The Yangon Gold Entrepreneurs Association (YGEA) said that up to 1,500 gold shops have applied for business licenses in Yangon Region. So far, about 1,000 of the 1,500 shops that have applied for business licenses have been issued licenses.
The original deadline for applying for a license has also been relaxed and additional applications are allowed. When applying for a business license, service providers who sell minerals (gold) must submit evidence that they have deposited 25 percent of the business volume in a bank and the transaction volume must be shown in weight of gold. When submitting evidence, they must also submit a certificate of membership in the Myanmar Gold Entrepreneurs Federation or the Yangon Region Gold Entrepreneurs Association, a certificate from the Township General Administration Department, and a police clearance certificate.
In addition, a tax-free certificate from the relevant Internal Revenue Department and a business license issued by the Yangon City Development Committee၊ (YCDC )must be submitted together. The Ministry of Natural Resources and Environmental Conservation has announced that gold shops must apply for a business license to conduct gold trading on the ground and that if they fail to comply with the specified rules, they will be subject to action in accordance with the Essential Supplies and Services Law.
