COMPANIES which fail to re-register on the online registry system, MyCO, by 31 January will have to pay a fee to get their names restored to the list, said the Directorate of Investment and Company Administration (DICA).
Starting 1 August, all new and existing companies in Myanmar are required to register or re-register themselves either on the Myanmar Companies Online (MyCO) system or at the offices of the DICA.
According to a notification from DICA, companies which fail to re-register within the set period will be struck off the list.
“Companies will be notified and if they do not respond, they will be struck off the list. Thereafter, those who want to restore their corporate status will have to shell out a fee,” said U Than Aung Kyaw, the Deputy Director- general of the DICA.
As per Chapter III of the notification (66/2018) issued by the Ministry of Planning and Finance on 23 July 2018, if an existing company fails to re-register on the electronic registry system within the deadline, the registrar may strike its name off the register and publish a notice in the Gazette. Once the notice is published, the company will be dissolved, while the liability of the directors and the members of the company shall continue to be enforced.
Under Section (d) of Chapter III, a registrar may restore an existing company or corporate body which has failed to re-register, if it provides sufficient cause before its name is struck off the register. Such companies will be restored after they shell out a fee, which will be prescribed by the Union Minister.
At present, over 41,000 companies, including new companies, have registered and re-registered on MyCO.“Over 60,000 companies were previously registered in Myanmar, according to data with the DICA. We have given enough time to companies to re-register on MyCO,” said U Than Aung Kyaw.
“Some businesspersons previously owned several companies, but now they wanted to downsize the number of their companies and, thus to keep only operational companies and becoming to re-register,” he said.
The Myanmar Companies Law 2017 makes no distinction between local and foreign companies. “As a result, the form of investment can be classified only after companies file their annual returns,” said U Myo Min, the Director of the DICA.
Source: Global New Light of Myanmar
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