A new requirement under the MYANMAR COMPANIES LAW (2017, PyidaungsuHluttaw Law No.29) is that a company in Myanmar must have at least one resident director. This does not have to be a Myanmar citizen, but, consistent with the test use in taxation laws, the nominee must be resident in-country for at least 183 days in each year. Currently a Myanmar incorporated company requires two shareholders. This requirement will be decreased to one shareholder. Current investors may therefore wish to make their Myanmar company a 100% owned subsidiary. Companies with less than 30 employees and annual revenues of less than MMK50m will have a lower regulatory burden as they are exempted from a number of reporting and meeting requirements.