From July 2021 to early January 2022, up to 2,200 companies were deregistered under Section 430 (f) of the Myanmar Companies Law, according to figures released by the Directorate of Investment and Company Administration. 300 companies in July 2021; 200 companies in August; 400 companies in September and 400 companies in October; 400 companies in November; 40 companies in December; As of January 3, 2022, there are a total of 2,200 companies with 100 companies.
Companies that fail to submit an annual return under Section 97 of the Myanmar Companies Law will be removed from the register under Section 430 (f) of the Myanmar Companies Law (Struck.Off) by the Directorate of Investment and Company Administration from the date of issuance of these notices. Companies registered with MyCO are required to submit an Annual Return (AR). The last date to submit the Annual Return is stated on the company profile, so you have to pay the registration fee of 50,000 kyats before that date. Late Fee of 100,000 Kyats must be paid within 28 days after the date of submission of Annual Return. If the Annual Return is submitted after 28 days, it will be suspended.
The company will be deregistered if the AR is not submitted for six months after suspension. If the company is revoked and wants to revive its name, the company will have to file a 1-5 re-submission on MyCO with a court order. The Department of Investment and Company Administration (DICA) has issued a statement urging special attention to be paid to the annual return report, as the company will be tarnished by the costs of applying for a waiver in the event of a Struck Off listing and failing to comply with the Myanmar Companies Law. Section 97 (a) of the Myanmar Companies Law stipulates that all companies must submit to the Registrar every year at least once a year for two months from the date of its formation and thereafter, but not later than one month after the expiration of the year of incorporation.
Source: Daily Eleven