image_6483441 (4)

Companies registered on MyCO exceed 2,000 in four months: DICA

The number of companies registered on the online registry system, MyCO, topped 2,000 in the first four months of this year, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. During Q1 of 2021, the number of registered companies on MyCO was 1,373 in January, 188 in February, 163 in March and 254 in April, the DICA’s statistics showed. At present, 100 per cent of the applicants are using the online registration platform, the DICA stated.

Last year, the figures of registered companies stood at 1,415 in January, 1,298 in February and 1,015 in March, only 348 companies in April, 798 in May, 1,314 in June, 1,650 in July, 1,551 in August, 1,378 in September, 1,693 in October, 1,099 in November and 1,521 in December, as per statistics of the DICA. The figure stood at 1,733 in January 2019, 1,419 in February, 1,108 in March, and over 1,045 in April, 1,411 in May, 1,307 in June, 1,428 in July, 1,302 in August and 1,181 in September. The figures reached a fresh new peak of 2,059 in October 2019. Then, 1,615 new companies in November and 1,772 in December were recorded, data of the DICA showed. When the online registry was launched in August 2018, 1,816 new companies registered on MyCO.

The figure stood at 2,218 in September 2018, 1,671 in October, 1,431 in November and 1,364 in December 2018. In addition, all registered companies need to file annual returns (AR) on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation), according to Section 97 of Myanmar Companies Law 2017. According to Section 266 (A) of the Myanmar Companies Law 2017, public companies shall simultaneously submit annual returns and financial statements (G-5). All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending, as per Section 53 (A-1) of the Myanmar Companies Law 2017.

As per DICA’s report, more than 16,000 companies were suspended as of September-end for failure to submit AR forms within the due date. Newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns. The DICA has notified that any company that fails to submit its AR within 13 months will be notified of its suspension (I-9A). If it fails to submit the AR within 28 days of receiving the notice, the system will show the company’s status as suspended. Companies can restore their status only after shelling out a fine of K50,000 for the AR fee, K100,000 to restore the company on the Register, and K100,000 for late filing of documents. If a company fails to restore its status within six months of suspension, the registrar will strike its name off the Register, according to the DICA notice. 

Source: The Global New Light of Myanmar

dry-bulk-carrier

The number of ships arriving at Yangon ports was low between February and March 2021, and a total of 24 container vessels are expected to be operated by particular shipping line in May

The number of ships arriving at Yangon ports was low between February and March this year, and a total of 24 container vessels are scheduled to be launch by each shipping line in May. A total of 24 container vessels are scheduled to be shipped to Yangon port in May this year to ensure timely shipments, and special routes will be added to meet market demand, according to the Myanmar Port Authority. In order to facilitate international trade, import and the flow of goods,  a coordination meeting was held to increase the number of container vessels to meet the demand for containers for export.

At the meeting, the Chief Executive Officer, Myanmar Port Authority has reported a drop in container arrivals at Yangon Port since the COVID-19 incident, rising demand for export containers, and called on Myanmar to work together to increase the volume of shipping and reduce the need for container shipping in international trade. The general manager of he Myanmar Ports Authority (MTA) has assessed the current demand for containers in the global market, especially in Asia and Southeast Asia, as well as the current demand for containers and refrigerated containers in order to ensure timely exports to Myanmar, and the safe operation of ports. 

The shipping lines are also currently suspending / suspending some vessels. A total of 24 container vessels are scheduled to be launched by May this year. In the five months since the discovery of the new waterway on the Yangon River, 152 ships carrying more than 30,000 tonnes entered the Yangon Inland Port and Thilawa Port. In the early of 2020, only 200 meter in width, 20,000 tons, with a draft of 6 meter and 167 meters long ships were allowed enter/ exit to Yangon Port, Thilawa Port Area and only 167 meter in width, 15,000-tonne vessels with a draft of 9 meters were allowed to enter / exit to port bridges in Yangon. During that period with the increased allowance of draft, a total of nine vessels over 9 meters draft entered the port area between July and November 2020 and three vessels carrying 15,000 to 30,000 tons of Frost Tonnage arrived and unloaded their cargo.

Source: Daily Eleven

CFM_MEDIA_3-1024x680-1

Solar system benefiting rural people residing in off-grid areas

Myanmar emphasizes the improvement of the renewable energy sector by generating 60.3 per cent of electricity from hydropower, 35.6 per cent from natural gas and 4.1 per cent from solar, coal and diesel up to the end of 2020. According to the data, a target was set to increase 12 per cent electricity generation from renewable energy in 2025. In so doing, the Department of Rural Development under the Ministry of Agriculture, Livestock and Irrigation takes responsibilities for rural electrification in the villages, the off-grid areas.

Rural electrification has been implemented since the 2012-2013 financial year. Up to 2015-2016 financial year, a total of 4,807 villages could be electrified across the nation using renewable energy such as solar, small-scale hydropower and biomass with 30 megawatts of installed capacity. Setting an aim to electrify the whole country in 2030, a US$90 million loan was borrowed from the World Bank through the international development association-IDA loan for implementation of the NEP-national electrification plan (off-grid) in addition to the State budget and contributions of the people.

The small-scale power project based on less than 1-megawatt renewable energy was implemented in the 2016-2017 budget year. During the period from 2016-2017FY to 2019-2020FY, 414,461 households from 9,063 villages were electrified through the household solar system, 59,807 sets of the public solar system installed at the schools, dispensaries, religious schools and lamp-posts, solar, hydropower and paddy husk-fired power facilities at 99 project sites and some 30,085 households from 119 villages.

In the projects, the installed capacity of electrification reached 43.956 megawatts. The projects were implemented with the World Bank loan, the State budget, public contribution, the euro 30 million loan from Italy, euro 9 million assistance from KfW and euro 4.87 million for technical assistance from GIZ and the New Zealand government. Currently, the off-grid electrification project benefited some 2.22 million people. In 2020-2021FY, the household solar system will be implemented to benefit 48,974 houses from 757 villages, while 17 small-scale solar power projects will be undertaken with 4,704 sets of public solar systems.

Source: The Global New Light of Myanmar