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Myanmar Bank Account Opening


Myanmar Bank Account Opening for Foreign Companies: Foreign Investment Law


For opening Myanmar bank account with Myanmar Government banks or private banks in Myanmar, the investor shall remit money from foreign countries to Myanmar bank in a “suspense account” intension to company name with the description of the “capital brought into Myanmar”. After the bank receives the remittance money, the bank will issue “credit note” concern with remittance money. The investor shall submit the copy of the credit advice to be able to submit the form 6 & 26 of the company. When the investor has submitted the Form 6 & 26, the investor can open the bank account with the name of the company. Then the investor shall apply to bank to transfer the money from Myanmar Bank’s suspense account to investor’s company account.


Necessary Documents for Opening Bank Account in Myanmar


At Government Bank Myanmar Foreign Trade Bank (MFTB), Myanmar Investment and Commercial Bank (MICB)


1. Application Letter (Printed with company letter head)
2. Board of Directors (BOD) Meeting Minute (Printed with company letter head)
3. Submitting Form 6 and 26 (Printed with company letter head)
4. Copy of cover letter of Certificate of Incorporation.
5. Copy of Certificate of Incorporation
6. Copy of Form of Permit
7. Copy of Form 6 and 26
8. Two recommendation letter from two account holders who had already opened bank account at bank
9. Copy of bank book of each account
10. Application form issued by bank
11. Credit advice (if you transfer money to bank’s suspense account before you open account)
12. Two photos of each director (who will make transaction)
13. Copy of Memorandum of Association and Articles of Association
14. Copy of Myanmar Investment Commission (MIC) Permit where applicable


Note:

o The address of letter head must same the address of Form of Permit.
o In BOD Meeting Minutes, the person who will make the transactions must be mentioned.
o That person must include in the Board of Directors.
o Managing Director must sign every document with his/her seal and company seal.


Duration to Open Bank Accounts with Govt. Banks in Myanmar:


1. When transfer money is arrived at bank, credit advice will be issued within two or three days.
2. After submitting documents, may be next 4or 5 days the account number will be given.
3. After submitting to transfer money to company account, the bank passbook will be given next 2 or 3 days.


Account Opening At Private Banks in Myanmar


1. Application Letter (Printed with company letter head)
2. BOD Meeting Minutes (Printed with company letter head)
3. BOD Resolution (Printed with company letter head)
4. Copy of Form 6 and 26
5. Copy of cover letter of Certificate of Incorporation
6. Copy of Certificate of Incorporation
7. Copy of Form of Permit
8. Copy of Memorandum of Association and Articles of Association
9. Copy of Myanmar Investment Commission (MIC) Permit where applicable


Bank Account Procedures at Myanmar Government Banks


Bank Account Opening in Myanmar with Credit Advise:

o Firstly, you will have to transfer initial capital to suspense account of bank from correspondent bank.
o When your transfer money arrived at bank, the bank will issue credit advice.
o When credit advice is issued by bank, all necessary documents will be prepared.
o If all documents are completed, those documents will be checked by bank.
o After checking those documents, director(s) who will make transactions will sign at bank.
o The bank will take sample signatures.
o Bank account number will be given.
o When account number is known, you will have to submit application to transfer money from suspense account to your company account.
o After that, you will get the bank passbook.


Bank Account Opening Procedures at Private Banks in Myanmar:


Procedures will be little different among private banks. The followings are general procedures:


o Firstly, you will inform bank before you transfer initial capital.
o After that, bank will issue credit advice.
o Then, director(s) can sign at the bank.
o Bank will issue cheque book at that day if all documents are completed.


Duration to Open Bank Account with Private Banks in Myanmar:

1. The investor can get cheque book within one day, if all completed documents are submitted.


Banking Charges in Myanmar:

Swift charges=Ks 10,000 (or) Equivalent Amount of USD


Outward Remittance Charges in Myanmar for transferring money out of Myanmar:

Equal (or) Below USD 20,000 = USD 25
Above USD 20,000 = 0.125% (or) 1/8%
Cable Charges = Ks 2,000


The laws and practices governing business and investments are undergoing changes. In this website information about laws, business and investment in Myanmar is provided for general information and these details may not be accurate, up to date and is always subject to change; and we are not liable for correctness or accuracy in this connection. All information provided in our websites needs to be verified before any reference and use. You may please Contact MiTA to know more about the process of Myanmar Investment Commission (MIC) permit application, company registration in Myanmar, bank account opening in Myanmar, foreign currency transfer as a part of profit, etc.

MiTA Myanmar Investment Conferences & Exhibitions

 

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