Companies Must Submit Annual Reports to DICA Starting February 2019

In order to understand the overall scope of investments in the country, the Directorate of Investment and Companies Administration (DICA) has ordered companies to submit annual reports starting from February 2019.
Looking at the annual reports, DICA can determine how many companies made investments in which sectors or types of businesses during the previous year.
“Companies must submit annual report, but not until next year. We are giving an exemption during the six-month long registration period because not every company is in the system yet. Starting from February 2019, companies must submit their annual reports,” said U Myo Min, Director of DICA.
According to a newly enacted law, companies and organizations registered under the 1914 Companies Act, or 1950 Special Company Act must re-register via MyCO, the official online portal. MyCO started taking registrations on August 1, 2018, and companies have till January 31, 2019, to complete the online registration.
Currently, there are over 60,000 companies registered with DICA. However, only around 1,560 companies have re-registered with MyCO. DICA says it will cancel permits for companies that fail to re-register in six months.

SOURCE: Myanmar Business Today

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