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MIC decides not to include one year and eight months, from May 2020 to the end of December 2021, as investment construction or preparation period

The Myanmar Investment Commission (MIC) has decided not to count one year and eight months from May 1, 2020 to December 31, 2021 as investment construction or investment preparation period, the MIC said in a statement. Investors operating with the approval / approval of the Myanmar Investment Commission and the Region / State Investment Committee have applied to extend the construction period due to delays in construction or investment preparation due to the Covid-19 epidemic.

The 1st meeting of the Myanmar Investment Commission (1/2022) held on 14 January 2022 decided not to include one year and eight months from May 1, 2020 to December 31, 2021 as of May 1, 2020, in order to compensate for the investment activities that were actually affected by the Covid-19 plague. Therefore, the MIC has stated that it does not need to apply for a permit to extend the construction period if the work is underway with the approval / approval of the Myanmar Investment Commission and the Region / State Investment Committee. According to the Directorate of Investment and Company Administration, Singapore was the largest source of foreign investment in Myanmar in the first six months, with more than $ 297 million.

In the first six months of the 2021-2022 fiscal year (Mini Budget), the national investment in Singapore was $ 297.349 million, including increased investment. $ 142.137 million from China, including increased investment; Taipei: $ 8.641 million, including increased investment; France $ 0.497 million; Hong Kong provided $ 109.140 million, including increased investment; India $ 0.550 million; $ 5.1 million from Indonesia; $ 4.530 million, including increased investment from Japan; Malaysia raised $ 0.3112 billion, including increased investment; RO K: $ 62.693 million, including increased investment; Samoa has pledged $ 2 million, including increased investment. Seychelles: $ 1.343 million; $ 7 million, including increased investment from Thailand; $ 4 million from the Netherlands, including increased investment; The U.K. raised $ 0.335 billion, including increased investment, Nepal received $ 1.5 million.

Source: Daily Eleven

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2,900 companies struck off register due to the absence of AR as of 1 March: DICA

A total of 2,900 companies have been struck off the register as of 1 March 2022 since July 2021 as they fail to submit annual return (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). The DICA has notified any registered company which fails to submit its AR on MyCO are to be suspended, under Section 430 (F) of Myanmar Companies Law, according to the DICA’s notification. All registered companies need to file 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 the Section 97 of the law.

In accord with the 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, more than 16,000 companies were suspended for failing to submit AR forms within the timeframe. 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, totaling K250,000. 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. The registration and re-registration of companies on the MyCO website was commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The number of companies registered on the online registry system, MyCO, totalled 2,100 in the past two months (Jan-Feb) 2022, the statistics released by the DICA. At present, 100 per cent of the applicants are using the online registration platform, according to the data provided by the DICA.

Source: The Global New Light of Myanmar

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From February 1 to the end of November 2021, Myanmar Investment Law allowed more than $ 3,552 million in foreign investment in 27 projects in nine sectors

From February 1, 2021 to the end of November 2021, under the Myanmar Investment Law, more than $ 3,552 million was approved for 27 projects in nine foreign investment sectors, according to the Ministry of Investment and Foreign Trade. During that period, foreign investment in each sector was $ 3,044.762 million; $ 179.1 million in transportation and communications; $ 162.483 million in the industrial sector; $ 65 million in the construction sector; $ 37.229 million in other services; $ 30 million in the hotel and tourism sector; $ 22.4 million for industrial zone construction; $ 6.379 million in the livestock and fisheries sector.

 In the agricultural sector, a total of US $ 3,552.396 million was approved for foreign investment with US $ 5.043 million. Manufacturing of electric vehicles; The Myanmar Investment Commission has invited domestic and foreign investment, as it will give priority to eight types of investment, including pharmaceuticals and healthcare products. Entrepreneurs are invited to submit proposals for the following types of investment projects.

The Myanmar Investment Commission will give priority to the following types of investment projects to meet the needs of the state development and nation-building activities: These activities are: (a) Fertilizer production; (B) Cement production activities; (C) Steel production activities; (D) Agriculture and Livestock; Activities related to these activities; (E) Production of value-added food products; (F) Manufacturing of electric vehicles; (G) Manufacturing of pharmaceutical and health products; (H) It is known that it is public transportation.

If Myanmar investors and foreign investors interested in the above investment sectors submit their proposals, the Myanmar Investment Commission; Relevant ministries and state and region governments will also provide necessary assistance. In the 2020-2021 fiscal year, foreign investment was the largest in the electricity sector with over $ 3,211 million, followed by the industrial sector with over $ 286 million, followed by the transport and communications sector with over $ 133 million, according to the Directorate of Investment and Company Administration.

Source: Daily Eleven

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Thilawa SEZ attracts over US$2.149 bln so far

A total of 112 enterprises from 18 countries have ploughed in over $2.149 billion into Thilawa Special
Economic Zone under the Special Economic Zone Law as of end-December, 2021 since its establishment, the Directorate of Investment and Company Administration’s statistics indicated. At present, approximately 102 factories are running in the Thilawa SEZ. The SEZ has employed more than 12,000 permanent workers, including permanent and construction workers, according to the management committee. The businesses are primarily operating in Thilawa Zone A, and the development activities in Zone B is underway.

Myanmar is currently implementing three Special Economic Zones Thilawa, Kyaukpyu, and Dawei. Out of the three, Thilawa is leading with better infrastructure and successful businesses. More than 60 per cent of businesses in Thilawa is domestic- oriented manufacturing enterprises, while 40 per cent are export-oriented manufacturers, according to Myanmar Thilawa SEZ Holdings Public Ltd. There are free zones, promotion zones and other zones in the SEZs. A company exporting at least 75 per cent of the production in value is registered as a Free Zone investor and is exempt from paying income tax for seven years from the time it starts commercial operations.

Companies such as logistics, which support export-oriented manufacturing, can also be listed as free zone companies. Domestic-oriented manufacturing companies are regarded as promotion zone companies, and they are eligible for a five year holiday on income tax. Promotion zones are mainly based on the domestic market and the markets in SEZs. In this zone, investments can be made in manufacturing, housing, departmental stores, banking, insurance, schools, hospitals and recreational places. The central body and central working committees have been reestablished to enhance the SEZs.

The meeting of the Central body for Myanmar Special Economic Zone was convened on 14 February 2022, highlighting the development of the three SEZs, proceeding in line with international regulation regarding the contract, implementation of the Kyaukphyu SEZ which can create job opportunities and help contribute to the State’s economy. While the manufacturing sector absorbed the largest share of foreign investments, the investments were also pumped into the trading, other services, logistics, hotel and tourism, and real estate sectors. Japan has topped the list of foreign investors so far, accounting for over 33 per cent of the overall investment, followed by Singapore and Thailand. FDI also flowed into the SEZs from the Republic of Korea, Hong Kong (SAR), the UK, Australia, the UAE, Malaysia, Austria, China (Taipei), Denmark, Brunei Darussalam, Viet Nam, France, Switzerland, and the Netherlands as well.

Source: The Global New Light of Myanmar

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Singapore ranks top investor in past four months

One-listed Singapore enterprise brings in the capital of $275.7 mln into Myanmar during the past four months of the current mini-budget period (Oct 2021-Mar 2022), the Directorate of Investment and Company Administration’s data indicated. Singapore is the top source of FDI so far. China is placed as the second-largest investor of Myanmar with US$109.6 million from 16 enterprises. Those enterprises listed from India, the Republic of Korea, France, Hong Kong (SAR), Nepal, China (Taipei) and Seychelles also made investments this year.

Myanmar has drawn foreign direct investment of more than US$506.82 million from 32 enterprises during the October-January period, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, DICA’s statistics indicated. Of them, 23 enterprises pumped FDI into the manufacturing sector. Agriculture, power, construction, hotels and tourism received each project, livestock and fisheries sector attracted two projects, and three enterprises made the investment in other service sectors. During the previous financial year 2020-2021, the 14 Singapore-listed enterprises brought in US$429.336 million into Myanmar last financial year 2020-2021, including the expansion of capital by the existing enterprises, the Directorate of Investment and Company Administration’s statistics showed.

Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors. Singapore stood as the largest foreign investor in Myanmar in the previous years, pulling in the FDI of $1.85 billion in the FY2019-2020, $2.4 billion in the FY2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018FY, $3.8 billion in the 2016-2017FY, $4.25 billion in the2015-2016FY, $4.29 billion in the 2014-2015FY, $2.3 billion in the 2013-2014FY and $418 million in the 2012-2013FY respectively. Additionally, Singapore emerged as the second-largest foreign investor in the Thilawa Special Economic Zone, after the top investor Japan. The investors can inquire about the investment through the contact number of Myanmar Investment Commission (+95 92023821, and +951658132) located on Thitsar Road, Yankin Township or via the following email address (dica@mptmail.net.mm or dica.ip.mm@gmail.com).

Source: The Global New Light of Myanmar

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Myanmar attracts $109.6 mln of FDI from China in past four months

Sixteen China-listed enterprises brought in US$109.6 million into Myanmar in the past four months (Oct-Jan) of the six-month mini-budget period, according to data released by the Directorate of Investment and Company Administration (DICA). Singapore has been the top source of FDI so far, investing $275.7 million. China is placed as the second largest investor of Myanmar.

Those enterprises listed from China, Singapore, India, Republic of Korea, France, Hong Kong (SAR), Nepal, China (Taipei) and Seychelles also made investments this year. Chinses companies primarily made investment in manufacturing sector. Myanmar has drawn foreign direct investment of more than US$506.82 million during Oct-Dec period, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, DICA’s statistics indicated.

Of 32 foreign enterprises permitted and endorsed by MIC and the respective investment committees during Oct-Jan period, 23 enterprises pumped FDI into the manufacturing sector. Agriculture, electricity, construction, and hotels and tourism sectors received one each project, livestock and fisheries sector attracted two projects, and three enterprises made investment in other service sectors.

Source: The Global New Light of Myanmar

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Companies registered on MyCO exceeds 1,000 in Jan 2022: DICA

The number of companies registered on the online registry system, MyCO, topped 1,000 in January 2022, 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 under the Myanmar Companies Law 2017. The figures of registered companies stood at 8,011 in 2021, 15,080 in 2020, 17,380 in 2019 and 8,506 in 2018. The number of registered companies has reached 46,377 as of 31 January 2022 since its establishment on 1 August 2018 as per statistics of the DICA.

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) under Section 97 of the Myanmar Companies Law 2017. Under 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 under Section 53 (A-1) of the Myanmar Companies Law 2017.

As per DICA’s report, about 16,000 companies were suspended so far 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 which fails to submit its AR within 13 months will be notified of its suspension (I9A). 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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FDI flow hits nearly $246 mln in three months of this mini-budget period

The flow of Foreign Direct Investment (FDI) into the country stood at nearly US$246 million in the three months of this mini-budget period of the 2021-22FY, according to the Directorate of Investment and Company Administration (DICA).

In three months of the 2021-22FY mini-budget period, a total of $245.902 million FDI, including an increase in investment value flowed into the manufacturing sector, livestock and fisheries sector, energy sector, construction sector, transport and communications sector, hotels and tourism sector and other sectors.

In the 2020-21FY, the electricity sector topped FDI with over $3,121 million, followed by the industry sector with over $286 million and the transport and communications sector with over $133 million. According to DICA, a total of 48 enterprises have been granted permits and endorsements in the 2020-21FY, bringing in the capital of $3,791.398 million. The Ministry of Investment and Foreign Economic Relations is inviting investors to conduct business in a responsible and accountable manner. If those businesses enter Myanmar, it would be beneficial to the country.

Source: The Global New Light of Myanmar

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Eight Chinese enterprises put $93.4 mln of FDI into Myanmar in past three months

Eight China-listed enterprises brought in US$93.4 million into Myanmar between October and December 2021 of the six-month mini-budget period, according to data released by the Directorate of Investment and Company Administration (DICA).

China is the top source of FDI so far and Singapore is placed as the second-largest investor of Myanmar. Those enterprises listed from China, Singapore, India, Republic of Korea, France, Hong Kong (SAR) and China (Taipei) also made investments this year. Chinese companies primarily invested in the manufacturing sector.

Myanmar has drawn foreign direct investment of more than US$2.46 billion during the October-December period, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, DICA’s statistics indicated. Of 17 foreign enterprises permitted and endorsed by MIC and the respective investment committees in the half of the mini- budget period, 11 enterprises pumped FDI into the manufacturing sector. Agriculture, power, construction, hotels and tourism received each project and other service sectors attracted two projects.

Source: The Global New Light of Myanmar

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From July 2021 to early January 2022, up to 2,200 companies were deregistered according to the Myanmar Companies Law

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