Over 1,000 new companies registering with MyCO every month
OVER 1,000 new companies are registering on the online registry system MyCO every month, according to the Directorate of Investment and Company Administration.
Registration and re-registration of companies on the MyCO website commenced on 1 August,2018, in keeping with the Myanmar Companies Law 2017. More than 14,000 new companies and 46,000 existing companies have registered and re-registered on
MyCO in the last nine months (August-April), which brings the total number of registered companies to 62,000. Over 90 per cent of companies have used online
applications for registration,while the rest have filed their applications manually, according to data from the DICA.
MyCO is receiving more than 1,000 applications from new companies every month. When the online registry was launched in August, 2018, 1,816 new compa-
nies registered on MyCO. The figure stood at 2,218 in September,1,671 in October, 1,437 in November, 1,364 in December, 1,733 in January, 1,419 in February, 1,108
in March, and over 1,300 in April, data from the DICA shows.
The DICA had set a six-month period from 1 August,2018 to 31 January, 2019 for reg-
istration and re-registration. It had said those companies which failed to re-register would be struck off from the register list.Over 60,000 companies were previously registered in Myanmar and all of them were notified to re-register on MyCO. When the deadline closed, 46,377 old companies had re-registered on MyCO and over 10,000 companies
had failed to do so.
“Those companies which want to restore their corporate status will have to shell out a fee
and provide sufficient reasons,” said U Myo Min, director, DICA. “The companies must not
think they can register by paying a penalty after the lapse of the six-month deadline. According to regulations, companies will have to provide sufficient reasons why
they failed to register before the deadline,” he said. As per Chapter III of the notification (66/2018) issued by the Ministry of Planning and Finance on 23 July, 2018, if an existing company fails to re-register on the electronic registry system within the deadline, the registrar can strike its name off the register and publish a notice in the Gazette. Once the notice is published, the company will be dissolved, while the liability of the directors and the members of the company shall continue to be enforced. Under Section (d) of Chapter III, a registrar may restore an existing company or corporate entity which has failed to reregister, if it provides sufficient cause before its name is struck off the register. Such companies will be restored after they shell out a fee, which will be prescribed by
the Union Minister.