A total of 1500 local companies were struck off from the registration list from July to mid-November 2021 as they failed to submit an annual return (AR) according to the Directorate of Investment and Company Administration (DICA).
The DICA has notified any registered company which fails to submit its AR on MyCO are to be suspended. The DICA found that 1500 companies which failed to restore their status within 6 months of suspension under 430 (F) of Myanmar Companies Law.
300 companies in July, 200 companies in August, 400 companies in September and October, 100 companies on November 8 and 100 companies on November 12, totaling 1500 companies were struck off from the list.
According to 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, as per Section 53 (A-1) of the Myanmar Companies Law 2017. If they submit within 28 days, the company has to pay a fine of Ks. 100,000 for filing late. If it is more than 28 days, it becomes suspended and to cancel from the suspended list, Form 1-9D has to submit together with registration fee of Ks.100,000.
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. If the company want to restore its status its business, it has to submit 1-5 at MYCO.
All registered companies need to file 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 (A) of the Myanmar Companies law.
