The Yangon Public Bus Company will not be seeking approval from the Myanmar Investment Commission(MIC). Dr. Mg Aung, who is leading the efforts on the Yangon Divisional Government side told us that operations should be up and running before the end of 2015. Since the government is taking an active part, the company will not be seeking MIC approval.
The MIC has stated that in order to operate, a company does not necessarily require its approval. Those who have done so wished to gain the tax cuts and privileges as stated in the Foreign Investment Law and Myanmar Nationals Investment Law, as well as the guarantees, such as non-appropriation of fixed assets.
There are certain business sectors which must acquire MIC approval prior to operations, and private and public companies are prohibited from performing in the following sectors: arms and ammunition, forestry, mining and gems, electricity generation, aviation, and broadcast media—the exceptions being joint ventures with Government Ministries.
The Yangon Public Bus Company will be founded with a capital of 25 Billion Kyat, the Yangon Divisional Government putting forward 10 Billion and public equity of 15 Billion. An open tender was held on the 11th of July to import buses for this venture. It is estimated that about 60-100 buses will be imported. Those wishing to put forward equity can do so with a minimum of Kyat 500 million after applying to the Yangon Divisional Government.
Five entities have already been officially registered and committed: ShweThanlwin, ShweTaung, Diamond Star, Zeya & Associates, and Fishery and Marine Products 2000. Currently, Yangon is being served by over 3,500 buses on more than 360 routes—most buses are owned by individuals and are administered by MA-HTA-THA or Bus-lines Management Committee.