Company admin obligations to be simplified under the law

When the Myanmar Companies Law is enforced come August 1, firms will no longer need to submit physical copies of original documents to the authorities as a digital online system will be used going forward,” said U Aung Naing Oo, secretary of the Myanmar Investment Commission (MIC).

The Directorate of Investment and Company Administration (DICA) will deploy a new online system for company registrations and re-registrations starting August 1.

“When seeking approval, companies can print the relevant documents such as registration certificates which can now be obtained online and show them to the ministries. We are now moving to an electronic system and have negotiated with all ministries to accept copies of the original documents,” U Aung Naing Oo said.

In addition, the system to renew the registration every five years will be abolished, he said. Starting August 1, all companies which have received official approval will be permanently registered as long as they do not violate any regulations.

“Under the new law, extension of a company’s registration is no longer necessary,” said U Aung Naing Oo.

Under the online system, the software will automatically designate whether a company is owned by a Myanmar citizen or foreign-owned, said DICA director U Myo Min. If the company is categorised as a foreign-owned company, it will not have the right to own or purchase immovable properties according to the law, he added.

Meanwhile, all company records will be made available online. “We will switch to a system where public-related information on all types of companies can be viewed,” he said.

For companies which have to re-register under the new system, a six-month period will be given starting August 1 until the end of January 2019. Those registering after the time limit will have to pay some form of fine, said U Myo Min, director of DICA.

Currently, the registration fees for companies is a minimum of K250,000.

Source: Myanmar Times

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