As an initial step towards a more liberalized economy, the government formed the Foreign Investment Commission in December, 1988 after Foreign Investment law had been promulgated in November of the same year. In 1993, the government reformed Foreign Investment Commission as the Myanmar Investment Commission (MIC) to administer the Foreign Investment Law. If a foreign investor wants to set up his business in Myanmar, he shall submit a proposal form to the Investment commission. He can set up his business either in the form of wholly foreign-owned or a joint - venture with any partner. In all joint-ventures, the minimum share of a foreign company is 35% of total capital. The Commission issues a permit if the proposal is approved. In forming an economic enterprise under a permit, contracts should be executed as necessary. Besides, that enterprise should effect insurance with the Myanma Insurance Corporation in respect of the prescribed types of insurance.