Myanmar

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. However, most organisations venturing into Myanmar face roadblocks that often make the processes we take for granted elsewhere a challenge here. Basic necessities like employment of a foreigner, administering of payroll, paying taxes are not that straightforward.

The Innovare Group provides a full contract management model in Myanmar specific to your requirements operating in multiple industries. We usually refer to this model as the Employee of Record (EOR) model. Some of the characteristics are elaborated below.

We are able to assist whether you or your consultant is an expatriate or local in Myanmar.

We have a team of payroll, immigration and compliance specialists ready to provide professional advice in terms of contracting.How Innovare Myanmar can assist:

Immigration Services
Payroll Administration
- Tax Management
- Social Security Management
- Benefits Management
Employer of Record Services
Local Billing Services
Payment Services
Other Employer Costs and Insurance
Statutory Benefits

Back to Our Reach

OUR REACH » MYANMAR » IMMIGRATION SERVICES

Immigration Services

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 REACH » MYANMAR » PAYROLL ADMINISTRATION

Payroll Administration

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.

In an emerging economy like Myanmar where, the law and practices often differ and one needs to find an acceptable middle ground, having taken into account both guidelines. Our Myanmar-based payroll outsourcing team can support you in:

Timesheet processing, where applicable
Complete and accurate payroll including adjustments, overtime, expenses etc
Range of payslips (electronic and carbon based)
Issuing employment certificates (PND 91 or equivalent)

Tax Management

Full compliance with statutes and applicable laws
Monthly reports & statutory returns
Year-end reporting
Application to leave Myanmar – Tax Clearance

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.

Social Security Management

Social Security Board (SSB) reporting and returns
Multi-currency payroll calculation (MMK, USD)

Myanmar wages attract a minimal employer social security premium of USD10 per month. Employee premium contribution is approximately USD5 per month.

Benefits Management

Tracking and reporting on company benefits (eg. Leave, statutory benefits)
Maintenance and administration of paper employee personnel files and the database of employee personal data
Tracking employee holidays, determining holiday entitlement, limits and recording other absences
Monitoring duration of expiring employment contracts, validity of regular health checks and occupational health and safety training courses

OUR REACH » MYANMAR » EMPLOYER OF RECORD SERVICES

Employer of Record Services

For short term contractors into Myanmar, Innovare can support your projects by acting as the employer of record. This includes:

Individual employee registration
Contract preparation
Onboarding of contractors
Full payroll management (including tax, social security)
Payment of contractors

OUR REACH » MYANMAR » LOCAL BILLING SERVICES

Local Billing Services

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.
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This service includes:

Assistance in collaborative collection of monies
Full compliance with prevailing tax laws
Management of your margins

OUR REACH » MYANMAR » PAYMENT SERVICES

Payment Services

The banking system in Indonesia is still regaining its foothold. Nevertheless, payment process taken for granted in many other jurisdictions remain a challenge locally.

With a local team and established entity as well as processes, Innovare can facilitate payments on behalf of individuals and companies.

Multi-Currency and multi Jurisdiction

As we have our own establishments throughout AsiaPacific, we are able to facilitate inbound and outbound payments on your behalf in the major currencies.

OUR REACH » MYANMAR » CONFIDENTIALITY

Confidentiality

As Innovare deals with a large number of multinational as well as smaller corporations, we recognise that confidentiality is of paramount importance. We abide by the provisions of the Personal Data Protection Act of Singapore dated 2 July 2014. Whilst these are strict requirements of our headoffice in Singapore, the principles and processes are applied throughout the Group. You can be assured that your confidential data are protected.

OUR REACH » MYANMAR » OUR TEAM

Our Team

Our capable team of local Myanmar residents are well versed in international and local accounting procedures and standards. The management team have spent many years shouldering core finance functions in Singapore, serving international clients before deciding to relocate to Myanmar.

Hence, the team is well able to render local services at international standards. In addition, Innovare Myanmar’s team is well supported by the headoffice team based in Singapore to ensure that our customers receive the high standard of confidentiality and service they have come to expect.
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We have the privilege of supporting a large variety of companies ranging from the multinational companies to the smaller set-ups. Please refer to the testimonials.

We look forward to discussing your requirements.
We are keen to partner you in your expansion into Myanmar. Please do not hesitate to contact us:

Name: Yin Yin Hla
Tel : +95 9262130770 / +95 11222831
Email: Myanmar.Consultation@innovare-group.com

OUR REACH » MYANMAR » CONTACT US

Contact Us

Should you need assistance in Asia Pacific, we would be pleased to hear from you.
Contact us for a discussion and a quick quote.

OUR REACH » MYANMAR » TRAVEL & QUARANTINE REQUIREMENTS

Myanmar Travel & Quarantine Requirements

Please check the link below for updated information:

Latest Myanmar Travel & Quarantine Requirements

Disclaimer: Due to COVID-19, there has been a constant change in terms of work permit process, timeline, travel restrictions, quarantine period, medical tests as well as insurance requirements etc. All these requirements can change by the respective authorities in both country of work and candidate’s home country from time to time. The process, timeline and costs that Innovare provides is a guideline and is subject to change if any process is being changed. While every reasonable effort has been made to ensure its accuracy at the time of communication, Innovare cannot guarantee nor be liable for such change in timeline or costs arising from any pandemic related factors so please take note of the potentially volatile situation during this period.