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
