News and developments
Myanmar Directorate of Investment and Company Administration (DICA) says nominee directors and nominee shareholders will not be allowed
Key Takeaways
According to the Chapter 18 of the Myanmar Companies Law, in relation to the rights and responsibilities of directors, those who direct control the affairs are considered as directors according to Law, even it is not appointed as director. The appointment of nominee director will not be allowed in Myanmar.
Myanmar Companies Law specified that the director who owns the share needs to register to the Registrar.
Currently, some countries are allowed registration with the nominee shareholders and they are using a system that disclose the beneficial owner separately.
In Myanmar, it is not allowing such registration with the nominee and announce that the person/legal entity who are registered at the Registrar will be as the beneficial owner.
According to the section 421 of the Myanmar Companies Law, the information of beneficial owner can be checked with the prescribed fee at DICA.
Conclusion
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