Asian jurisdictions have made significant strides in aligning their laws with the current times and modern-day business requirements
In Myanmar for example, new laws include the Myanmar Companies Law 2017 (MCL) and Myanmar Investment Law 2016 (MIL). The former legislation replaces the outdated Companies Act (1914), while the latter consolidates and replaces the previous Foreign Investment Law (2012) and the Citizens Investment Law (2013). Among other things, the MCL allows foreigners to own up to 35 percent of a Myanmar company, facilitating more foreign investor participation in the country’s economy. The MIL introduces new streamlined procedures for investment approval.
Singapore has one of the most pro-business governments in the world. According to the Accounting and Corporate Regulatory Authority, 5,455 local and foreign companies were incorporated in Singapore in April 2022 alone. Amongst some of the new developments in Singapore, are the tightening of the regulation of crypto businesses through a new Financial Services and Markets Bill, the tightening of data privacy rules and a mandatory data breach notification requirement. Singapore also strengthened its corporate governance regime with updates to company laws.
In Thailand, in May 2022, the Public Limited Company Act (No. 4) B.E. 2565 (2022) (Amendment) become effective. Its main purpose was to focus on modernizing and facilitating the corporate procedure of the Public Company in Thailand by removing some outdated requirements and allowing more usage of electronic means. The Thai Cabinet also approved a broad range of economic stimulus and investment incentives to attract highly skilled employees for certain sectors as well as wealthy foreigners to invest in the country.
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