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DICA sets 30 Mar as late registration deadline for MyCO

The Directorate of Investment and Company Administration has asked companies which failed to register and re-register on the online registry MyCO in January to complete the registration formalities by 30 March.

Companies which fail to meet the deadline for late registration will be struck off from the register list, according to the DICA.

“More than 60,000 companies were previously registered in Myanmar, and they were all notified to re-register on MyCO. The DICA set a six-month period from 1 August, 2018 to 31 January, 2019 for companies to register and re-register on the online registry. Only 47,000 companies had re-registered on MyCO until the deadline expired,” said U Myo Min, the director of the DICA.

“Companies which do not re-register within the set period will be struck off the list. Those who want to restore their corporate status will have to shell out a fee, and provide a sufficient reason for failing to complete the formalities,” said U Myo Min.

In February, 1,419 more entities registered on the online registry, with total company registrations reaching 59,291.

“Companies must not think they can register by paying a penalty after the six-month deadline expired in January. According to regulations, companies will have to give a sufficient reason why they failed to register before the deadline,” said U Myo Min.

Some corporates that failed to re-register may be considered to be running their business in the wrong way, said U Myo Min.

“They seem to stand as corporates, but they do not operate their business in the correct way. Now, we have cleared out those companies. We have notified all the companies to complete re-registration. Those branches of foreign banks have registered,” said U Myo Min.

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.

Companies will have to pay the prescribed fee and applications for late re-registration will not be accepted after 30 March, on any grounds, according to the DICA.

SOURCE: DICA MYANMAR

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