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

by INVESTMENT

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

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

by COVID
  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

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International flight restrictions extended until 30 November

by COVID

The Ministry of Health has issued a directive on the temporary restriction of international commercial passenger flights to Myanmar since it is crucial to control the spread of the COVID-19 disease in Myanmar. With the permission of the Central Committee on Prevention, Control and Treatment of the Coronavirus Disease 2019 (COVID-19), “Importation of COVID-19 to Myanmar through Air Travel” was revised as “Temporary Measures to Prevent Importation of COVID-19 to Myanmar through Air Travel Issue-2” on 31-12-2020 as of 23:59 hours of Myanmar Standard Time on 31 October 2021. Until now, the prevalence of the COVID-19 epidemic has risen in most parts of the world. With the permission of the Central Committee on Prevention, Control and Treatment of the Coronavirus Disease 2019 (COVID-19), the effective period of the above directive has been extended to 23:59 hours of Myanmar Standard Time on 30 November 2021 to further prevent the risk of COVID-19 transmission via international air passengers into Myanmar.


Ministry of Transport and Communications

Source: The Global New Light of Myanmar

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Myanmar foreign trade down by $263 mln this FY

by TRADING

Myanmar’s external trade as of 22 October in the current mini-budget year 2021-2022 (Oct- March) sank to US$1.4 billion, which shows a drastic drop of $263 million as against the year-ago period, the Ministry of Commerce’s data showed. The international trade stood at over $1.66 billion in the corresponding period of last FY 2020-2021, according to data released by the ministry.

This month, Myanmar’s export was worth over $697 million whereas, the country’s import was relatively low at $703.68 million. The border trade dropped owing to the closure of border post by the main trade partner China amid the coronavirus impacts. However, the maritime trade was registered an increase of $115 million. At the present time, the traders have transaction problem triggered by the restriction of the private banks.

Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is focusing on reducing trade deficit, export promotion and market diversification. The external trade stood at $29.58 billion in the 2020-2021 FY, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar

Myanmar Central Bank sells $294.8 mln in past eight months

by ECONOMY

The Central Bank of Myanmar (CBM) sold US$294.8 million at its FX auction rate to the authorized dealers in the past eight months (Feb-Sept) 2021, according to the auction results released by the CBM. Last month, the CBM reportedly sold $50 million on 18 October, 30 million each on 22 and 26 October in the auction market, totaling $110 million which is the largest amount sold in the past eight months. Consequently, the exchange rate dipped to below K2,000 in late October, according to the CBM. Last September-end, a dollar value reached the highest of over K3,000 in history. The CBM, therefore, sold $63 million to the banks in September 2021. In a bid to strengthen the local currency and govern the market volatility, the CBM reportedly sold about 6.8 million dollars on 3 February 2021, $12million in April, $24 million in May, $12 million in June, $39 million in July and $28 million in August in the auction market.

The CBM trades the foreign currency with the authorized private banks under the rules and regulations of the FX auction market. The currency intervention is required to steer the own currency value. It is one of the responsibilities of the CBM to control the price. This is why the CBM practised the foreign exchange intervention. The current political changes in Myanmar and the COVID-19 impacts affect the currency market. Some people want to hold the hard currency during the difficult times, a market observer shared his opinion. The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The rate moved in the range of K1,335-K1,465 in February.

It reached the lowest of K1,420 and the highest of K1,550 in March. The rate fluctuated between K1,550 and K1,610 in April. The rate fluctuated between K1,585 and K1,730 in May and it moved in the maximum of K1,595-K1,620 last month. The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The rate moved in the range of K1,335-K1,465 in February. It reached the lowest of K1,420 and the highest of K1,550 in March. The rate fluctuated between K1,550 and K1,610 in April. The rate fluctuated between K1,585 and K1,730 in May and it moved in the maximum of K1,595-K1,620 in June. The rate stood at K1,626-K1,670 in July. It hit the lowest of K1,660 and the highest of K1,682 in August. The rate edged up to K3,200 and fell to K1,696 in September. Last month, it stayed between K2,430 and K1,830.

Source: The Global New Light of Myanmar

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Exports of cattle, animal products down by $88.9 mln in FY2020-2021

by TRADING

Myanmar’s exports of animal products in the financial year 2020-2021 touched a low of US$18.8 million, a sharp drop of $88.9 million compared with the corresponding period of the 2019-2020FY since livestock trading was suspended by China. In the 2019-2020FY, animal products exports were registered at $107.7 million. Animal products exports are solely driven by the private sector. Live cattle trade is booming on Myanmar’s black market, with 2,000 heads of cattle daily sent to China, said U Soe Naing, chair of Mandalay Region Cattle Exporters Association. Chinese traders are constantly purchasing cattle on the black market across the border between Myanmar and China, despite the suspension of cross-border trade. At present, the black market has been stronger. The legitimate market has halted since late 2020.

Following about 15,000 heads of cattle stranded in Muse last year, traders embarked on illegal sales. Around 6,000 heads of cattle are still stuck in Muse, he continued. For legitimate trade, China permits live cattle import only after ensuring the cattle is free from 20 diseases, including Foot and Mouth Disease, along with vaccination certificates, health certificates, and farming registration certificates. Those import criteria do not matter on the black market. Myanmar’s live cattle export is heavily relying on the China market due to a good price although Myanmar has other external markets such as Laos, Thailand, Malaysia and Bangladesh. The Ministry of Commerce grants a permit to each company for 100 cattle export and the permit is valid for three months.

The companies can be taken legal action if they do not sell the cattle during the three months. Live cattle export was allowed in late 2017, with a view to eradicating illegal exports, creating more opportunities for breeders and promoting their interests. The country exports cattle that are above five years old, along with vaccination certificates, health certificates, and farming registration certificates. According to the 2018 cattle census, there are 11.5 million heads of cattle in the country. The authorities have issued cattle export licences to more than 300 companies in the Magway region. There are around 5,000 companies holding cattle export licences across the country. Since 2017, Myanmar has exported more than 540,000 heads of cattle beyond domestic consumption, the association stated. The Ministry of Agriculture, Livestock and Irrigation will also strive for investments in dairy farming and value-added production businesses.

Source: The Global New Light of Myanmar

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Myanmar receives over 12.38 mln jabs of COVID-19 vaccine till 23 Oct

by COVID

A total of over 12.38 million jabs of the COVID-19 vaccine has been administered in Myanmar till 23 October, according to the Ministry of Health. As of 23 October, there were 5.7 million people who had received two doses of the vaccine and 6.68 million people who had received one dose, over 12.38 million in total, according to the Ministry. Fifty per cent of the total population is expected to get vaccinated at the end of this year. The country has already received 18 million doses of vaccines till 23 October, including two million doses of the Covishield vaccine, 14 million doses of Sinopharm vaccine and two million doses of Sinovac vaccine.

Myanmar has also accepted over six million doses of COVID-19 vaccines from China, India and Russia, according to the Ministry. Further, Myanmar has already purchased 24 million Sinopharm vaccines from China under the contract system. As soon as the vaccine arrives, Myanmar will offer vaccines to 12 million people aged between 40 and 64. The country has been administering vaccinations since January 2021, using the China-made Sinopharm and Sinovac vaccines, across the country.

World Health Organization already allows China-made Sinopharm and Sinovac COVID-19 vaccines for use in emergency cases. The WHO also recommended that above aged 18 people can get two kinds of Sinopharm and Sinovac COVID-19 vaccines. Besides, efforts are being made to increase the number of vaccines available and coordinate the purchase of vaccines. Since 14 September, the target groups are being vaccinated for the first time with the COVID-19 vaccine. The number of COVID-19 cases and deaths globally slightly decreased by 10 per cent each in last week, according to the WHO’s weekly report on COVID-19 released on 28 September.

Source: The Global New Light of Myanmar

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Government of the Republic of the Union of Myanmar Ministry of Health

by COVID

Order No 465/2021


7th Waning of Thadingyut 1383 ME
27 October 2021

The Ministry of Health hereby announced the order by exercising the authority stipulated in Sub-Section (b) of Section 21 of the Prevention and Control of Communicable Diseases Law.

  1. The Ministry of Health has taken preventive measures against Coronavirus Disease 2019 (COVID-19) in real-time. Therefore, the orders were issued for the people from some townships of Nay Pyi Taw, regions and states to stay at home in order to more effectively control the infection of the pandemic.
  2. However, as the people from these townships exactly abide by the disciplines of preventing the COVID-19, further finding of confirmed patients within 14 days, declining of group-wise infection among the patients, emphasis of the relevant governments, organizations and people on raising the health awareness during the stay-at-home period, further finding of confirmed patients and contact persons in laboratory tests within 14 days, and active participation of township administrative bodies, health staff, those from related departments and organizations and volunteers as well as the people in the prevention and control of the pandemic were seen.
  3. Hence, the people residing in the townships of the following regions and states were removed from the Stay-at-Home programme as of 4 am on 28-10-2021.
    (a) Chin State
    (1) Tonzang Township
    (b) Sagaing Region
    (1) Homalin Township
    (c) Bago Region
    (1) Toungoo Township
    (2) Kyauktaga Township
    (3) Nyaunglebin Township
    (4) Waw Township
    (5) Minhla Township
    (6) Letpadan Township
    (7) Thayawady Township
    (8) Okpo Township
    (d) Magway Region
    (1) Pwintbyu Township
    (e) Mandalay Region
    (1) Chanmyathazi Township
    (2) Chanayethazan Township
    (3) Pyigyitagun Township
    (4) Maha Aungmye Township
    (5) Aungmyaythazan Township
    (6) Patheingyi Township
    (7) Amarapura Township
    (8) Myingyan Township
    (9) Pyawbwe Township
    (10) Yamethin Township
    (f) Mon State
    (1) Thaton Township
    (g) Yangon Region
    (1) Taikkyi Township
    (2) Mingaladon Township
    (3) Shwepyitha Township
    (4) Hlinethaya Township
    (5) Insein Township
    (6) Tamway Township
    (7) South Okkalapa Township
    (8) Dagon Myothit (North) Township
    (9) Mingala Taungnyunt Township
    (10) North Okkalapa Township
    (11) Yankin Township
    (12) Thakayta Township
    (13) Thingangyun Township
    (14) Kayan Township
    (15) Kamayut Township
    (16) Kyimyindine Township
    (17) Sangyoung Township
    (18) Bahan Township
    (19) Mayangon Township
    (20) Hline Township
    (h) Ayeyawady Region
    (1) Bogale Township
    (2) Hinthada Township
  4. The people must strictly abide by the disciplines related to the prevention and control of the COVID-19 issued by the Ministry of Health after removing these townships from the list of stay-at-home programmes.

Dr Thet Khine Win
Union Minister

Source: The Global New Light of Myanmar

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Myanmar’s border trade reaches over $135 mln in mini-budget year

by TRADING

Myanmar’s trade with neighbouring countries through land borders reached over US$135 million as of 15 October in the mini-budget year of 2021-2022 or transition period from October to March this year, according to figures released by the Commerce Ministry.

During the period, the country’s export via border gates amounted to $60.21 million while its import shared $75.07 million. This financial year’s border trade decreased by over $358 million, compared to the same period of last FY when it amounted to $493.48 million, the ministry’s figures said.

Myawady topped the list of border checkpoints with the most trade value of $102.05 million, followed by Kawthoung with $13.41 million. Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufacturing goods and others to foreign trade partner countries while capital goods, intermediate goods and consumer goods are imported into the country.

The country conducts border trade with neighbouring China through Muse, Lwejel, Kampaiti, Chinshwehaw and Kengtung; with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee, Mawtaung and Meisei border checkpoints, with Bangladesh via Sittway and Maungtaw and with India through Tamu and Reed border crossings, respectively.

Source: The Global New Light of Myanmar

Exchange rate on US dollar stands below K2,000

by ECONOMY

The exchange rate on US dollar dipped below K2,000 in the local forex market when a US dollar index hovered around 93 points and the Central Bank of Myanmar sold US$30 million to the authorized dealers at its auction rate of K1,800 last Friday (22 October). The CBM exercised foreign exchange intervention to steer the own currency value and sold $80 million to the private banks in October, as per money exchangers. Last September-end, a dollar’s value reached the highest of over K3,000 in history.

The CBM, therefore, sold $63 million to the banks in September. The CBM sold the foreign currency to the prioritized sectors (palm oil, fuel oil and pharmaceuticals) at an auction rate through the authorized banks every week. In August, the CBM reportedly sold $28 million at its auction rate. Kyat is weakening in the local forex market. In a bid to control the dollar gain against Kyat, the CBM sold about 6.8 million dollars on 3 February 2021, $12 million in April, $24 million in May, $12 million in June and $39 million in July in the auction market respectively.

The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The rate moved in the range of K1,335-K1,465 in February. It reached the lowest of K1,420 and the highest of K1,550 in March. The rate fluctuated between K1,550 and K1,610 in April. The rate fluctuated between K1,585 and K1,730 in May and it moved in the maximum of K1,595-K1,620 in June. The rate stood at K1,626-K1,670 in July. It hit the lowest of K1,660 and the highest of K1,682 in August. Last month, the rate edged up to K3,200 and fell to K1,696.

Source: The Global New Light of Myanmar