DICA blocks 8 palm oil importers for misconduct

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The Directorate of Investment and Company Administration (DICA) added eight companies to the blocklist for misconduct in palm oil import and non-compliance with rules and regulations.
DICA has already notified that the registrar will publicly declare the denylist and weak compliance matters on DICA’s website if companies registered on the online registry system, MyCO fails to comply with the existing law, rules and bylaws of the government institutions concerned and provisions stipulated in Myanmar Companies Law.
Therefore, DICA put eight companies on the blocklist from 24 June 2024. They are Six Winner Brothers Co Ltd, Diamond Dragon Co Ltd, First Top Edible Oil Co Ltd, Ayeyar Hinthar Trading Co Ltd, Thein Than Yadana, Jewel Arrow Co Ltd, Agri One Trading Co Ltd and Grand Unity Co Ltd.
The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, under the Myanmar Companies Law 2017.
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.
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, over 400 companies are suspended every month for failing to submit AR forms within the due date.
As a result of this, newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns. 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/EM

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