New Announcement: The MIC Extends the Deadline for Permit and Endorsement Holders to Re-register in the New Myanmar Investment Online System

On 21 February 2024, the Myanmar Investment Commission (“MIC”) announced an extension of the deadline for companies holding MIC permits or endorsements to re-register and enter all their existing data into the new Myanmar investment online system (“MyInO”) to 30 June 2024. This also means an extension of the transition period for applications related to these companies’ foreign employees, allowing applications to still be submitted physically until the extended deadline.

Whether you are considering applying for an MIC permit or endorsement or already have one, or intend to hire foreign employees for your Myanmar investment business, here are the key details you need to know:

What information needs to be entered into the MyInO?

According to the announcement, MIC permit and endorsement holders should input all accurate existing investment-related data, including any changes in activities or investments after the date of issuance of the MIC permit or endorsement.

What is the transition period for MIC companies to enter the data?

The transition period to enter data and submit applications related to these companies’ foreign employees has been extended from the original deadline of 1 September 2023 to 30 June 2024. After this date, all applications for the appointment of foreign employees must be submitted exclusively through the MyInO.

Is it mandatory for all MIC permit and endorsement holders to re-register with the MyInO?

While not explicitly mandatory, in practice it is necessary for application processing, since only after a company’s data has been entered into the MyInO can application submissions be done online via the MyInO.

How is an application for the appointment of foreign employees submitted?

During the transition period, all applications related to foreign experts—appointments (stay permits), staff number adjustments, and resignations—can still be submitted by mail or in person, in addition to submitting through the MyInO after a company’s MIC permit or endorsement data has been entered.

After the end of the transition period (i.e. 30 June 2024 as per the announcement), foreign employee applications can only be done via online submission through the MyInO.

What are the consequences of failing to comply with the MIC announcement?

While not mandatory, companies that have not re-registered will not be able to submit work permit applications for their foreign employees online, and physical submission will no longer be possible.

Thus, it is advisable for all MIC permit and endorsement holders to re-register with the MyinO promptly to meet the deadline and avoid any potential issues for their business, as the re-registration process may take some time.

If you have any questions or need assistance with this matter, please contact the undersigned or your usual VDB Loi adviser.