In Brief
According to the Section 462, Sub-section (a) (ii) of the Myanmar Companies Law, DICA announced a directive no.7/2023 on 17 January 2023, stating that nominee directors and nominee shareholders will not be allowed.

Key Takeaways
According to the Chapter 18 of the Myanmar Companies Law, in relation to the rights and responsibilities of directors, those who direct control the affairs are considered as directors according to Law, even it is not appointed as director. The appointment of nominee director will not be allowed in Myanmar.
Myanmar Companies Law specified that the director who owns the share needs to register to the Registrar.
Currently, some countries are allowed registration with the nominee shareholders and they are using a system that disclose the beneficial owner separately.
In Myanmar, it is not allowing such registration with the nominee and announce that the person/legal entity who are registered at the Registrar will be as the beneficial owner.
According to the section 421 of the Myanmar Companies Law, the information of beneficial owner can be checked with the prescribed fee at DICA.

Conclusion
We will certainly keep you apprised of any future developments in its regard. Should you need further information on Myanmar Companies Law, please drop us a line at corporate@ilawasia.com