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Opening up for investment, the sector is set for significant expansion
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The insurance sector is at an early stage of development, with private insurers just beginning to develop since 2013 after a long period in which the sector was fully nationalised. Twelve companies, most of them linked to major banks or conglomerates, were licensed to launch insurance businesses in May 2013, and foreign insurers were expected to be invited in 2015 to apply for licences to operate within…

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The country’s stock exchange is planned to be operational by late 2015
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Myanmar is laying the groundwork for the active capital markets it has never really had. The formal launch of a new Yangon Stock Exchange (YSX), backed by Japan’s Daiwa Securities Group and Japan Exchange Group (JPX), was being targeted by the end of 2015, along with a new Securities Exchange Commission (SEC) to regulate capital markets. Although the YSX launch is expected to be small and restricted…

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Helpful tips for first-time travellers
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Visa It is best to contact your in-country embassy before visiting Myanmar to ensure that you meet the requirements for a visa on arrival. It is important to ensure you have all the relevant documentation or you will be sent back on the same flight. A visa can also be applied for in advance through your local embassy or through an online application process. You must have a valid passport with at…

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Visiting the temples and ruins of Bagan
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Formerly known as Bagan, few landscapes can claim as dramatic a mystique as the ancient city of Bagan. The former capital of the Pagan Kingdom is considered among the top man-made wonders of the world, which between the 9th and 11th Centuries was home to over 10,000 temples and pagodas at the height of the dynasty. The plains of Bagan still host more than 2000 ancient Buddhist structures today, making…

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Myanmar Hotel Listings
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YANGON CHATRIUM HOTEL ROYAL LAKE YANGON No. 40 Natmauk Road, Tamwe Township, Yangon T: +951 544 500 F: +951 544 400 info.chry@chatrium.com www.chatrium.com Rooms: 301 rooms and suites, including 165 deluxe rooms, 90 Chatrium club rooms, 10 corner deluxe rooms, 7 studio suites, 8 junior suites, 15 deluxe suites, 5 luxury suites and 1 royal lake suite. Business & Conference Facilities: Business…

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Rules and regulations are further opening the economy
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Considered by many as the last economic frontier, Myanmar has been the object of much investor interest, especially following further liberalisation of its foreign investment regime through the passage of the Myanmar Foreign Investment Law in 2012. As of October 2014, Myanmar registered an estimated $40.16bn of foreign direct investment (FDI) and has permitted foreign investments totalling an estimated…

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New tax laws and amendments make doing business clearer
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Myanmar’s tax reform process gained unprecedented momentum in March 2012, following changes to two important tax laws, the Income Tax Law (ITL) and the Commercial Tax (CT) Law (CTL). The changes came into effect on April 1, 2012, and the reforms resulted in an overall reduction of tax rates. For example, the corporate tax rate was reduced from 30% to 25%, and CT rates on goods and services, which…

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Rapidly increasing visitor numbers are a boon to the sector but threaten to overwhelm limited infrastructure
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White sand beaches and rolling green hills dotted with sacred lakes, golden pagodas and thick jungle cover a culturally diverse and sheltered land that has only just begun opening up to the outside world. Indeed, the tourism sector has been the fastest-growing sector of Myanmar’s economy since the country opened to foreign trade three years ago, though its contribution to GDP remains relatively small…

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Major upgrades to transportation infrastructure will be required to meet growing demand
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A sudden boost in Myanmar’s commercial and tourist activity over the past three years has stretched some of the country’s outdated transport infrastructure to its limit, and growth in activity is showing no signs of slowing down. Building a modern transport network will be necessary if the government is to accomplish its ambitious development plans, with a host of air, rail and shipping upgrades…

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The removal of international sanctions has led to major reforms throughout the sector
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Myanmar's unexplored but rich natural resources have transformed it into one of the fastest-growing countries in the region. The government set an agenda for economic reforms in 2011, alongside an uptick in growth, the removal of international sanctions and an influx of foreign investors, particularly in the energy sector. The country's strategic location within the region and population of more than…