Myanmar Company need to send letter to DICA on roll of business

The companies registered at the Directorate of Investment and Company Administration (DICA) must report to the nearest Company Administration Department before September 14 with a letter stating that their company is still operational, DICA said.

"Every company in Myanmar will have to report to our office. The purpose of doing this is that we want to know how many companies are actually working in Myanmar. Any companies that do not report will be removed from the list of companies as mentioned under the law," said U Aung Naing Oo, director general of Myanmar Investment Commission (MIC).

According to a client briefing by legal firm VDB Loi, "We understand that DICA’s preference is to receive confirmation by way of a letter, which letter should be printed on company letterhead and signed by a director of the company, clearly state the company’s full name, registration number and registered address, otherwise simply state that the company confirms that it is currently carrying on business, attach a copy of the company’s Certificate of Registration or, failing that, it’s most recent form XXVI registered list of directors; and, be delivered to DICA by fax or email."

From 1988 to 2011, there were a lot of restrictions and it was next to impossible to run a company under the letter of the law. As a result, there are very few companies which registered officially, with most working without government oversight.

Under the administration of the new government, the restrictions were reduced and the Myanmar company registration have increased. As of August 25, there are 45,910 companies officially registered, of which 28,382 companies officially registered in the past 23 months.

"We have done a lot of reform under the term of the current government. Our goal is to minimise the number of companies that are not registered officially. Under the previous government, there were only 800 companies that registered officially every year. The number of officially registered companies has risen to thousands. In the previous fiscal year, we have seen over 7,000 companies which registered officially," said U Aung Naing Oo.

Although it is mandatory that companies report their ongoing business activities to the Commission within 18 months of the approval of business licence and then submit a business plan yearly, 30 percent of the companies have failed to follow this regulation.

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