By Nyein Nyein
The number of companies registered on the online registry system, MyCO, has touched 75,000 in 20 months since the establishment of an online platform, according to the Directorate of Investment and Company Administration (DICA).
The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. Since then, more than 29,608 new companies and 46,377 existing companies have registered and re-registered through MyCO, bringing the total number of registered companies to 75,985 by March-end. At present, 100 per cent of the applicants are using the online registration platform, according to the data provided by the DICA. MyCO is receiving more than 1,000 applications from new companies every month. This year, the figures of registered companies stood at 1,415 in January, 1,298 in February and 1,015 in March, as per the DICA data.
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 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.
A total of 10,436 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 announced 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 late filing of AR, K100,000 for the 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. (Translated Ei Myat Mon)