The Myanmar legal system is complex and based on a combination of statutes and regulations with their origins in different periods of Myanmar’s history and include colonial period laws (pre 1948), parliamentary laws, revolutionary Council laws, People’s Assembly laws, State Law and Order Restoration Council / State Peace and Development Council laws.
Every company limited by shares (or by guarantee and having a share capital) must hold a general meeting of the members called a Statutory Meeting. This Statutory Meeting should be held within a period of not less than one month or more than six months from the date at which the company is entitled to commence business.
The directors must forward a report (Statutory Reports) to every member of the company at least 21 days before the day the Statutory Meeting is to be held. At least two directors of the company or the chairman of the directors if authorized by the directors must certify the Statutory Report.
The Myanmar Companies Act 1914 (MCA) is the principal legislation governing forms of business ownership and the types of business permitted in Myanmar and the operation of Myanmar established companies. Domestic legislation provdes for sole proprietorships, partnerships, limited companies, joint ventures or wholly foreign-owned subsidiaries.