YANGON, Dec. 13 (Xinhua) -- Myanmar authorities will introduce a new Companies Law from Aug. 1 next year, U Aung Naing Oo, director-general of the Directorate of Investment and Company Administration (DICA) told a press briefing Wednesday.
The promulgation of bylaws and application of the law as well as working on the operating manual for online registration will be done in last week of July next year, he said.
The new law will facilitate rapid registration for companies due to the online registration system.
In accordance with the new law, foreign investors are allowed to take up 35 percent in local companies.
The new Myanmar Companies Act is enacted to replace Companies Act of 1914, which is currently practised in the country.