New company registration takes at least more than one week

It takes at least over one week to register a company. Earlier, a company could be incorporated in one day, according to the Business and Finance Consulting Team of Myanmar Enterprise Solutions.
Shareholders and directors of the new companies are also parts of other entities. If those entities are suspended or struck off from the register, the registration process takes longer.
The founders of the companies are no longer granted to set up a new one if they have not dealt with the old ones first which have been suspended as they are blacklisted.
At present, a total of 3,700 companies have been struck off the register in the past nine months as they failed to submit annual returns (AR) on the online registry system, MyCO under 430 (F) of Myanmar Companies Law, according to the Directorate of Investment and Company Administration (DICA).
As a result of this, directors and shareholders of the companies are required to strictly adhere to the laws than before. They should not have stayed as the company strike off, and should have followed a systematic dissolution process.
The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, keeping with the Myanmar Companies Law 2017.
All registered companies need to file 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.
As per DICA’s report, thousands of companies were suspended for failing to submit AR forms before 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 AR fee, K100,000 for restoration of the company on the Register, and K100,000 for late filing of documents, totaling K250,000.
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

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