Myanmar Announces Additional Reporting Requirements For New Companies

• Law Firm: Tilleke & Gibbins
• Subject Matter: Corporate/Commercial Law, Corporate and Company Law, Directors and Officers
• Author: Ms Yuwadee Thean-Ngarm, Aye Thuzar Hlaing and Khin Pearl Yuki Aung
• Published date: 24 April 2023

On April 1, 2023, Myanmar's Directorate of Investment and Companies Administration (DICA) announced additional reporting requirements for newly registered companies. According to the announcement, newly established companies must submit the required information to DICA by email within two months of their registration and before submitting their first annual return (AR) to DICA through the Myanmar Companies Online (MyCO) system as required under the Myanmar Companies Law 2017 (MCL).

The reporting requirements include:

• Proof that the bank account established in the company's name has been credited with the paid-up capital shown in the MyCO system.
• Verification of individuals listed as directors of the company For directors who are Myanmar citizens, this consists of confirmation from the relevant township police office that the director actually resides at the address stated in the national registration card and the application for company registration (Form A). For directors who are foreign nationals, the required verification is proof of compliance with the Registration of Foreigners Rules 1948 (such as Immigration Form C).
• Confirmation from the relevant township police office that the registered address of the company matches an actual location and that the company is planning to open an office.
• Verification of individuals and entities listed as members of the company. For individual registered members, the requirements are the same as for individual directors (see above). For legal entities that are registered members, the entity's certificate of incorporation must be provided.

Once a newly...