The Myanmar Directorate of Investment and Company Administration (DICA) announced today that the company affairs division will be temporarily closed from 23-31 July 2018 in preparation for the commencement of the new Myanmar Companies Law and the implementation of the new electronic registry system called MyCO. The announcement was published in the Global New Light of Myanmar, a local daily newspaper.
According to the announcement, company registration and filing processes will be temporarily suspended during this 7-business day period. DICA's services will resume on 1 August 2018 under MyCO.
The announcement is a clear indication that the implementation of the Myanmar Companies Law and the new registration system will be rolled-out as scheduled on 1 August 2018.
We add that based on the draft Companies Regulations 2018, 1 August 2018 is also the start of the 6-month re-registration period during which Myanmar companies will be required to re-register under MyCO. Our previous alert on re-registration (here) has more details on this.
Clients can prepare for the transition by taking the following steps:
- Review the draft Model Constitution issued by the DICA and assess whether this is suitable for your company. Every company will have to either adopt this model constitution or draft a custom one as part of re-registration. A copy of the draft Model Constitution is available here.
- Consider the appointment of a director ordinarily resident in Myanmar -- at least one will be required to be named during the re-registration process.
We will continue to update you of any further developments