The Myanmar Investment Commission (MIC) is responsible for verifying and approving investment proposals and regularly issues notifications about sector-specific developments. Not all the business are needed MIC permit. But certain business that are strategic to the Union; have large capital investments; have a large potential impact on the environment and local community, involve State-owned land, or are designated by the Government as needing a permit.
The benefit of MIC permit are varies some are-
- Income tax exemption for a period of five consecutive years including the year of commencement on commercial scale to any business for the production of goods or services, moreover, in case where it is beneficial to the Union, income tax exemption or relief for suitable period depending upon the success of the business in which investment is made. ( chapter (xii) exemptions and reliefs )
- The Union Government guarantees that a business formed under the permit shall not be nationalized within the term of the contract or the extended term if such term is extended. ( Chapter ( xiii) Guarantees )
- The Commission may allow the investor actually required period of the right to lease or use land up to initial 50 years depending upon the category of the business, industry and the volume of investment. The commission may extend the period of consecutive 10 years and for further 10 after the expiry of such period to the investor desirous of continuation of investment and category of business. ( Chapter ( xiv) Right to Use Land)
- The investor has the right to transfer abroad the following foreign currency through the bank which has the right to carry out foreign banking within the union in the relevant foreign currency at the stipulated exchange rate. ( Chapter ( xvi) Right to Transfer Foreign Currency )