image_6483441 (4)

Companies registered on MyCO exceed 5,300 in past five months: DICA

The number of companies registered on the online registry system, MyCO, totalled 5,323 in the past five months (January-May) this year, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018 keeping in line with the Myanmar Companies Law 2017.

The figures of registered companies stood at 8,011 in 2021, 15,080 in 2020, 17,380 in 2019 and 8,506 in 2018, as per statistics of the DICA. 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.

Under 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 under Section 53 (A-1) of the Myanmar Companies Law 2017. As per DICA’s report, thousands of companies have been suspended so far for failing to submit AR forms within the due date.

Newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns. The 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 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. 

Source: The Global New Light of Myanmar

Telenor Myanmar to be renamed Atom

Telenor Myanmar will be renamed Atom, according to a statement from Telenor Myanmar. TELENOR MYANMAR LIMITED was renamed ATOM MYANMAR LIMITED on May 30, the statement said.

The change in name of the company will reflect the aftermath of the transfer of ownership and will continue to create greater business opportunities for organizations and individual customers with better telecommunications services, enhancing support into a wider market, Telenor said in a statement.

The name change will not affect the services, Telenor said. Telenor Myanmar, formerly owned by Norway-based Telenor Group, was sold in March this year to M1 Group in Lebanon for $ 105 million. Telenor Myanmar was taken over by M1 Group and its local partner, Shwe Vyin Phyu, with 49 per cent owned by Shwe Vyin Phyu.

Source: Daily Eleven

Dollar hits over K2,000 at exchanges despite CBM reference rate at K1,850

The unofficial exchange rate against the US dollar stands at over K2,000 on the over-the-counter market although the Central Bank of Myanmar (CBM) set the reference exchange rate at K1,850, according to local forex traders. To strengthen the Kyat value in the local forex market, the CBM set the exchange rate margin within 0.5 per cent of the reference rate for the transaction, selling or buying, according to a notification issued by the CBM on 9 November. Consequently, financial institutions including the banks and informal money exchanges set a dollar value at K1,781 for buying and K1,786 for selling.

Consequently, financial institutions including the banks and informal money exchanges set a dollar value at K1,850 for buying and K1,855 for selling. Nevertheless, the dollar was traded only between K2,058 and 2,068 on 1 June in the informal financial market. The CBM sold US$95 million at its auction market within three months this year for edible oil, fuel oil and pharmaceutical sectors, to govern the market volatility. A total of $443.8 million were sold at an auction rate in 2021 as well. Last 28 September 2021, a dollar value hit an all-time high of over K3,000 in the black market and consequently, the pure gold reached a record high of K2.22 million per tical (0.578 ounce or 0.016 kilogramme) in history.

Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability play a crucial role in the trade facilitation. The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules not in the domestic market, and proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal procurement of foreign currency, illegal trade and taking legal actions against price manipulators. Furthermore, the officials concerned will crack down on those people involved in charging a percentage for money withdrawals at banks as shadow money.

Source: The Global New Light of Myanmar

260233416_1731267413870831_1981407642690712426_n

Chinese fruit trucks inspected on the Burmese border can now travel to China without further inspection

Fruits and vegetables are imported into China through the Qin San Gate in Myanmar. On June 1, the Chinese government approved a waiver of goods that can be inspected at the Wanding Valley Orchard in China without the need for further inspection of goods that have been tested for residues and disinfection. In the past, fruits imported from the gates of Kyin San Kyaw Gate in Burma were subject to the COVID regulations at the border. Fruits that have passed the pesticide and disinfection test will be allowed to continue to check out domestic vehicles from the Changhua Fruit Market, and only after passing the medical examination will they be allowed to leave anywhere in China.

“Domestic departure means that cars sold directly from the Chan Ho orchard will be able to leave directly. In the past, you could only leave after a medical examination, ”said Sai Khin Maung. Previously, the mango market suffered losses due to the longer days, but now the mango market has become more active due to the easing. “In the past, you could only leave after a medical examination,” he said. Because it takes days. Two or three days have passed. Due to these days, the quality of mango products was low. It’s a lot faster now. The market situation is that fresh mangoes are cheaper, ”said Sai Khin Maung.

In China’s Wandingchang Ho Fruit Market, depending on the quality, gold, A diamond costs between 80 and 140 yuan each, compared to the same period last year. “The situation is no different from last year,” he said. It has to be done in the midst of difficulties. Various adventurous challenges have to be done. Agricultural input costs are higher than last year. This year is like this. Just like last year. During the COVID period, we had to work in the midst of difficulties. 100% is not good at all. It is a difficult time. And people who dare to work will benefit. The main thing is the quality of the fruit, ”said Sai Khin Maung.

At present, an average of 10 to 15 trucks loaded with mangoes enter the Northeastern Gate Public Company Limited Fruit Market in the 105-mile trade zone every day, and the mango market in Myanmar is a bit dynamic depending on the quality of mangoes, with the rapid departure of domestic goods from China’s Changhua Fruit Market, according to mango growers. As a result of the easing, the entry and exit points at the border crossing have risen slightly, with an average of about 20 Burmese trucks leaving for China, and about 20 trucks re-entering from China, with an average of 70 to 80 trucks a day, including unloaded trucks. “In China, I think the war will be fought according to the rules,” he said. If it’s fast, it’s not that fast. 

Now the truck is getting in and out fast, but it is still seven or eight days away. But it went a little faster. But it is not significant yet, ”said Maung Sein, in-charge of Shwe Lwe In Stadium. Many lockdowns are being eased in China. Traders said that while the unloading of Burmese trucks was being arranged and the departure arrangements were being made, and the beans being shipped in containers were easy to get in and out of, but the cost of returning Burmese trucks was about 1,500 yuan and about 25 lakh unnecessary extra costs on the Burmese side. Combined with the legal costs and the undesirable unnecessary extra costs, the average cost of a truck is around 25 lakhs. A trader in Muse said the costs could ultimately have a huge impact on consumers and could lead to higher commodity prices, prompting a thorough investigation into the need to facilitate not only exports but also imports.

Source: Daily Eleven

Kawthaung-Border-Immigration-1024x456

The Kawthoung-Ranong border reopened on 1 June

The Kawthoung-Ranong border post reopened on 1 June after more than two years of closure. Myanmar and Thailand have agreed to allow the people from the two countries to stay two-night three days with a border pass in Ranong, a town in southern Thailand.

Holders of PV passports, those who are going to study in Thailand, and those who have had a three-month visa from the Thai Embassy in Yangon are now able to go to Thailand through Kawthoung. As a travel expense, THB 500 for a boat fare from Kawthoung to Ranong, K300 for a stamp in Myanmar and THB150 for Thailand.

Passport holders will not be required to pay THB2,000 as the deposit, while those who will visit Thailand for seven or 15 days will be required to pay the deposit and they will be able to withdraw it when they arrive back in Kawthoung, according to Ma Win Yi, a Ranong resident. On 24 May 222 Myanmar workers were sent to Thailand under the MoU system through the Kawthoung-Ranong border.

Source: The Global New Light of Myanmar

285339068_3392076677735836_7847868532600483271_n

Business Leader Roundtable 2022: Future for int’l business in Myanmar

Date: 9 June, 2022 (Thursday)

Time: 6:00 PM – 8:00 PM UTC+08

Venue and registration: The entire Roundtable would be conducted via Zoom. Registration details will be sent to members via email.

Panellists:
– Anthony Aung, Special Adviser, Smart Way
– Josephine Price, Chair, MPE&VCA
– Karina Ufert, CEO, EuroCham Myanmar
– Shinsuke Goto, CEO, Trust Venture Partners
– Thompson Chau, Editor-At-Large, Frontier (Chair)

Details: This year’s theme “Future for international business in Myanmar” seeks to assess the future of foreign businesses in the country and their implications for the broader economy. The event is held under the Chatham House rule and is open only to members of Frontier and event partners.

Contact: Membership team: members@frontiermyanmar.net