8,000 companies failing AR submission banned

According to reports, more than 8,000 companies that failed to submit annual returns in the 2023-24 financial year have been removed from the register.
The Department of Investment and Company Administration said that companies were struck off from the registration list according to the Myanmar Companies Law.
Companies that failed to submit annual returns were expunged from the company registry under Section 97 of the Myanmar Companies Law, which is published regularly every month.
According to the published decrees, in the financial year 2023-24, 200 companies in April, 550 in May, 750 in June, 600 in July, 750 in August, 450 in September, 750 in October, and 600 in November, 450 in December, 750 in January, 600 in February and 1,650 in March 2024 failed to submit the report.
As a result, a total of 8,100 companies were withdrawn from the company registration.
In addition, more than 1,000 companies were also removed from the company registration in April 2024.
A total of 3,400 companies in the 2021-22 financial year and 5,100 companies in the 2022-23 financial year were also deregistered.
Therefore, according to the published list, 17,600 companies have been removed from the company registry as of April 2024. — TPT