Companies registered on MyCO exceed 6,400 in past six months: DICA

26
The office of the Directorate of Investment and Company Administration (DICA).

The number of companies registered on the online registry system, MyCO, amounted to 6,443 in the past six months (January-June) 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, keeping in line with 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, as per statistics of the DICA.
The previously registered companies had to re-register on the MyCO and a total of 46,377 companies were re-registered on the MyCO between 1 August 2018 and 31 January 2019.
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, as per Section 53 (A-1) of the Myanmar Companies Law 2017.
According to the DICA’s report, 500 companies were suspended in May 2022 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 the 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.— NN/GNLM

Share this post
Hot News
Hot News
Organizations from armed struggle line must seek the best solution for ensuring durable peace and stability of the nation through dialogues via NCA
MoI, Indian govt ink pact for Sarsobeikman building project
SAC Secretary attends Mon State Day exhibition, observes Mon traditional entertainment
MoHT Union Minister receives delegation led by Thai firm CEO
MoI Union Minister chairs meeting on formation of Myanmar digital media association
Myanmar, Russia discuss media sector cooperation to strengthen bilateral ties
ASEAN initiates measures to protect children from harmful foods, beverages
2024 matriculation examination continues for social science subject
MoNREC authorizes essential mineral production for cement manufacturing
Seafarers, migrant workers required to pay taxes at CBM rates