Myanmar has built a new companies law to secure more investment. (Photo: AFP/VNA) Hanoi (VNA) - Myanmar has built a new companies law after amendment of its outdated Companies Act-1914 to adapt to the current age, registering an important milestone with its efforts to promote foreign investment. The new Myanmar Companies Law 2017 came into effect on August 1, 2018, enabling a company's registration process to be done electronically now. All companies are set to re-register within six months from August and the re-registration process is to be completed through the Myanmar Companies Online (MyCO) system. Under the previous Myanmar Companies Act 1914, restrictions were imposed on foreign companies, leading to hesitation of investors and obstacles to foreign capital flows, thus hindering economic development. According to the new Myanmar Companies Act 2017, foreigners are permitted to own up to 35 percent of stake in local companies, which facilitates business undertakings and … [Read more...] about Myanmar launches new corporate law to attract foreign investment
New insurance laws
Vietnam ready to slap face compulsory social insurance tax on expats
Vietnam's labor ministry has announced that is going ahead with a controversial provision requiring expat workers in Vietnam to make social insurance payments, raising concerns among foreign workers and businesses regarding aggravated costs. Tran Thanh Nam, deputy head of the ministry’s Department for Social Insurance, said a draft decree for the new provision of the 2014 Law on Social Insurance has been sent to the government, and is expected to be ratified in about a month. The decree states that only foreign workers with labor contracts of at least a year in Vietnam are subject to the compulsory social insurance plan, said Nam, as reported by Vietnam News. “This group, however, excludes foreign workers who are temporarily transferred to work in Vietnam from overseas parent companies, regardless of whether they have labor contracts or not,” he said. The social insurance package covers sickness, maternity leave, occupational accidents, retirement and death, with … [Read more...] about Vietnam ready to slap face compulsory social insurance tax on expats
Draft law assisting SMEs not specific enough: deputies
HÀ NỘI - National Assembly (NA) deputies said promulgating the Law on Support for Small-and Medium-sized Enterprises (SMEs) was an urgent task during a discussion on the draft law yesterday. During the second day of the ongoing 3rd session of the 14th NA, deputies agreed that the bill was badly needed to support SMEs for general economic growth after listening to a report presented by head of the NA Commission for Economic Affairs Vũ Hồng Thanh. Thanh reported on adjustments to the draft law following consideration of opinions contributed by NA deputies at the previous session late last year. The new draft law includes a criterion on revenue when defining a small-and medium-sized enterprise, with the revenue level between VNĐ200-300 billion (US$8.9 million - $13.4 million) whilst reducing the number of employees from 300 to 200 and replacing the criterion on the average number of employees with one on the number of employees with social insurance. "The promulgation is necessary and … [Read more...] about Draft law assisting SMEs not specific enough: deputies
VN insurers need capable agents
While preparing dinner recently, Ms. Nguyen Thanh Tam received a phone call from a potential customer asking for advice on insurance policies. The call lasted more than 15 minutes and arrangements were made to meet the next day. Since becoming a team leader at Prudential Vietnam, she receives an average of two calls about insurance each day. “I never hesitate to spend time advising clients, whether they go on to buy our products or not,” she said. Ms. Tam, a 38-year-old preschool teacher in northern Bac Ninh province, decided to become an insurance agent with Prudential Vietnam as an extra job four years ago. “I’ve wrapped up more than 100 insurance policies,” she said. “I earn a commission of 30 to 40 per cent on each policy, depending on what type it is.” She is now considering moving to another insurer as a team leader. “It’s time for a change,” she said. No rose without thorns “The salary of a preschool … [Read more...] about VN insurers need capable agents
Health insurance abuses rampant
Viet Nam News Gia Lộc HCM CITY - A 47-year-old patient from HCM City's District 8 visited several hospitals in the city for health examination and treatment a total of 162 times in the last quarter of last year. In the first quarter of this year, he has visited hospitals 51 times. Lưu Thị Thanh Huyền, deputy head of the city-based Social Insurance Agency, said the health insurance fund for medical check-ups and treatments covered VNĐ40.3 million (US$1,768) for his care in the two quarters. He had the highest number of visits for examination and treatment, Huyền said, adding that he was one of three insured patients to misuse the insurance fund in the first quarter. Huyền said that the three patients were required to commit that they will not abuse the service again. Under the Health Insurance Law, violators are fined VNĐ500,000 to VNĐ40 million, and can even be imprisoned for misusing health insurance. The number of the insured people in the city has reached 78 per cent, … [Read more...] about Health insurance abuses rampant