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Companies registered on MyCO stands around 6,000 in ten months: DICA

The number of companies registered on the online registry system, MyCO, reached 5,992 in the past ten months 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 the January-September period, the number of registered companies on MyCO was 1,373 in January, 188 in February, 163 in March, 254 in April, 686 in May, 775 in June, 433 in July, 360 in August, 733 in September and 1,027 in October, 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, 1,693in October, 1,099 in November and 1,521 in December, as per statistics of the DICA. In 2019, 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 the Myanmar Companies Law 2017. According to Section 266 (A) of the Myanmar Companies Law 2017, public companies must submit annual returns and financial statements (G-5) simultaneously. 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, over 16,000 companies were suspended so far for failing 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 which 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 AR fee, K100,000 for restoration of 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

Covid-travel

Announcement on Extension of the Precautionary Restriction Measures Relating to Control of the COVID-19 Pandemic until 30 November 2021

  1. With a view to the further strengthening of measures to contain the spread of the COVID-19 pandemic, the Ministry of Foreign Affairs of the Republic of the Union of Myanmar has issued the following announcements regarding temporary entry restrictions for visitors from all countries. All those restrictions were extended until 31 October 2021 by the Ministry’s announcement dated 1 October 2021.
    (a) Announcement dated 15 March 2020 regarding precautionary measures for all travellers visiting Myanmar;
    (b) Announcement dated 20 March 2020 regarding additional precautionary measures for travellers visiting Myanmar and temporary suspension of issuance of visa on Arrival and e-visa;
    (c) Announcement dated 24 March 2020 regarding additional precautionary measures for travellers from all countries visiting Myanmar;
    (d) Announcement dated 28 March 2020 regarding temporary suspension of all types of visas (including social visit visas) and visa exemption services.
  2. In order to continue its effective response measures to protect the population of the country from the risks of importation and spread of the COVID-19, the Government of the Republic of the Union of Myanmar has decided to extend the afore-mentioned entry restriction measures until 30 November 2021.
  3. In case of urgent official missions or compelling reasons, foreign nationals, including diplomats and United Nations officials, who wish to travel to Myanmar by available relief or special flights, may contact the nearest Myanma Mission for possible exception with regard to certain visa restrictions. However, all visitors must abide by existing directives issued by the Ministry of Health relating to the prevention and control of the COVID-19 pandemic.

Ministry of Foreign Affairs
Nay Pyi Taw
Dated. 1 November 2021

Source: The Global New Light of Myanmar