Burma Set to Revise Nearly Century-Old Companies Act
5 August 2013
The Myanmar Companies Act will be revised to bring the nearly 100-year-old law up to international standards, The Myanmar Times newspaper reported Monday. The new act will be written in Burmese language rather than English, the newspaper reported, citing the director general of the Ministry for National Planning and Economic Development, Aung Naing Oo. “We’ve found that this law is not very relevant anymore,” he told the newspaper. The current law, enacted in 1914, requires companies to submit multiple copies of documents to register, while other many other countries allow a more streamlined online registration, the newspaper reported.