According to Myanmar Companies Law 2017, registration and re-registration of companies through MyCO website commenced on 1 August. However, the MyCO registry system is currently experiencing traffic overload, resulting in server error, and forcing it to be shut down temporarily for at least a few days. MyCO system will recommence on Monday (August 6), said U Myo Min, a director from the Directorate of Investment and Company Administration (DICA). “We are trying to handle the error and MyCO system will resume on coming Monday. The DICA head office and regional offices will be opened to the public with newly-established MyCO kiosks, and users who urgently require company filing services will be able to access these kiosks without paying any service fees,” he said.
The traffic overload was due to a large number of visitors who were downloading related documents and submitting duplicates, causing server error, such as delays in accessing the website, not being able to submit information and missing out data when entering information. “The applications cannot be approved until all the information and data are completed. There are duplicate submission cases, causing some error,” U Myo Min maintained.
On 1 August 2018, 30 applications were received, and only three of them were successfully approved. Regarding website error, U Aung Naing Oo, the Director-General at DICA, expressed his sincere apology to the site problem on his Facebook page.
According to the posting, the Directorate of Investment and Company Administration sincerely apologizes for any inconvenience caused on its web page. To deal with the difficulty, the DICA’s technical team is working together with experts and staff from the Ministry of Planning and Finance. Having dealt with server error, the MyCO system with online payment will re-commence online electronic filing services on Monday, 6 August.
The new Myanmar Companies Law will bring about exemption to small companies, allowing them to set up a company with a single shareholder and a single director.
Additionally, there will be no extension of company registration and no blacklist. It also ensures easier decision-making and shortening the work process. Also, small companies no longer need to submit financial reports. The new law also allows foreigners holding 35 per cent of stake to engage in export/import, insurance and the stock market.
Out of 70,000 companies, 15,000 are joint ventures between foreign and local companies. In order to be adaptable with the current age, the Myanmar Companies Act 1914 was amended, and after four years, the Myanmar Companies Law was instituted.
By May Thet Hnin