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  • Newsletter

Invest in Myanmar

With a population of 60 million people, Myanmar is a small country in Asia. It became the last Asian country with the exception of North Korea to open up to business and globalization, and has quite a large, and well established domestic labour and consumer market. Its size is comparable to that of Thailand and Vietnam. The purchasing power of the average middle-class citizen of Myanmar is comparable to that of an urban dweller in Bangkok.

Why Myanmar?

Myanmar is a country that is rich in gas, oil and other mineral resources. The country also has an undeveloped industrial sector, which means that there are tons of opportunities for businesses. However, there are still a few glitches. This is because Myanmar recently opened up its economy, just a couple of years back. Myanmar is doing significantly better than China and Vietnam did when they opened up their respective economies.

Myanmar’s GDP grew by 6.6 percent in 2016, in contrast to GDP growth of 5 percent in 2013. This shows slow, but steady growth. A sectoral breakdown of the GDP showed that 40 percent was contributed by Agriculture alone, with Industries equalling that contribution. The service industry contributed a meagre 19.6 percent to the GDP. The labour force in Myanmar is not very organized, though. At least 65 percent of the labour force is employed in agriculture and related activities. However, labour productivity is quite high in Myanmar. A good vocational training policy which helps workers transition from one sector to another is the need of the hour, and the government is working for it.

Key Sectors for Investment in Myanmar

The economy of Myanmar as a whole is quite healthy. If you want to invest in Myanmar, here are few key sectors that are developing, and have a huge potential for growth:

  • Power
  • Manufacturing
  • Hospitality and Tourism
  • Real Estate Development
  • Oil and natural gas
  • Pisciculture, apiculture, agriculture, horticulture, etc.

To know more about investment in Myanmar reach our consultant at [email protected] or visit www.intuitconultancy.com

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  • Newsletter

Myanmar outdoes itself in attracting Foreign Direct Investment in the first half of 2017-2018

This year has started with a bang for Myanmar as the Foreign Direct investment has come pouring in at a sum of 4 billion dollars in the first half of the year 2017-2018. This is a significant increase by three dollars when compared to the same period of the fiscal year 2016-2017 according to the Official Global New Light of Myanmar.

The traditional of Foreign Direct Investment in Myanmar is through agriculture, livestock and fisheries, manufacturing, power, transport and communi­cation, hotel and tourism and real estate sectors.

The Myanmar Investment Commission has recently approved nine for­eign enterprises to carry on Myanmar company formation with a capital of403 million dollars and which will create 3,200 job opportunities in Myanmar.

The Myanmar investment Commission generally permits investment in these ten ultra –important sectors of the Myanmar economy namely the agriculture, livestock production, breeding and production of fishery products, export promo­tion industries, import substitution industries, power sector, logistics industries, education, health, construction of af­fordable housing and es­tablishment of industrial estates.

In the financial Year of 2016-2017, Myanmar attracted over 6.8 billion dollars foreign in­vestment with the trans­port and communication sector topping with 3.08 billion dollars.The Myanmar Government is expecting Foreign Direct Investment of 6 billion dollars for the year 2017-2018 in accordance with the  Foreign Direct Investment Promotion Plan(FDIPP). This investment is set with an aim to reduce poverty and raise the economic status of the country.

It is rational to assume that the rising level of FDI’s showing interest in Myanmar company formation will steer Myanmar towards a robust and stable economic development.

Visit www.intuticonsultancy.com for company formation in Myanmar or write to us at [email protected]

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  • India, Newsletter

UK SME’s all set to probe the Indian market and the Make in India initiative

The government of India and the UK government have collaborated to channel potential-filled UK SME’s into the Indian market. This programme has been named the Access India Programme(AIP). Through this plan, the UK SME’s India company formation will come under the scanner of thorough analysis and diagnostics of the SME’s potential before allowing them access to the Indian market.

The SME’s so approved will be in contact with strong support networks of prime manufacturers, OEMs, trade bodies and chambers of commerce. In the last three years, India has received about US$175 billion, in Foreign direct investment. Speaking at the launch of AIP, the Indian High Commissioner to the UK, Mr. Y K Sinha, said: “We are launching the Access India Programme, a first of its kind in the UK, to facilitate investments by small and medium-scale enterprises in the UK into India.”

He went on to elaborate the role of UK SME’s in promoting the Make in India program and the ease of conducting business in India and encourage bilateral investments. The growth of UK SME’s has increased many folds according to the official figures of Department for Business, Energy & Industrial Strategy.

Through this program, UK enterprises will be able to access free legal opinion on taxation and accounting matters. This project is a two-way street where in the UK companies with operations in India can offer its mentoring services. The UK high commission is of the opinion that these SME’s have a bright capacity to survive and succeed in the Indian market.

At the same time, the importance of small and medium enterprises in the UK has never been more important, the record figure of private businesses with the inclusion of SME’s has been 5.5 million of which 99.9% is SME’s.

Richard Herald, the chief executive of the India Business Council, has remarked that the launch of this initiative will strengthen the economic ties between India and the United Kingdom. He went to elaborate that this program will help UK SME set up in India the necessary platform to succeed.

For more information on India company formation and UK SME set up in India reach our consultant at [email protected] or visit www.intuitconsultancy.com

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  • Newsletter

New trust and foundation law draft released to the public by DIFC

The DIFC(Dubai International Financial Centre) has drafted a new Trust and Foundation law with the intention of broadening the operating environment of private wealth management and succession planning platforms within the scope of conventional and sharia law.

This law is part of the DIFC’s implementation law docket and is put into action after carefully considering the recommendations of the DIFC’s Wealth Management Working Group to the Governor’s Strategy & Policy Committee and approved by the DIFC Higher Board in December 2016.This group is made up of 20 senior lawyers, barristers, and accountants, as well as executives from the DIFC Authority, the Dubai Financial Services Authority and the DIFC Governor’s Office, and the recommendations have been consulted on a global scale before finalizing.

The proposed law is on the lookout to significantly enhance the DIFC’s proposition on wealth management by ensuring that the lifetime and succession plan of the wealth management companies will have a high legal status.The idea also includes an establishment of DIFC’s Family Business center that will facilitate and support national and international family offices considering to relocate or transfer their private wealth and succession planning structures to the center.

Currently, the DIFC is a host to a rough figure of 200 asset management companies and advisors. This threshold will incur a beneficial position in the event of this law taking effect along with the DIFC’s new wealth regime

David Russell, the chairman of the Working group, is of the notion that this new law will review every facet of growing need of the new DIFC company formation, DIFC company setup and the existing asset management companies both nationally and internationally. The review at the same time will design a legislation that not only reflects other countries model but stands out in the crowd and earns the reputation of being a unique law in its right.

The draft of the proposed changes have released to the public, and the comments on the framework are accepted until November 8,2017. The Working Group is of the opinion that the new law will be received warmly by the public and will open the doors to a broader group discussion and other knick-knacks when exposed to the public.

For more information on DIFC company formation reach our consultant at [email protected] or visit our website www.intuitconsultancy.com

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  • Newsletter

OECD expect a positive economic forecast of the growth momentum till 2018

The OECD (Organisation for Economic Co-operation and Development) forecasted on October 9 that the major economies worldwide would continue their growth momentum even in 2018. This conclusion was reached when the IMF and World Bank are having their semi-annual meeting in New York with G20 finance ministers and the Central Bank governors.

The economic experts of OECD are closely monitoring the progress of significant economies worldwide to take decision strategically, and that does not hinder the growth rate of the economies. America is all set to hike their interest rate for the third time in December while European Central Bank (ECB) is waiting for the ball to drop and to reduce bond-buying programme, an initiative taken after 2008 financial crisis.

The OCED indicator has projected a scenario which leads to a decisive growth spurt in the leading economics that mainly contributes to world’s economic output. The latest figure stands at 3.6 annual growth in the last quarter which is the most robust growth rate seen after two years. The final spurt of increase in the economy was in the first quarter of 2015.

Experts have predicted that in the next six to nine months significant players such as U.S, Japan, and most of the European countries will maintain a stable growth and countries such as Italy will experience a fast-forward growth.

Even countries like Brazil, which had a massive political unrest early this year will experience high growth. The downside of this forecast is that the important economies of UK and Russia will face a decelerating growth given the state of the countries economy.

However, the overall growth forecast has increased the optimism and positive outlook of the OECD. The President of the ECB, Mr.Mario Draghi and Fed Chair Ms. Janet Yellen are on the decision of deliberating and evaluating the market growth and are not in a hurry of making decisions based on this growth spurt.

The ECB president has maintained the Euro Stimulus Programme despite the steady growth of the EuroZone economy, and Ms. Yellen has postponed a rate increase in September. All in all, it is safe to assume that the world economies are in the path of economic progress with a nod to the cautions around them.

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  • Newsletter, U.A.E

UAE online VAT registration is now open!

VAT Registration Open now in UAE and Executive Regulations Released

1st October 2017 marks a historic day for UAE as the Ministry of Finance of UAE have opened the registration for VAT. VAT will come into force in UAE and in KSA from 1st January 2018.

The registrants are required to provide the following information at the time of registration:

  1. Trade License
  2. Certificate of Incorporation
  3. Articles of Association/ Partnership Agreement or any other document showing ownership information about the business
  4. Details of Manager
  5. Copy of Passport and Emirates ID of the Manager
  6. Physical office Location of the Business
  7. Contact No
  8. Bank Details
  9. Information about other businesses of the directors and partners in UAE in last five years
  10. Declaration about :
  • Business activities of the applicant
  • Actual or estimated financial transaction values
  • Turnover in last 12 months with supporting documents
  • Details about expected turnover in next 30 days
  • Details about expected exempt supplies
  • Imports and Exports
  • GCC activities of the Business
  • Details about Customs registration information

There is no fee prescribed for the VAT registration and all the documents are required to be uploaded on the website.

Other notable developments towards implementation of tax in the country are:

  1. The Sin Tax “Excise” comes into force from 1st October 2017
  2. The Ministry of Finance has published Cabinet Decision No. (37) of 2017 on the Executive Regulation of the Federal Decree-Law No. (7) of 2017 on Excise Tax, as well as Cabinet Decision No. (38) of 2017 on Excise Goods, Excise Tax Rates and the Method of Calculating the Excise Price, the latter of which will add 50% to the price of carbonated beverages and 100% to that of tobacco products and energy drinks.
  3. The UAE Ministry of Finance has released the Executive Regulation of The Federal Decree-Law No (7) of 2017 on Tax Procedures, approved by the cabinet during its meeting on September 13, 2017.


We shall be informing you further about the insights of the Executive Regulations and Decree. In the meantime, please feel free to contact us at [email protected] for further consultation or assistance.

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  • Newsletter

Gulf vying a major place in the African economy

The Gulf has started to emboss its trademark in Africa. Even though U.S and France have established their standing in their former territories and other countries like Brazil and India also have their connections, one can slowly see the emergence of the Gulf.

The growing numbers of attendees in the UAE hosted Global Business forum in Africa is an attestation to that. Gulf and Africa share a long-term relationship, and the advantage points of culture and capital are making way for Gulf to be a key player in the African trade economy.

Historically the Middle East had its concentration on North Africa, and countries like UAE have taken charge and have started to move forward. The value of the non-oil agreements between Africa and Gulf is worth 24 billion dollars which 700% more than the last ten years.

The Gulf companies have invested more than 19 billion dollars for infrastructure projects in West Africa. The third largest Gulf firm in global operations DP world has invested over $1.5 billion in private-public partnerships and has entered into 30 agreements of investment projects. To protect itself from food scarcity Gulf countries are entering into agreements with agricultural producers. In 2020 the GCC would have imported 8% of the total value of all imports. It would amount to 53 billion dollars.

The attractiveness of incentives of 5% standard rate on most import and export goods and no customs duties has made Dubai a critical port of moving goods from Asia to Africa. Despite the cultural differences between the Gulf and its African counterpart, there is a very bright chance of excellent trade opportunities between them. The business opportunities would be a win-win scenario for both the Gulf and Africa mainly for Gulf to strengthen its food reserves. The analysts should keep their eyes glued for the developments that will happen in the future between the GCC and Africa.

Reach our consultant at [email protected] or visit www.intuitconsultancy.com to know more.

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  • Newsletter

The recent drafted policy of Foreign Direct Investment 2017

The Department of Industrial Policy and Promotion (DIPP) has introduced the Consolidated Foreign Direct Investment policy for 2017-2018 with effect from 28th August 2017.

The changes brought over by the Ministry are:

  • Abolition of FIPB: The DIPP has abolished the Department of Foreign Investment Promotion Board and the further FDI proposals and sanctioning will be handled by the new administration/ ministry. Competent authorities that is the concerned department or authority shall manage the approval of foreign investments under current FDI and FEMA rules. The Competent Authorities will examine the existing proposals by following the guidelines set by the DIPP.
  • Start-up Foreign Direct Investment: The ministry has allowed 100% FDI’s in start-ups and as a first have listed them in a separate section. Start-ups have given the right to issues equity or equity-linked instruments as well as debt instruments to foreign venture capital investors. They can also issue convertible notes to non-citizens subject to certain terms and conditions.
  • Lenient investment of FDI in some sectors:
  • Agriculture and animal husbandry: 100% FDI in apiculture, conditions relaxed for animal husbandry, aquaculture, apiculture, and pisciculture.
  • Manufacturing sector: 100% FDI through Government route for retail trading and e-commerce for foods manufactured or produced in India.
  • Defence industry: 100% FDI allowed.
  • Broadcasting carriage services: Infusion of fresh investment beyond 49% requires Government approval.
  • Airports(existing projects): 100% FDI allowed when compared to 74% FDI allowed before.
  • Transport service(Regional air transport or Domestic scheduled passenger airline): 100% FDI allowed under automatic route.
  • Private agency securities: 49% automatic route. Beyond 49% and up to 74% through Government route.
  • Single brand product retailing: Sourcing norms are relaxed.
  • Pharmaceuticals – Brownfield: up to 74% FDI through automatic route. additional conditions as given in the FDI policy.
  • Other financial services: The investment cap 100% remains the same but will be regulated by the financial regulator authority as authorized by the Government.

These are the changes brought by the DIPP in the Foreign Direct Investment rules and regulations.

For information on Foreign Direct Investments visit www.intuitconsultancy.com or reach our consultant at [email protected]

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  • Newsletter

The stepping stones in compliance

Compliance has become an integral part of businesses today. What was once a formality has now become a necessity. Companies are struggling to keep up with the compliance requirements in HQ and their branches worldwide. Intuit Consulting provides a clear way on tacking the compliance concerns of companies.

Keeping up with compliance:

Using individual strategies, the companies can keep up with compliance. The steps a compliance professional can adapt are:

  • Stay abreast of the compliance requirements and the areas that are lacking in them,
  • Compliance is a proof of how was the decision taken by the Company,
  • Compliance is a interwoven web, so the officers is to have contacts with all the departments of the enterprise,
  • Providing the head management a clear and concise overview of the compliances adapted and the yet to adopt compliance.
  • Incomplete compliance requirements can lead to penalties, which can be severe, the professional should be aware of the due dates and the filing procedures

The scope of compliance professionals:

Compliance has and is becoming an elementary prerequisite of business. Soon, the field will call for experienced professionals as the rules and limitations noose are getting tighter. As deals are made internationally or nationally, the growing and pivotal role of compliance cannot be underestimated.

Experts estimate that within the next 12 months the companies will face many challenges in the area of compliance. Compliance has now become a bridge between corporates and CEO’s are need of a complete compliance guidance from expert professionals.

Getting the best:

Companies should not treat compliance as a hurdle but as a stepping stone for their business expansion. They can hire experts who will ensure that all the compliance needs of the firm are fulfilled. While exploring unchartered waters, the compliance experts will make sure that all your bases are covered.

To know more about compliance management log on to www.intuitconsultancy.com.  You can also reach our consultant at [email protected]

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  • Newsletter

The high growth of Euro businesses

The private business setups in the Eurozone have shown a flourishing growth in the third quarter according to a poll by Reuters. The momentum is expected to be carried forward to the coming months. This dynamic has created a ripple effect of expectation; the European Central Bank might announce its reduction on monthly spending on quantitative easing along with the inflation pressures.

According to the IHS Markit study, Composite Purchasing Managers Index (PMI) has a rise of above 50 bouncing from 55.6 in the month of August to 56.7 in the month of September where it can be viewed as growth and not a contraction.

According to Reuters poll, the forecast for September was a dip in the index. This rise has surpassed the decline calculation, and the value of Euro has been elevated to 0.4 percent. The increase in the PMI’s of major economies of Germany and France has also reached an unexpected high.This growth as seen by experts have led to the conclusion that this empowers the policymakers in ECB to draft policies to take advantage of the situation. There has a been a noticeable rise in the price indices also in September as well as the business index rose to 52.6 to 52.1.

The ECB is going to announce in October its plan to extend the asset purchase program by six months, but there will be a cutback on the purchase of the asset. This trend has resulted in businesses to go frantic for the completion of orders. The service industry also had witnessed a booming rise to 55.6. This trend has increased the business growth, and the expectations of the business owners as the business expectation index went through a major increase of 66.1 to  64.0.

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