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200 companies struck off register due to AR absence in mid-Oct: DICA

A total of 200 companies was struck off the register in mid-October as they fail to submit an 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. The DICA found that 200 companies failed to restore their status within six months of suspension under 430 (F) of Myanmar Companies Law in September. The companies were struck off the register starting from 11 and 15 October respectively. Also, 900 companies were struck off in July, August and September, 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 Section 97 of the law. 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, more than 16,000 companies were suspended 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, totalling 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 commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The number of companies registered on the online registry system, MyCO, topped more than 2,000 in the first half of this year. Earlier, MyCO received more than 1,000 applications from new companies every month. At present, 100 per cent of the applicants are using the online registration platform, according to data provided by the DICA.

Source: The Global New Light of Myanmar

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Livestock, fisheries attract six foreign investment projects in 2020-2021FY

The livestock and fisheries sector attracted six foreign investment projects during the last financial year 2020-2021, according to the Directorate of Investment and Company Administration (DICA).

Those businesses brought in about US$19.698 million, including the expansion of investments by the existing joint ventures. They are executing layer farming, pig farming and sales of pigs, production and farming of eggs and shrimp, as per data of the DICA.

Since 1988-1989FY, about $924.5 million of FDI have flowed into the livestock and fisheries sector. Next, 16 countries have invested in the livestock and fisheries sector so far. Among them, Thailand has topped the list of investments, with over $380 million, followed by Singapore with about $130 million. Myanmar’s livestock and fishery sector are crucial to the livelihoods of many vulnerable households and contribute to improving nutritional outcomes in the country.

Source: The Global New Light of Myanmar

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Number of companies registered on MyCO exceeds 4,965 in nine months: DICA

The number of companies registered on the online registry system, MyCO, reached over 4,965 in the past nine 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 and 733 in September, 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. 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, a total of 1,816 new companies have taken registration 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. Section 266 (A) of the Myanmar Companies Law 2017 mentions that 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, about 17,000 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 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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200 companies struck off register due to absence of AR in Sept: DICA

A total of 200 companies was struck off the register this month 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. The DICA found that 200 companies failed to restore their statuses within six months of suspension under Section 430 (f) of Myanmar Companies Law in September. The companies were struck off the registration during the period from 6 to 13 September respectively. Also, 500 companies were also struck off in July and August, according to the DICA’s notifications.

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. According to 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 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 (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 statuses 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, totalling K250,000. If a company fails to restore its status within six months of suspension, the registrar will strike its name off the registration, according to the DICA notice. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The number of companies registered on the online registry system, MyCO, topped more than 2,000 in the first half of this year. Earlier, MyCO received more than 1,000 applications from new companies every month. At present, 100 per cent of the applicants are using the online registration platform, according to data provided by the DICA.

Source: The Global New Light of Myanmar

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Between July and August last year, Myanmar allowed only one foreign investment worth more than $ 5 million

According to figures released by the Directorate of Investment and Company Administration (DICA), Myanmar was only allowed to invest more than $ 5 million in foreign investment between July and August. Between July and August 2021, Myanmar allowed only $ 5.3 million in foreign investment in the manufacturing sector. Investment in the livestock and fisheries sector increased by more than $ 0.4 million. During the two months, total foreign investment was $ 5.778 million, including increased investment.

In the first 11 months of the current fiscal year, Myanmar has allowed more than $ 3.7 billion in foreign investment, the most in the energy sector, at more than 80 percent, according to the Directorate of Investment and Company Administration (DICA). In the 11 months from October 1, 2020 to the end of August 2021, the fiscal year 2020-2021, Myanmar has approved up to 45 investment projects worth over $ 3.767 billion. Of those, six were allowed to invest in the energy sector, with a total investment of $ 3.121 billion. The maximum allowed is over 82%.

In the agricultural sector, two businesses worth nearly $ 10 million; Six in the livestock and fisheries sector worth more than $ 19 million; In the manufacturing sector, 24 businesses worth more than $ 262 million; A hotel business worth over $ 81 million in the hotel and tourism sector; A business worth more than $ 28 million in the industrial zone development sector; In the service sector, five businesses worth more than $ 103 million; More than $ 133 million in transportation and communications; In the real estate sector, more than $ 8 million has been approved in various sectors. In the 33 years from the 1988-1989 fiscal year to the end of July 2021, Myanmar allowed more than $ 91 billion in foreign investment, according to DICA.

Source: Daily Eleven

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YRIC endorses over $1 mln worth project, creates 851 jobs for residents

The Yangon Region Investment Committee (YRIC) endorsed one foreign enterprise in the manufacturing sector, with an estimated capital of US$1.095 million, as per the YRIC’s videoconferencing convened at 10 am on 8 September. Yangon Region Chief Minister U Hla Soe, who also acts as chairman of YRIC, the committee members and the investors joined the video conferencing to ensure the foreign capital inflow during the COVID-19 pandemic.

At the meeting, YRIC endorsed one foreign investment business with a total capital amount of $1.095 million in the manufacturing sector and is expected to create 851 local job opportunities. Moreover, they discussed the general issues of the other four companies. To simplify the verification of investment projects, the Myanmar Investment Law allows the region and state Investment Committees to grant permissions for local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million.

The investors can inquire about the investment and submit a proposal by dialling (01-658263 and 01-658264) of YRIC located on Kaba Aye Pagoda Road, Yankin Township. The proposals worth above K6 billion can contact the Myanmar Investment Commission located on Thitsar Road, Yankin Township via 01-658102 and 01-658103, YRIC stated. The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, container boxes, and garments on a Cutting, Making, and Packing (CMP) basis. To date, foreign investments from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Seychelles are arriving in the region.

Source: The Global New Light of Myanmar

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500 companies struck off register due to AR absence in past two months: DICA

A total of 500 companies was struck off the register in the past two months as they failed to submit an 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. The DICA found that 500 companies which failed to restore their status within six months of suspension under 430 (F) of Myanmar Companies Law in the last two months. The companies were struck off the register starting from 5, 9, 16 July and 25 and 30 August respectively, 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 Section 97 of the law. 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, more than 16,000 companies were suspended for failing to submit AR forms within the due date.

Newly 500 companies struck off register due to AR absence in past two months: DICA 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, totalling 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 commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The number of companies registered on the online registry system, MyCO, topped more than 2,000 in the first half of this year. Earlier, MyCO received more than 1,000 applications from new companies every month. During the public holidays from 23 to 31 August, the DICA is offering services for investment and company registration at the Head Office located at No.1 Thitsar Road, Yankin Township of Yangon Region and One-StopService is opened at No. 49 Seinlemay Lane, Kaba Aye Road, Yankin Township for the department coordination matters, the DICA announced. At present, 100 per cent of the applicants are using the online registration platform, according to data provided by the DICA.

Source: The Global New Light of Myanmar

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Number of companies registered on MyCO exceeds 4,230 in eight months: DICA

The number of companies registered on the online registry system, MyCO, reached over 4,230 in the past eight 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-August 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 and 360 in August, 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, more than 16,000 companies were suspended as of September-end 2020 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 late filing 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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The actual inflow of foreign investment into Myanmar in 2020 is just over $ 2.2 billion

According to figures released by the Directorate of Investment and Company Administration (DICA), the actual inflow of foreign investment into Myanmar in 2020 was just over $ 2.2 billion. In the last fiscal year 2019-2020, Myanmar allowed more than $ 5.525 billion in foreign investment, and only $ 2.205 billion in actual inflow into Myanmar by 2020. During the 2018-2019 fiscal year, Myanmar allowed more than $ 4.5 billion in foreign investment.

According to the Directorate of Investment and Company Administration (DICA), the actual inflow of foreign investment into Myanmar during the period was $ 2.766 billion. In the investment sector, the MIC has already given permission, but foreign investors have not been able to enter immediately and have to conduct a preliminary study on their business capabilities. There is a business approve. What kind of business is allowed by the business owner? How much to invest? You have to submit it first. Does the state have to allow the proposed business under the Investment Law? Should the Union allow it? It was approved step by step.

Once authorized, the employer does not enter immediately. He also studied whether it is possible in the country first. When all goes well, the business will start. Some jobs take years. For example, the investment allowed this year is not immediate. They may start working next year or next year. This year’s entry also includes permits from some companies from previous years. In some years, it is more than allowed, said an official from the Myanmar Investment Commission (MIC). If we look at the amount of foreign investment that has actually flowed into Myanmar year by year, in 2014 it was almost $ 1.2 billion. In 2015, it was over $ 4.2 billion. In 2016, it was about $ 3.9 billion. In 2017, more than $ 4.8 billion; $ 1.8 billion in 2018; In 2019, it received more than $ 1.7 billion, according to DICA.

Source: Daily Eleven

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METRO Wholesle Myanmar will be closed at the end of October due to operational difficulties

METRO Wholesle Myanmar, a well-known company in Yangon, announced on September 1 via its social media site that it would be shutting down at the end of October due to operational difficulties.

The statement said it regretted that METRO Myanmar would cease operations at the end of October 2021. They have carefully considered what can be done under various circumstances. However, the current situation makes it very difficult to operate in accordance with the high standards set by METRO.

Customers who have trusted and worked with them over the years; Thanks to all our business partners and suppliers. They would also like to thank all the METRO staff and pledge to provide full guidance and support during the transition period. METRO Wholesle Myanmar entered and invested in Myanmar in 2017.

Source: Daily Eleven