Requirements For MIC Companies Transferring Funds Out Of Myanmar

• Published date: 07 June 2023
• Subject Matter: Finance and Banking, Fund Finance
• Law Firm: Tilleke & Gibbins
• Author: Ms Aye Thuzar Hlaing and Khin Pearl Yuki Aung

In April 2022, Myanmar's State Administration Council established the Foreign Exchange Supervisory Committee (FESC) to approve foreign currency conversion, make exemptions to foreign exchange restrictions, and permit overseas foreign currency transfers. Because of the FESC's establishment and related regulatory changes, companies that would like to transfer funds out of Myanmar for capital reduction, share capital for liquidated companies, share transfers, or share dividends must abide by the FESC's requirements, which vary depending on the type of company.

The Myanmar Investment Commission (MIC) has announced that companies permitted by or endorsed under the Myanmar Investment Law must submit various supporting documents when applying to transfer foreign currency internationally. These documents, which must be addressed to the MIC chairman, include the following:

• Prescribed form for transfer of foreign currency;
• Application letter giving a specific reason for the transfer;
• Original board of directors' resolution;
• Audited financial statements for the relevant financial year;
• Up-to-date bank statement of the company;
• Tax assessment confirmation letter for the relevant financial year;
• Tax clearance certificate for the relevant financial year, in the case of liquidated companies; and
• Copy of the updated...