A total of 19,000 companies were struck off the register in 2024 as they failed to file annual returns (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA).
DICA’s statistics indicated that 750 companies in January 2024, 600 in February, 1,650 in March and 2,000 each in April, May and June, 2,500 in July, 1,000 in August, 2,000 in September, 1,500 in October, 2,000 in November and 1,000 in December did not file the AR.
DICA notified those companies failing to file their AR on the MyCO were struck off the register from the directive date under 430 (F) of the Myanmar Companies Law.
A total of 6,400 companies also failed to submit the AR in 2023. Companies were registered and re-registered on the MyCO website on 1 August 2018 under the Myanmar Companies Law 2017.
Under Section 97 of the law, all registered companies must submit 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 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, 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.
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 the AR fee, K100,000 for restoration of the company on the Register, and K100,000 for late filing of documents, totalling K250,000. The DICA notice also read that if a company fails to restore its status within six months of suspension, the registrar will strike its name off the register. — NN/KK
