DICA report: 18,000 companies fail to file AR in Jan-Nov

A total of 18,000 companies were struck off the register in January-November 2024 as they failed to file annual returns (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA).
DICA notified those companies that failed to file their AR on the MyCO were struck off the register from the date of the directive under 430 (F) of the Myanmar Companies Law.
DICA’s statistics indicated that 750 companies in January 2024, 600 in February, 1,650 in March, 2,000 in April, May, and June, 2,500 in July, 1,000 in August, 2,000 in September, 1,500 in October, and 2,000 in November had not filed the AR.
A total of 6,400 companies also failed to submit the AR in 2023. The company registration on the MyCO website commenced on 1 August 2018 under the Myanmar Companies Law 2017.
All registered companies must 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) under Section 97 of the law.
Under Section 266 (A) of the Myanmar Companies Law 2017, public companies simultaneously must submit annual returns and financial statements (G-5). 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.
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.
DICA has notified that any company that 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, 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