Myanmar Companies Law (2017), Electronic Registry (MyCO) launched

1 August 2018, the effective date of the Myanmar Companies Law, will be a remarkable day that will bring landmark reform and a game changer for Myanmar’s business environment. The Myanmar Companies Law, a regulatory foundation for companies and private sector economic enterprises, and Electronic Registry system (MyCO)were launched simultaneously yesterday at Melia hotel in Yangon for the smooth running of companies. Around 150 people attended the ceremony including departmental officials, development partners, local and foreign investors from private sectors, legal consultants and media.

H.E U Soe Win, Union Minister for Planning and Finance attended the ceremony and delivered an opening speech. In his speech, the Union Minister said that Myanmar Companies Law is a legal reform that could have marked changes on Myanmar economy. By creating an enabling business environment and reducing the regulatory burden, the Myanmar Companies Law would help the development of Myanmar’s economy with the success of company registration system. He congratulated those who have made a concerted effort to get ready the implementation of a law that is fundamental to the business sector and Electronic Registry.

After that, Director General of the Directorate of Investment and Company Administration delivered a speech. The Director General saidin his speech that the Myanmar Companies Law 2017 will improve the transparency and provide an efficient and effective way for companies by reducing the regulatory burden and lowering the compliance cost. Legal reforms on both policy and procedures will be found in the Myanmar Companies Law. Following the ceremony, U Myo Min, director of the Directorate of Investment and Company Administration, gave a brief presentation on the Electronic Registry and demonstrated the Myanmar Companies Online Registry (MyCo).

Ref; The Global New Light of Myanmar