The ISO code of Myanmar is MM according to the ISO 3166 standard. The local name of the country is Myanma Naingngandaw. Myanmar capital city is Naypyidaw. People in Myanmar speak the Burmese language. On 4 January 1948, Myanmar emerged as a sovereign political entity. In the year 01/04/1948, Myanmar emerged as a sovereign political entity. The largest cities in Myanmar are Nay Pyi Taw, Yangon, Mandalay.
Myanmar is located in the UTC +06:30 time zone, which is also called Myanmar Time or MMT. The internet country code top-level domain (ccTLD) for Myanmar is .mm. Other domains assigned to Myanmar are .asia. The International dialing code for Myanmar is 95. People in Myanmar drive on the right side of the road. Total land area of Myanmar is 676,578 km² (approx. 261,227 mi²). Myanmar is not a landlocked country. It means that is is bordered by at least one major body of water.
Myanmar is located in Asia. Myanmar is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Myanmar faces various issues, including deforestation, industrial pollution of air, soil, and water, inadequate sanitation and water treatment contribute to disease.
Doing business in Myanmar
We offer various corporate services in Myanmar jurisdiction. These services can serve both, people coming from Myanmar and foreigners. If you plan on doing business in Myanmar you might be interested in contacting us.
To find out about starting your business in Myanmar click on company formation in Myanmar.
To find out how to open a bank account in Myanmar and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Myanmar.
Choose preferred service below or continue reading to find out more about Myanmar.
Demographics of Myanmar
The total population of Myanmar is 53,855,735 people. In Myanmar, the population density is 76 people per square kilometer (198 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is rather diverse according to a fractionalization scale which for Myanmar is 0.5062. Myanmar has approximately 103117 foreign immigrants. The median age is approximately 27.9 years. In Myanmar, 1.07 in every 100 people use internet. Myanmar has a Human Development Index (HDI) of 0.524.
The majority religion of Myanmar is Buddhism, Myanmar is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Myanmar.
Culture of Myanmar
People in Myanmar speak the Burmese language. According to data on inbound tourists in Myanmar, 2,044,000 tourists arrive in the country each year. One of the most popular national dishes of Myanmar is mohinga. To read more click on culture of Myanmar.
Geography of Myanmar
Myanmar is considered to be a large nation because of its total area. Its total land area is 676,578 km² (approx. 261,227 mi²). Myanmar is located in Asia. Its capital city is Naypyidaw. Myanmar has 5 neighbouring countries. Its neighbours include Bangladesh, People's Republic of China, India, Laos, and Thailand. Total length of land borders of Myanmar is 6522 kilometers (~2,518 miles).
The highest point of Myanmar is Hkakabo Razi, with its official height being 5881 m (19,296 ft). Including land mass and EEZ, the total area of Myanmar is approximately 1,209,353 km² (~466,932 mi²). The most notable natural resources found in Myanmar are petroleum, timber, tin, antimony, zinc, copper, tungsten, lead, coal, marble, limestone, precious stones, natural gas, hydropower, arable land.To read more click on geography of Myanmar.
Economy of Myanmar
The currency of the country is Burmese kyat. The symbol used for this currency is Ks, and it is abbreviated as MMK. 0.8% of population in the country are unemployed. The total number of unemployed people in Myanmar is 430,846. Each year, Myanmar exports around $9.04 billion and imports roughly $10.11 billion. The Gini Index of the country is 40. Myanmar has a Human Development Index (HDI) of 0.524.The Global Peace Index (GPI) for Myanmar is 2.323. Myanmar has a government debt of 44% of the country's Gross Domestic Product (GDP), as assessed in 2012. Myanmar is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are agricultural processing, wood and wood products, copper, tin, tungsten, iron, cement, construction materials, pharmaceuticals, fertilizer, oil and natural gas, garments, jade, gems.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Myanmar is $244,365 billion. Each year, consumers spend around $15,018 million. The ratio of consumer spending to GDP in Myanmar is 0%, and the ratio of consumer spending to the world consumer market is 0.0433. The corporate tax in Myanmar is set at 30%. VAT in Myanmar is 30%, and it is known as Sales Tax. In 2013, Myanmar received 504 million USD in foreign aid.In 2014, the foreign aid amounted to 374.2 USD.To read more click on economy of Myanmar.
Infrastructure of Myanmar
Infrastructure quality in Myanmar is rated to be at 2.14. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Myanmar, 52.4% of the population has access to electricity. There are 1,055 internet hosts in Myanmar. Myanmar has 64 airports nationwide.
The logistics performance index of Myanmar is 2.25. It indicates a mediocre performance - shipping procedures are relatively unreliable, timeliness and safety of transferred goods are often a problem, although such a system may function relatively well if traffic is no too dense.
Tracking possibilities for shipments are rated at 2.36. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.
The number of road motor vehicles per 1000 inhabitants in Myanmar is 528. To read more click on infrastructure of Myanmar.
Politics of Myanmar
Myanmar, is a unitary presidential republic. With regard to political and civil freedoms, Myanmar is 3. Citizens in Myanmar experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Win Myint.
According to the World Bank Group, the government effectiveness index of Myanmar is -1.28. This indicates that the government of Myanmar is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Myanmar, the legislative power is vested in a Assembly of the Union. The Global Peace Index (GPI) for Myanmar is 2.323. The strength of legal rights index for Myanmar is 2. Overall, it is considered to be rather weak - bankruptcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible. In 2013, Myanmar received 504 million USD in foreign aid. In 2014, the foreign aid amounted to 374.2 USD. Myanmar is a member of the United Nations (UN). On 19 April 1948, it joined the UN as a full member state. Myanmar is a member of the World Bank. To read more click on politics of Myanmar.
Environment of Myanmar
Myanmar emits 0.2 metric tons per capita of CO2. 430560 km² of Myanmar's territory is covered in forests. and forest land comprises 64% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Myanmar is 528. To read more click on environment of Myanmar.
Company formation in Myanmar
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Myanmar.
When establishing a company in Myanmar, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Myanmar that will affect the establishment and growth of one's business. Contact us or click on company formation in Myanmar to read additional information when setting up a business.
Bank account opening in Myanmar
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Myanmar. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Myanmar, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Myanmar or contact us.