SME Corporation Malaysia (SME Corp. Malaysia) is a Central Coordinating Agency under the Ministry of International Trade and Industry Malaysia that formulates overall policies and strategies for Small and Medium Enterprises (SMEs) and coordinates the implementation of SME development programmes across all related Ministries and Agencies. On the SOFT infrastructure side, few will doubt that the rapidly expanding telecoms network will benefit small businesses, will beneficial results multiplying as e-commerce platforms come on line. Find the best tips in our Doing Business in Myanmar Guide. Still, it institutions will take some time to evolve. Aung Than Kyaw, deputy director-general of the Directorate of Investment and Company Administration, said: “The MIC plans to reduce fee significantly. Toggle navigation. Again, the government’s actions and policies over the next few years will largely determine whether the previous statement proves true or false. Sign in using the electronic key (eKey advanced level). You will … Myanmar: Bulletin Update on Myanmar Trademark Registration; South-East Asia IPR SME Helpdesk . Myanmar will join the AEC in January 2019. There are in fact separate fora for each of seven different industry sectors, and each group regularly meets with government officials to provide input into the latest regulations. SMEs constitute 90 per cent of Myanmar’s businesses. As is well known, the government is also moving quickly to establish Special Economic Zones (SEZs), as well as to expand industrial development zones. Brief updates on the new trademark registration in Myanmar. 1. Recently, and at the urging of the President, the International Finance Corporation (IFC) has partnered with UMFCCI to create the Myanmar Business Forum (MBF). Business leaders are almost certain to catch on faster to the new order that is coming. A prerequisite for doing all of this, however, will be to first become a legally recognized enterprise. The Forum operates a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs. ( Log Out / It is no secret that the growth and development of Myanmar SMEs constitutes a necessary condition for the country’s overall economic reform. Please select Form. If the current situation goes on, it is worrisome for our SMEs when AEC comes into effect. U Mg Mg Lay, vice chair of the Union of Myanmar Federation of Chambers of Commerce and Industry, said the chamber “welcomes the move to reduce the company registration … Given the developing nature of the economy, the changing regulatory environment and the presence of State … Finally, it is worth noting that as the government builds its capacity regarding services and promotion for businesses, it will also be building its capacity with respect to tax collection. The SME Finance Forum works to expand access to finance for small and medium businesses. While most Myanmar SMEs will not be able to take advantage of the recent entry of foreign banks into the country, their arrival here should be seen as a positive step. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. UMFCCI backs SMEs to embrace digital technolog. Change ), You are commenting using your Google account. While there will always be competing interests and problems getting one side to understand the other, the relation between the government and the private sector should begin to move from being one of a cat and mouse game between business owners and regulators to one that is more of a collaborative relationship. In accordance with the Myanmar Companies Law 2017, a company may be registered in … But it is also clear that thus far, significant progress has been made. Despite the temptations and inertia to do so, entrepreneurs can no longer afford to think of themselves as only operating at a local level. The operating environment for SMEs here is of course notoriously difficult, with entrepreneurs having to overcome daunting obstacles including lack of infrastructure, almost no access to financing, and a dearth of government service oriented toward SMEs. (Myanmar Citizen includes associate citizen and naturalized citizen.) As is well known, there are many enterprises in Myanmar that have this potential due to Myanmar’s geography, situated as it is at the crossroads of India, China, and the rest of South East Asia. To click “ Verify ” by entering to the email used in registration. Choose SME registration system. JICA also extended a K41.5 billion loan to private SMEs in Myanmar last year, the official added. Visiting Myanmar for market familiarisation and an initial market assessment prior to establishing a representative office or a joint venture arrangement is advisable for a first-hand appreciation of the business environment. The project is financed by … JAPAN International Corporation Agency (JICA) is going to lend K1.3 billion via local banks to small and medium-sized enterprises (SMEs), an official from JICA told The Myanmar Times. An improved regulatory environment will have several tangible results. These are but the most obvious examples of hard infrastructure improvement which will benefit SMEs (especially in the agricultural products sector) in general. Even small operations are already facing the pressures of a globalized economy, and there is concern among many economists that Myanmar SMEs are not prepared to handle this new reality. So it is entirely to be expected that a small business owner in Myanmar today would ask “Why should I register?” when doing so has historically only meant additional costs for that person’s business, including payment of taxes. The bottom line is that in order for a Myanmar entrepreneur to feel that it is really worth his while to register his business, he will need to be convinced that there is something he will get in return. SME’s Size Classification in Myanmar 4. The official definition of SMEs in Myanmar since 1990 given in the following table tends to focus on the industrial sector only. Women making clothes at a cottage industry in South Dagon Township, Yangon. Choose the desired service. As a stop gap measure until the arrival of formal banking services, SMEs in Myanmar have access to the Small and Medium Industrial Development Bank (SMIDB), which announced last November that it will be able to provide loans to SMEs at an interest rate between 6 and 8.5%. Myanmar Small Business Opportunities, Ideas, and SME Organizations. Local Procurement Reservation Supplier Registration Form Myanmar. Taking advantage of this, however, will require entrepreneurs to develop ties with counterparts, both within Myanmar and abroad. Needless to say, however, access to financing may only be had by a legally registered entity with good and transparent accounting, auditing and governance practices. we would like to find for business partner with sme in taunggyi. MANDALAY — Myanma Economic Bank will provide some 700 billion kyats (US$520 million) in loans to small and medium enterprises (SMEs) across the country next year. Opportunities for growth and profits are rapidly springing up in heretofore unexpected areas, while in areas that would have been considered safe bets but a few years ago, risks and competition are multiplying. The 2021 SME Annual Conference & Expo gives you access to a forum for more than 6,000 industry professionals from across the world to share innovative ideas, best practices and cutting-edge research in more than 120 technical sessions along with an expansive marketplace of more than 550 … ( Log Out / Knowing that, the Central Statistical Organization (CSO) under the Ministry of Planning and Finance of Myanmar started the implementation of a project to support the establishment of Myanmar Enterprise Monitoring System (MEMS) since 2017. Infrastructure improvement in general, and SEZ construction in particular will better enable SMEs to take advantage of economies of scale. Business Plan Collateral Dana digital entrepreneur Fair Financing Guide Lessons Loan Made In Myanmar MSME New Company Publication Registration Resources Risk Shwe Lan SME SMEs startup technology Trademark Value Chains. Inside of Myanmar Business News and Clues, Compliance and Registration of Myanmar SMEs. Registration is the first step a businessperson will be required to take before incorporating a company or making an investment in Myanmar, whether that person is a citizen of Myanmar or a foreigner. Indeed, the Government is increasingly widening its tax net and in due course will introduce a Value-Added Tax (VAT), as this has proven to be a source of much greater tax income than an income tax on profits. There are many difficulties like limited loan access, new technologies and illegal products which the government will need to regulate. Over 90 per cent of all business in Myanmar is classified as Small and Medium Sized Enterprises, and the government has recognized that SMEs are main driver for the country’s future national economic development. Myanmar: Bulletin Update on Myanmar Trademark Registration. Challenges to improve the SME data system in Myanmar: Fragmented SME data and the lack of its co-ordinated collection are the key challenges in Myanmar. In fast, a 2013 OECD report stated that the transition of labor and other assets into the formal arena will be and important part of Myanmar’s development. Further reading: Compliance and Registration of Myanmar SMEs. Effective development of such infrastructure is also likely to support cluster development, if efforts can be made to link larger companies working in the Zones and Estates to smaller, local suppliers. Given recent history, business owners can be forgiven a certain amount skepticism with regard to this, but even so, the evidence is that needed changes are in fact happening. Myanmar Small Business – Setting Up in Myanmar. It is Myanmar's first and the only bilingual (English-Myanmar) business newspaper, and is distributed in Myanmar and Thailand. While SME data come from multiple sources and cover a wide range of areas relating to SMEs, challenges remain in establishing a complete dataset for SMEs. Granted, many SMEs may not directly benefits in the form of supply opportunities will be significant. Step (4) To upload passport size photo with blue color background. Although official figures state that there are about 200,000 SMEs in Myanmar, only 59,000 are registered under DICA. Last update on 1 March 2021 For the UK, as from 1.1.2021, EU Law applies only to the territory of Northern Ireland (NI) to the extent foreseen in the Protocol on Ireland/NI If they are to be competitive, the Myanmar government and the enterprises are going to need to develop similar cooperative relationships. ( Log Out / It has been said in many other places that the coming of the ASEAN Economic Community (AEC) will drastically change Myanmar business environment, even for SMEs in Myanmar. But perhaps the most important and hoped for result of an improved business environment is better access to financing. Over 43,000 SMEs have been approved for registration where small industrial firms account for 80 percent of the number. However, it is also the case that many enterprises in Myanmar (Over 80% by some estimates) operate informally, albeit for understandable reasons. Photo: Phoe Khwar. However, claiming the benefits that are the immediate results of these changes, and taking advantage of the favorable environment that is slowly beginning to emerge as result both require that one operate one’s business within the confines of the law. Employees who are working in business must be permanent. So it is best to prepare for compliance and reduce the risk of exclusion as well as potentially major tax assessments and penalties. The purpose of the forum is to provide the Myanmar private sector with an opportunity to help craft the laws and regulations by which it will be governed. ( Log Out / To set up a new account, please see the How to Create an Read More, Thursday, April 23, 2020 at 7 PM – 8 PM UTC+06:30 How to adapt your business during a pandemic? The changing business environment may be seen as positive in other ways. We are beginning to see a lot of this in sectors like mining food and beverage manufacturing. Both JICA and IFC have begun similar projects to help increase funding for SMEs. These efforts are beginning to bear fruit, and now Myanmar is slowly but surely moving away from a legislative framework that aims only at regulation and control, to one which also aims at business promotion and development. It is highly likely, however, that in order to mitigate these risks and take advantage of these opportunities, firms are going to need to register themselves with the government in accordance with the law. The SME Self-Assessment Questionnaire is a part of the Beneficiary Registration process, specific to the cases where the organisation being registered (or having its data updated) is defined as a "Micro, Small and Medium-sized Enterprise" ().This questionnaire helps to assess if the organisation qualifies as SME, and to record its status as such in the Beneficiary Register application. That being the case, it is encouraging that there are already at least 126,000 SMEs in Myanmar, constituting over 99% of domestic firms. During this fiscal year, JICA’s loan for SMEs will work […] Myanmar Entrepreneurship and Micro, Small & Medium Enterprise (MSME) Support. It is no secret that the growth and development of Myanmar SMEs constitutes a necessary condition for the country’s overall economic reform. And where joint ventures are not feasible, there will still be opportunities to supply these incoming enterprises. Historically, such incentives have been almost entirely absent, and one of the challenges of the economic reform process has been getting government officials to see that such incentives are essential. ABOUT MYANMAR History; National Symbols; Geography; Travel Myanmar; People & Society In most of not all cases, these foreign firms take favorable regulatory environments in their home countries, benefits that they enjoy as legally recognized enterprises in those countries. Create a MyCO Account To file an online application to incorporate a company, you must have first create a MyCO account. Small and Medium enterprises must be able to submit documents of respective license, permit or registration. All of this has been made possible by the government’s comparative willingness to issue tenders in a way which is both transparent, and in line with international best practices. Sometimes, these partnerships will take the form of joint-ventures between the foreign company and Myanmar based company. [ April 23, 2020 ] Business Model Innovations: How to adapt your business during pandemic Events [ September 26, 2019 ] New Myanmar Trademark Law Policies [ January 9, 2019 ] Made In Myanmar Fair for MSMEs Entrepreneurship [ November 17, 2018 ] Lending scheme targets small businesses in Myanmar Finance Myanmar Women Entrepreneurs Association (MWEA). For sure, the onus is mostly upon the Myanmar government to change its approach and mindset. Applicants can check their registration status on the website. This project is a collaboration between the Central Statistical While acknowledging all of this, it is also plain that conditions are rapidly changing for Myanmar entrepreneurs. There are at least three concrete examples of how the Myanmar government is moving to create a better business environment. The new environment also entails that the Myanmar government is going to have to make a lot of changes on its end in order to provide a more friendly business environment. Have you noticed the fall of the traditional centralized trading system of consumer products? Thus, the number of registered SMEs will increase,” she maintained. Select the enterprise that is desired to be classified by size from the list. Granted, the Committee’s basic function is to coordinate SMEs policy among various line ministries, and so it does not have the robust powers of a full statutory board like SPRING Singapore. If economic reform in Myanmar proves successful, one of the things that will mean is that not registering a business may in fact entail more risks and less access to opportunities than would be the case if one registers. Because of, Business Model Innovations: How to adapt your business during pandemic, Lending scheme targets small businesses in Myanmar. “Online registration saves time, facilitating the work process. Step (5) To fill the required data completely, to fill Myanmar(unicode) font in Myanmar and English font in English.