SIX hundred companies were struck off the register in June 2025 as they failed to file annual returns (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA).
The DICA report showed
failure of 1,500 companies each in January and February, 900 in March to submit
AR. No company lacks to file AR in April. Four hundred companies did not file
AR in May.
The DICA notified those
companies which failed to file their AR on the MyCO and were struck off the
register from the date of the directive, under 430 (F) of the Myanmar Companies
Law, according to the DICA’s notification.
A total of 19,000
companies also failed to submit the AR in 2024. The registration and
re-registration of companies on the MyCO website commenced on 1 August 2018, in
keeping with the Myanmar Companies Law 2017.
All registered
companies need to 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), according to Section 97 of the law.
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.
The DICA has notified
that any company which fails to submit its AR within 13 months will be notified
of its suspension (I9A). 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 AR fee, K100,000 for restoration of the company on the Register, and
K100,000 for late filing of documents, totalling K250,000. 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/KK
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