The draft Companies Regulations 2018 has been released for public consultation on Directorate of Investment and Company Administration’s website. These regulations shall be called the Myanmar Companies (Electronic Registry System and Miscellaneous Matters) Regulations 2018.
These regulations take effect on August 1, 2018. W h i l e e s t a b l i s h i n g M y a n m a r Companies Online (MyCO) electronic registry system, the company affairs divisions of the Directorate o f I n v e s t m e n t a n d C o m p a n y Administration were temporarily closed from July 23, 2018 to July 31, 2018. Company registration and filing processes were temporarily suspended during that days. All company registration and filing processes restart on August 1, 2018 under the new electronic registry system, MyCO.
According to DICA, electronic registry system is established by the Registrar under section 421 of the Law. The Registrar shall establish and maintain the electronic registry system. Any registry transaction under the Law shall be carried out using the electronic registry system. The Registrar may refuse to process a registry transaction if a person is being required to complete a prescribed form, fails to properly complete the form in accordance with the instructions contained in the form, fails to attach the document or provide the information and fails to pay the fee prescribed for the registry transaction. All existing companies and body corporates registered with the Registrar prior to the commencement of the Law must re-register on the electronic registry system within the re-registration period, six months from the date of commencement of the Law.
