The Karenni State Interim Executive Council (IEC) announced it is now processing official company registrations and business licenses for entrepreneurs within Karenni State.
According to U L Phaung Sho, Head of the IEC’s Commerce and Trade Department, this cooperation between the IEC and business owners will help build mutual responsibility, accountability, and trust in a manner similar to a formal government.
“When people engage in these business activities, they’ll gain both psychological and physical confidence and strength. Once officially registered, they’ll have the assurance of being able to operate in cooperation with their current government,” U L Phaung Sho said.
He added that foreign companies seeking registration must first apply for residency permits.
The department is accepting license applications for various businesses including trade, local corn and rice trading, slaughterhouses, mining, construction, and other sectors, said U L Phaung Sho.
A rice trader from western Demoso believes that business licensing will help control prices better since businesses will be paying taxes to the government:
“We should consider this as a guarantee. As for rice trading, prices can be better controlled. If all rice mills collect uniform processing fees based on taxation, I think it will benefit farmers too.”
The IEC states that company registration applicants must have a minimum of three participants and submit documentation, including company structure, meeting records, and information about members and affiliated businesses.
Company registration fees are set at 350,000 kyats. The business licensing process began in June 2024, and the IEC reports that New Seven Star Company has already completed its company registration.
The IEC notes that while New Seven Star Company has registered, it has not yet applied for business licenses, so their operational activities are currently unknown.
Although registration is not mandatory during the current conflict period, the IEC says it will continue to encourage cooperation and participation from business owners.
Sent by Kantarawaddy Times.
