Relief has been provided for company directors who have not been able to comply with the requirements that they must be “ordinarily resident” in Myanmar for a specific period of time because of travel restrictions imposed as a response to the coronavirus (COVID-19) pandemic.
Myanmar’s law on corporate governance requires a registered company to have at least one director who is ordinarily resident in Myanmar.
For these purposes, the term “ordinarily resident” is defined as being resident in Myanmar for at least 183 days in every 12-month period. However, as part of Myanmar’s efforts to control the pandemic, the country on 29 March 2020 closed all of its points of entry for individuals who were overseas. As a consequence, companies may have directors that have not been able to return to Myanmar to be in compliance with the 183-day requirement.
The Directorate of Investment and Company Administration issued Notification No. 92/2020 (20 October 2020) to clarify that the period of the country’s closure in response to the pandemic will not be counted for purposes of determining the period of residence for directors in companies.
Read a November 2020 report prepared by the KPMG member firm in Myanmar
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