Online company registration: Registration on MyCO exceeds 2,100 in two months: DICA

The number of companies registered on the online registry system, MyCO, totaling 2,102 in the past two months (January-February) 2022, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated.

The registration and re-registration of companies on MyCO website commenced on 1 August 2018 under the Myanmar Companies Law 2017. The figures of registered companies stood at over 8,000 in 2021, over 15,000 in 2020, over 17000 in 2019 and over 8000 in 2018. The number of registered companies has reached over 46000 till 31 January 2019 since its establishment on 1 August 2018 as per statistics of the DICA.

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) under Section 97 of the 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, about 16,000 companies were suspended so far 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 100,000 Kyats 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 50,000 Kyats for AR fee, 100,000 Kyats for restoration of the company on the Register, and 100,000 Kyats 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.