually agreed between the employer
and employee in accordance with the existing labour Laws and
rules;
(f)
shall manage and carry out rights relating to national staff which
shall not be discriminated with foreigner staff proportionately at
expertise level.
25.
The foreigners working in the investment business under permit shall apply
the work permit and stay permit issued by the Republic of the Union of
Myanmar.
26.
The investor(a)
shall conclude the employment agreement in service in accordance
with the prescriptions;
(b)
shall coordinate, in determining the rights and duties of the employer
and employee or terms and conditions relating to employment
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(c)
contained in the employment agreement, minimum wages, leave,
holiday, overtime fees, compensation for dismissal and workmen’s
compensation, social security and other insurance relating to workers
including the rights contained in the existing labour Laws and rules;
shall settle the disputes arising between the employers, employees,
employer and employee, employee and technician or staff in
accordance with existing Laws concerned.
Chapter 12
Exemptions and Reliefs
27.
The Commission shall, for the purpose of promoting foreign investments
within the State, grant the investor exemptions or reliefs from taxes
mentioned in sub-section (a) out of the following exemptions or reliefs
from taxes. In addition, the Commission may grant any or more than one or
all of the remaining exemptions or reliefs from taxes: (a)
in respect of any enterprise for the production of goods or services,
exemption from income-tax for a period extending to 5 consecutive
years, inclusive of the year of commencement of production of
goods or services; in case where it is beneficial for the State,
exemption or relief from income-tax for a further reasonable period
depending upon the success of the enterprise in which investment is
made ;
(b)
exemption or relief from income-tax on profits of the business if they
are maintained in a reserve fund and re-invested therein within 1
year after the reserve is made ;
(c)
right to accelerate depreciation in respect of machinery , equipment,
building or other capital assets used in the business, at the rate fixed
by the Commission to the extent of the original value for the purpose
of income-tax assessment;
(d)
if the goods produced by any enterprise are exported, relief from
income-tax up to 50-percent on the profits accrued from the said
export;
(e)
right of an investor to pay income-tax payable to the State on behalf
of foreigners who have come from abroad and are employed in the
enterprise and the right to deduct such payment from the assessable
income;
(f)
right to pay income-tax on the income of the above-mentioned
foreigners at the rates applicable to the citizens residing within the
country;
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(g)
right to deduct from the assessable income, such expenses incurred
in respect of research and development relating to the enterprise
which are actually required and are carried out within the State;
(h)
right to carry forward and set-off up to 3-consecutive years from the
year the loss is sustained in respect of such loss sustained within 2
years immediately following the enjoyment of exemption or relief
from income-tax as contained in sub-section (a), for each individual
enterprise;
(i)
exemption or relief from customs duty or other internal taxes or
both on machinery, equipment, instruments, machinery
components, spare parts and materials used in the business, which
are imported as they are actually required for use during the period
of construction;
(j)
exemption or relief from such customs duty or other internal taxes or
both on such raw materials imported for the first 3 years’
commercial production following the completion of construction;
(k)
If the original investment is increased during the term of original
investment and with the approval of the Commission, exemption or
relief from customs duty other internal taxes or both on machinery,
equipment, instruments, machinery components, spare parts and
materials used in the business, which are imported as they are
actually required for the expansion of the business;
(l)
exemptions or reliefs from commercial tax on the goods that are
produced for export.
Chapter 13
Guarantees
28.
The Union Government guarantees that economic enterprise formed under a
permit shall not be nationalized during the term of the contract or during an
extended term, if so extended.
29.
The Union Government guarantees that economic enterprise operating under
a permit shall not be terminated without sufficient cause before the expiry of
the permitted term.
30.
The Union Government guarantees that foreign investor may repatriate their
rightful funds the same currency invested at the end of the contract.
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Chapter 14
Rights of Land Use
31.
The Commission shall may permit the investor the term of land lease or land
use which the investor actually needs depending on category of business,
type of industry and amount of investment for an initial period of 50 years.
32.
The Commission, if desirous to continue to operate, after the expiry of the
permitted term under section 30, may extend consecutive term of 10 years
depending on the amount of investment and type of investment business and
further 10 years of extension after the expiry of the said term.
33.
With prior agreement of the Union Government, the Commission may, for
the purpose of promoting the economic development of the State, may allow
investment to be made on such land with the initial agreement of the person
who is entitled to lease the land or the person who is entitled to use the land.
34.
The Commission may prescribe from time to time rental fees on land owned
by government department and organization with the prior approval of the
Union Government.
35.
The investor is entitled to carry out cultivation business under contract
farming agriculture/livestock system on the land which citizen may only
operate by joint venture with citizen.
36.
The Commission may prescribe extra rights to lease or use land located in
economically backward and difficult to communicate areas for the purpose
of development throughout the country.
Chapter 15
Foreign Capital
37.
The Commission shall mention the type of foreign currency.
38.
In the event of termination of business the person who has brought in
foreign capital may withdraw foreign capital which he is entitled to
withdraw as prescribed by the Commission within the time stipulated.
Chapter 16
Right to Transfer Foreign Currency
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39.
The following shall be transferable abroad in the relevant foreign currency
through the bank prescribed by the Commission, at the prevailing official
rate of exchange:(a)
foreign currency entitled to by the person who has brought in foreign
capital;
(b) foreign currency permitted for withdrawal by the Commission to the
person who has brought in foreign capital;
(c)
net profits after deducting from the annual profits received by the
person who has brought in foreign capital, all taxes and the
prescribed funds;
(d) legitimate balance, after causing payment to be made in respect of
taxes and after deducting in the manner prescribed, living expenses
incurred for himself and his family, out of salary and Lawful income
obtained by the foreign personnel during performance of service in
the State.
Chapter 17
Matter relating to Foreign Exchange
40.
The investor:(a)
remit relevant foreign currency abroad with stipulated exchange rate
through the bank which is entitled to operate foreign bank business
in the State;
(b) shall open a foreign currency account in the type of foreign currency
accepted by the bank which is entitled to operate foreign bank
business in the State, and a kyat account and carry out all financial
transactions relating to the business enterprise.
41.
In an economic organization formed under a permit, staff and foreigners
shall open a foreign currency account in the type of foreign currency
accepted by the bank, and a kyat account in the bank which is entitled to
operate foreign bank business in the State, and carry out all financial
transactions relating to the business enterprise.
Chapter 18
Administrative Penalties
42.
The Commission may pass any or all of the following administrative
penalties on an investor who violates the provision of this Law, rules,
procedures, orders and directives issued under this Law or any condition of
the permit:(a)
warning;
(b)
temporarily suspending the tax exemptions and reliefs
(c)
revoking the permit;
(d)
listing the name of the enterprise on the black listed of economic
enterprises to which no permit will be issued in future.
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43.
When any dispute arises with regard to investment business(a)
shall settle amicably the disputes between the disputing parties,
(b)
if failure to reach agreement(1)
comply with existing Laws of the State if there is no method
of dispute settlement prescribed in the relevant contract;
(2)
comply with the prescribed method if there is method of
dispute settlement prescribed in the relevant contract.
Chapter 19
Miscellaneous Provisions
44.
The Commission may after scrutiny with the intention to export the surplus
after attaining the essential energy for the State and Citizens, permit a
proposal submitted for investment under the joint venture system on the
production between the State or Citizen and the investor by fully using up
the investor’s capital in the production of oil and natural gas, minerals etc,
involving large capital; in the study of feasibility of production in the
allotted plot within the prescribed period of time; in making test exploration,
measuring, mining and in taking measures to reach the stage of potential
commercial production.
If that investment business is capable of commercial production in order to
recover the profit interest, a ratio of profit interest shall be shared between
the Union Government or Government Department, Government
Organizations bestowed with powers by the Union Government according to
Law, the citizen and the investor who conduct joint venture.
45.
Before this Law is enacted, the foreign investor under the Union of
Myanmar Foreign investment Law (The State Law and Order Restoration
Council Law No. 10/1988) shall be recognized as investors specified by this
Law.
46.
The investor shall be liable for criminal action, if sufficient evidence is
found that he has intentionally falsified or concealed the accounts,
documentary evidence, financial matters and appointment of workers ect;
that are enclosed with the proposal which is submitted to the Commission,
the relevant Government department, Government organization.
47.
Notwithstanding anything contained in any existing Law, the matters
relating to any provision of this Law shall be carried out only in accordance
with this Law.
The Commission shall hold meetings in the manner prescribed.
48.
49.
The decision of the Commission made under the powers conferred by this
Law shall be final and conclusive.
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50.
No suit, prosecution or other proceeding shall lie against any member of the
Commission or committee or body or any public servant for any act done in
good faith and for having enough evidence under power assigned in
accordance with this Law.
51.
For the purpose of carrying out the provisions of this Law the Ministry of
National Planning and Economic Development shall(a)
undertake the responsibilities to carry out the office works of the
Commission.
(b)
bear the expenses
52.
According to the Republic of the Union of Myanmar Foreign Investment
Law (State Law and Order Restoration Council Law No. 10/1988) repealed
by this Law the investor under the permission of the Commission shall be
entitled to operate continuously and shall have the rights subject to the
conditions of the permit and stipulations in relevant contract to the end of
tenure of the permit.
53.
The Commission shall submit if it affects to the welfare of the State and
citizen in allowing foreign investment businesses under section 3 and 5 as
important matter to nearest Pyidaungsu Hluttaw through the Union
Government.
54.
In implementing the provisions contained in this Law;
(a)
the Ministry of National Planning and Economic Development may,
with the approval of the Government make necessary rules,
regulations and by-Laws, procedure, order, notification and
directives, issue within 90 days from the day of enforcement of the
Law.
(b) the Commission may issue necessary orders, notifications and
directives.
55.
In the event of the conflict between any provision in this Law and any
provision in international treaties and agreement ratified by Myanmar the
provision under international treaties and agreement shall prevail.
56.
After enacting this Law, during the period before rules, procedures are
enacted, rules, procedures issued by Law (State Law and Order Restoration
Council Law No. 10/1988) shall continue to be applicable if it does not
contradict with this Law.
57.
The Republic of the Union of Myanmar Foreign Investment Law (State Law
and Order Restoration Council Law No. 10/1988) is repealed by this Law.
Signed. Thein Sein – President , The Republic of the Union of Myanmar.
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