We assist with the sponsorship of a business or work visa. Please speak to your Innovare sales contact person who will determine the appropriate visa for you or your consultant.
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Innovare Myanmar is based in Yangon, Myanmar and is a wholly owned member of the Innovare Group.
The opening up of Myanmar has created a buzz in the business community for several years. As the new emerging destination, it offers tremendous opportunities for the early movers. However, most organisations venturing into Myanmar face roadblocks that often make the processes we take for granted elsewhere a challenge here. Basic necessities like employment of a foreigner, administering of payroll, paying taxes are not that straightforward.
The Innovare Group provides a full contract management model in Myanmar specific to your requirements operating in multiple industries. We usually refer to this model as the Employee of Record (EOR) model. Some of the characteristics are elaborated below.
We are able to assist whether you or your consultant is an expatriate or local in Myanmar.
We have a team of payroll, immigration and compliance specialists ready to provide professional advice in terms of contracting.How Innovare Myanmar can assist:
Immigration laws in most countries in Asia Pac often hold a local entity responsible for the entry, wellbeing, good behaviour and eventual exit of the individual. This also ensures that local immigration and employment laws are adhered to. This host company will be the technical employer of the individual.
We assist with the sponsorship of a business or work visa. Please speak to your Innovare sales contact person who will determine the appropriate visa for you or your consultant.
Our Myanmar company will administer the payroll for locals as well as for sponsored expatriates.
Payroll is an essential function of any organisation but yet harbours complications as it requires understanding of Labour and Tax Laws. It is more than just the payment of salaries.
In an emerging economy like Myanmar where, the law and practices often differ and one needs to find an acceptable middle ground, having taken into account both guidelines. Our Myanmar-based payroll outsourcing team can support you in:
Tax Management
All income derived from work performed in Myanmar is subject to tax payment, regardless of payment location based on the reported monthly payroll. We shall deduct the respective tax amount each month accordingly and subsequently paid monthly to the Myanmar Tax Office.
Social Security Management:
Myanmar wages attract a minimal employer social security premium of USD10 per month. Employee premium contribution is approximately USD5 per month.
Benefits Management:
For short term contractors into Myanmar, Innovare can support your projects by acting as the employer of record. This includes:
In the event that you do not have an entity in Myanmar, Innovare can act as your representative for the purpose of billing your clients on your behalf.
This service includes:
The banking system in Indonesia is still regaining its foothold. Nevertheless, payment process taken for granted in many other jurisdictions remain a challenge locally.
With a local team and established entity as well as processes, Innovare can facilitate payments on behalf of individuals and companies.
Multi-Currency and multi Jurisdiction
As we have our own establishments throughout AsiaPacific, we are able to facilitate inbound and outbound payments on your behalf in the major currencies.
As Innovare deals with a large number of multinational as well as smaller corporations, we recognise that confidentiality is of paramount importance. We abide by the provisions of the Personal Data Protection Act of Singapore dated 2 July 2014. Whilst these are strict requirements of our headoffice in Singapore, the principles and processes are applied throughout the Group. You can be assured that your confidential data are protected.
OUR REACH » MYANMAR » OUR TEAM
Our capable team of local Myanmar residents are well versed in international and local accounting procedures and standards. The management team have spent many years shouldering core finance functions in Singapore, serving international clients before deciding to relocate to Myanmar.
Hence, the team is well able to render local services at international standards. In addition, Innovare Myanmar’s team is well supported by the headoffice team based in Singapore to ensure that our customers receive the high standard of confidentiality and service they have come to expect.
We have the privilege of supporting a large variety of companies ranging from the multinational companies to the smaller set-ups. Please refer to the testimonials.
We look forward to discussing your requirements.
We are keen to partner you in your expansion into Myanmar. Please do not hesitate to contact us:
Name: Yin Yin Hla
Tel : +95 9262130770 / +95 11222831
Email: Myanmar.Consultation@innovare-group.com
Should you need assistance in Asia Pacific, we would be pleased to hear from you.
Contact us for a discussion and a quick quote.
Please check the link below for updated information:
Latest Myanmar Travel & Quarantine Requirements
Disclaimer: Due to COVID-19, there has been a constant change in terms of work permit process, timeline, travel restrictions, quarantine period, medical tests as well as insurance requirements etc. All these requirements can change by the respective authorities in both country of work and candidate’s home country from time to time. The process, timeline and costs that Innovare provides is a guideline and is subject to change if any process is being changed. While every reasonable effort has been made to ensure its accuracy at the time of communication, Innovare cannot guarantee nor be liable for such change in timeline or costs arising from any pandemic related factors so please take note of the potentially volatile situation during this period.
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