DICA apprises companies of requisite attached documents in filling AR

The Directorate of Investment and Company Administration has notified the companies of providing attached documents alongside the annual returns (AR) on the online registry system, MyCO to ensure compliance with the existing laws.
The DICA has been closely monitoring the companies. More attached documents are required for filing the AR to check whether the directors of the companies follow the laws or not.
This move is to support the anti-money laundering and counter-terrorism financing law. According to Section 97 of the Myanmar Companies Law, all registered companies need to submit AR on the MyCO registry system within two months of incorporation. The DICA notified them of further necessary documents to be submitted along with the AR.
The bank statement of a company’s business account that shows a deposit for paid-up capital from shareholders must be presented while filing AR on the MyCO, together with the copy of the citizenship scrutiny card of the director and police verification certificate for proof of the actual address.
If the company’s director is a foreigner, the certificate of registration is also to be provided with the documents made in line with the Registration of Foreigners Rules (1948).
Additionally, the police verification certificate for the present address of the company that needs to be the exact address while filling out registration, a copy of the shareholders’ citizenship scrutiny card and the police clearance must be attached with the AR.
If the company’s shareholders are legal persons or legal entities, the proof of the institution concerned needs to be added as well, the DICA stated.
Only when the full set of documents is filed within two months will the DICA accept AR. Failure to do so will be proceeded under 430 (D) of Myanmar Companies Law, according to the DICA’s notification. — TWA/EM