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Myanmar has seen incredibly fast transformation as a nation since its opening to the world in 2011. Today, businesses look to Myanmar for its inexpensive labour, abundant natural resources and preferential treatment to foreign investments.
We understand the pivotal role that the right talent plays in the success of your business. Our approach to recruitment is tailored to meet the unique needs of each client, ensuring a perfect match between your organisation and our global talent pool.
Innovare Myanmar is based in Yangon, Myanmar and is a wholly owned member of the Innovare Group. The opening up of Myanmar has created a buzz in the business community for several years. As the new emerging destination, it offers tremendous opportunities for the early movers. The International Monetary Fund (IMF) titled Myanmar as Asia's Final Frontier due to its relatively young market as it holds the largest growth potential given its infant stage.
Maximise various tax benefits from Myanmar's Special Economic Zones.
Mitigate risk as we handle policy updates and relevant reforms on your behalf.
We help you stay compliant to Myanmar's legal and regulatory framework.
Our consultants are with you throughout to navigate Myanmar's intricacies.
Immigration laws in most countries in Asia Pac often hold a local entity responsible for the entry, wellbeing, good behaviour and eventual exit of the individual. This also ensures that local immigration and employment laws are adhered to. This host company will be the technical employer of the individual.
We assist with the sponsorship of a business or work visa. Please speak to your Innovare sales contact person who will determine the appropriate visa for you or your consultant.
Our Myanmar company will administer the payroll for locals as well as for sponsored expatriates. Payroll is an essential function of any organisation but yet harbours complications as it requires understanding of Labour and Tax Laws. It is more than just the payment of salaries.
All income derived from work performed in Myanmar is subject to tax payment, regardless of payment location based on the reported monthly payroll. We shall deduct the respective tax amount each month accordingly and subsequently paid monthly to the Myanmar Tax Office.
Employees in Myanmar enjoy statutory leave benefits including annual leave, maternity leave, and public holidays.
Myanmar wages attract a minimal employer social security premium of USD10 per month. Employee premium contribution is approximately USD5 per month.
In the event that you do not have an entity in Myanmar, Innovare can act as your representative for the purpose of billing your clients on your behalf.
As a fairly infant and emerging market, Myanmar has economical benefits today with a very large upside tomorrow.
Myanmar has shown its capabilities in undergoing tremendous transformation in a short span of time and we are optimistic of its near future.
Within its Special Economic Zone, businesses enjoy corporate tax and duty exemption for 3 years, 5 years or 7 years, depending on the area.
114 Lavender Street #06-04 CT Hub 2 Singapore 338729