The Directorate of Investment and Company Administration (DICA) put 28 companies on the blocklist for failing to repatriate export earnings of more than K500,000.
DICA has already notified that the registrar will publicly declare the denylist and weak compliance matters on the DICA’s website if companies registered on the online registry system, MyCO fails to comply with the existing law, rules and bylaws of the government institutions concerned and provisions stipulated in the Myanmar Companies Law.
Those blocklisted companies are Asia Whale Travel & Tours Company Limited, Chengfang Company Limited, China International Forestry Group Corp Ltd, Dawna Alin Company Limited, December Moe Company Limited, IIDA Electronics (Myanmar) Company Limited, JPM Myawady Company Limited, Kyel Sin Kha Company Limited, Lin & Lee Private Limited, Linn Wai Yan Company Limited, M2M Marketing (Myanmar) Company Limited, Moe Myint Yan Company Limited, Moot Taung King Company Limited, MPTK Company Limited, Myat Aung Myanmar Company Limited, Myat Nan Taw Win Company Limited, Myawady White Elephant Company Limited, Rich Farm Company Limited, Royal Crown Supply Chain Company Limited, Shwe Hintha Yeik Mon Company Limited, Shwe Satkya Win Company Limited, Shwe Soe Moe Trading Company Limited, Stella Maris Corporation Company Limited, Taokae (2019) Company Limited, Top Form Myanmar Company Limited, Tri Iron Company Limited, Violet Valley Trading Company Limited and Wang Ye Company Limited.
DICA also blocked eight companies for misconduct in importing palm oil from 24 June 2024.
The registration and re-registration of companies on the MyCO website commenced on 1 August 2018 under the Myanmar Companies Law 2017.
In addition, all registered companies need to file annual returns (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 Myanmar Companies Law 2017. According to Section 266 (A) of the Myanmar Companies Law 2017, public companies must submit annual returns and financial statements (G-5) simultaneously.
All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending in accordance with Section 53 (A-1) of the Myanmar Companies Law 2017.
As per DICA’s report, many companies are suspended for failing to submit AR forms within the due date.
As a result of this, 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 which 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 the restoration of the company on the Register, and K100,000 for late filing of documents. 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/EM
