Competition authority: Directorate of Investment and Company Administration
Financial regulator: Central Bank of Myanmar
IFLR1000 ranking categories for this jurisdiction:
Financial and corporate (published October) – Financial and corporate, Project development
Jurisdiction overview
As Myanmar emerged from five decades of military rule that cut it off from much of the rest of the world, the resource rich country started to open up in 2011 with a series of far-reaching political and legal reforms to achieve rule of law and provide more legal certainty for its people and investors.
Previously known as Burma, the country has seen US and EU sanctions eased and increasing interest from the international business community. It appears to be looking forward to a period of relative peace and prosperity.
Some big international law firms have committed to Myanmar by opening an office in Yangon, including Allen & Overy in 2013 and Baker & McKenzie in 2014. This year, Berwin Leighton Paisner (BLP) opened its doors in the country by hiring Baker & McKenzie’s former managing partner Chris Hughes to lead its newly opened office in Yangon.
Domestic law firms have also sought out new opportunities, with NK Legal Myanmar integrating into the wider regional network of Singapore firm Rajah & Tann, while Myanmar Legal Service affiliated itself with Thai firm Chandler & Thong-Ek Law.
But Myanmar’s local legal sector is underdeveloped and there is no national bar association for legal practitioners in the country. With the assistance of the International Bar Association’s Human Rights Institute (IBAHRI), Myanmar’s lawyers ran an election in September this year for their first ever independent national professional organisation to represent lawyers.
Once known for its poor human rights record, media censorship and tyranny under military rule, the regime has been left with many old laws that were set up to give leaders’ extensive powers to target political opposition and ethnic insurgents.
Candy Chan - Journalist - Asia-Pacific
Abrahams Davidson & Co is a Brunei-based market-leading firm in financial and corporate work established in 1986. The firm’s office is in Bandar Seri Begawan, comprising three partners, 10 associates practicing civil law and two Shariah practitioners complemented by more than 35 experienced support staff.
The firm is a member of the Brunei International Chambers, the Chinese Chambers of Commerce and the Malay Chambers of Commerce.
Highlights
The firm’s core practice areas are in banking, property development, corporate and commercial, securities and funds. The firm also has experience in sectors including agriculture, aviation, insurance, technology and telecommunications. During the past research cycle, the firm continued to be active providing legal advice to domestic and overseas clients with respect to cross-border transactions as well as regulatory matters from a Brunei law perspective.
Key clients
Commerzbank, JPMorgan Chase Bank, Legal and General Investment Management, Credit Suisse (Singapore), and L’air Liquide.
Testimonials
Banking and finance
“The team led by Bernard Tan is knowledgeable, professional, efficient and easy to work with. They provide prompt responses with practical advice.”
Financial services regulatory
“Abrahams Davidson & Co's team are extremely responsive and were able to provide clear and detailed progress updates that helped manage the timeline of the project.”
Bernard Thiam Swee Tan
“Bernard is a very experienced and professional lawyer who provides quick responses and practical solutions for cross-border banking transaction.”
Wei Jia Lim
“Very responsive and clear communication helping manage expectations efficiently.”
CCW Partnership
Active since 1980, CCW Partnership is a well-known name in the Brunei legal market. The firm was formerly known as Choo Chan & Wong and is now one of the largest full service commercial law firms in Brunei Darussalam. The firm is recognised for its high quality financial and corporate work. The firm takes on domestic and international clients and its experience covers a variety of mandates including acquisitions, joint ventures and restructurings in sectors including construction and transport. Sectors of focus include oil and gas, construction, technology and telecommunications and shipping.
Dr Colin Ong Legal Services
Established in 1998, Dr Colin Ong Legal Services is one of the few Brunei law firms to have an international footprint. The firm is located in Bandar Seri Begawan and is led by managing partner Koh Shiao Hui. Other key figures include senior partner Colin Ong. The firm has experience in sectors such as aviation, oil and gas, insurance and construction.
Located in Bandar Seri Begawan, Ridzlan Lim is a boutique law firm with a team of 20 professionals. Key figures at the firm include senior partner Kelvin Lim.