Small and medium enterprises (SMEs) in Myanmar will soon be able to register online, said Daw Mi Mi Kyaw, Assistant Director of the Department of Small and Medium Enterprise.
“The online registration platform was fully developed last month. It is being tested now and will be introduced to the public in July,” she said.
The online application must be filled in manually as described on the website, following which the SME department will screen the applications. The registration card can then be obtained from the respective office of the nearest regions and states once the approval is received.
“Currently, the SME smart cards can be sought at SME branch offices in the respective regions and states. However, the cards are scrutinised in Nay Pyi Taw (headquarters). Therefore, the processing takes at least three weeks,” Daw Mi Mi Kyaw said.
“Online registration saves time, facilitating the work process. Thus, the number of registered SMEs will increase,” she maintained.
Applicants can check their registration status on the website. They will be informed if they fail to provide all the facts.
SMEs constitute 90 per cent of Myanmar’s businesses. However, of the 100,000 registered business persons, only 20,000 have smart cards.
Entrepreneurs with smart cards have access to business courses, technical assistance, marketing and loan plans, among others.
Additionally, SME smart cards are certified in ASEAN countries, which is useful for trading with regional partners. It costs Ks5,000 for small enterprises and Ks10,000 for medium ones.
The Small and Medium Enterprise Law was enacted in 2015 in Myanmar and the by-law was instituted in 2017. The SME department has some 53 branches in 15 regions and states across the country.
The SME sector plays a vital role in Myanmar’s economic development. Nevertheless, domestic SME businessmen are facing challenges in the field of capital, technology, market share and skilled labour, entrepreneurs pointed out.
May Thet Hnin