Selected applicants will join state-owned ISP Yatanarpon Teleport (YTP) in a special purpose vehicle, that will then partner with a foreign company to roll out the network.
The company will compete with state-run MPT, which has a joint venture with KDDI, and with Telenor and Ooredoo, both of which were awarded licences after a competition in 2014.
Only companies that own a registered capital of at least $2.4 million (3 billion kyat) will be considered. The winning firms will be announced in September 2015.
"The next step after selecting local partners will be appointing an international consulting firm to help select a foreign partner for the joint-venture," Chit Wai, a deputy permanent secretary at the ministry told Reuters.
The entry of a fourth operator is expected to increase competition in a market that has exploded since Telenor and Ooredoo started offering services in the country last year.
The licence, which will be valid for 15 years, is expected to be granted by the end of the year.
Capacity's Myanmar Connect conference will be held in Nay Pyi Taw on September 15-16 this year.
