Over 770 companies registered on MyCO in Jan

The number of companies registered on the online reg­istry system, MyCO, reached 774, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated.


The registration and re-registration of companies on the MyCO website com­menced on 1 August 2018 un­der the Myanmar Companies Law 2017.


The figures of registered companies stood at 11,618 in 2022, 8,011 in 2021, 15,080 in 2020, 17,380 in 2019 and 8,506 in 2018, as per statistics of the DICA


The previously registered companies had to re-register on the MyCO and a total of 46,377 companies were re-reg­istered on the MyCO between 1 August 2018 and 31 January 2019.


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, over 400 companies are suspended every month for failing to sub­mit AR forms by the due date.


As a result of this, 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 the AR fee, K100,000 for restoration of the company on the Register, and K100,000 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. — NN/EM