Myanmar Law on Gambling 2020: New Opportunities for Foreign Investors

Myanmar (until 1989 Burma) is one of the little-known countries of Southeast Asia. If earlier the state was almost closed to foreigners, in recent years the government has taken active steps in the field of tourism development and foreign investment. One of the stages of this work is the gambling industry legalization. Gambling in Myanmar, according to the state apparatus, will stimulate the development of the economic sphere and the tourism industry.

Basic on Current Situation on the Gambling Market in Myanmar

Myanmar is a country of contrasts and paradoxes. In this state, the ancient Buddhist places of interest, the scenic beaches, exotic tropical nature and the rudiments of modern infrastructure are combined in a wonderful manner.

One of the relatively new directions of development is the casino in Myanmar. Despite the restraining effect of the prohibitory law of 1986, both an Internet business and land gambling sites are presented within the state.

Rules for Visiting Gambling Establishments in Myanmar

Gambling platforms provide round-the-clock access to entertainment for money.

The Following Rules Apply

• the entrance is open only for adult users after the presentation of identity documents;
• there is a lax dress code;
• the administration of the establishment reserves the right to refuse of providing services to persons in a state of alcohol/drug intoxication, as well as users listed in the casino blacklist;
• only cash is used to receive bets;
• there is a ban on audio and video recording.

The Legalization of Gambling in Myanmar

According to preliminary information, the Parliament of the country proposes new rules that expand opportunities for the gambling business. At the moment, the bill has been submitted for consideration. If the law is adopted, the building of new land-based areas will be allowed in May 2019. The state apparatus has already allocated a casino complex, which is planned to be opened in hotels of Mandalay and Yangon.

All aspects of the segment regulation, the industry functioning, the tax system and other rules will be included in the law as a form of secondary legislation. They will be finalized after the adoption of the main normative document. Nevertheless, it is already known that gambling in Myanmar will be available only for tourists — the local population is forbidden to visit the gambling sites of the country.

Gambling business in the country is expanding in another direction: the government is actively working to attract the audience to the state lottery. The initiative aims are to increase investment in the treasury to the level of 1 trillion kyats per year (about 655 million dollars).

Features of Launching the Gambling Projects in Myanmar

For operators who wish to install slot machines within the territory of the country, are offered the following legal forms: sole proprietorship, partnership, limited liability companies, representative offices of foreign brands.

For local enterprises, the amount of the authorized capital is not prescribed, while for foreign investors the minimum share fund is clearly indicated:

• for commercial enterprises — from 500 thousand kyats;
• for brands engaged in the provision of various types of services — from 300 thousand kyats.

In order to open a gambling business by foreign representatives, at least half of the reserve fund must be deposited into the account of one of the two largest banking institutions in Yangon (the former capital of the state).

List of Documents for Registration of Legal Business Status in Myanmar

1. Completed form A (regulation on enterprises of 1957).
2. Articles of association.
3. Completed application form.
4. Full description of the occupation.
5. Detailed cost estimates (calculations for the first year of operation in the market).
6. Documentary evidence of financial sustainability.
7. Resolution of the board of directors.

Online Industry in Myanmar

Regulation of virtual platforms by the legislation of the country is not provided yet. There is no information about local operators, and online business in Myanmar is the sphere of interests of foreign companies only. This is a brand-new market.

Prospects and Conclusions

Myanmar is a very promising fast-growing market, discovering completely new horizons. Almost a general lack of competition and favourable conditions for foreign investment created an ideal climate for the development of gambling.

It is high time to explore new opportunities in more details and start developing your own gambling project. Do not miss your chance to enter a new market and seek advice from our experts.

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