DICA

Notify DICA to carry out work only after receiving approval from the relevant ministry

The Directorate of Investments and Companies (DICA) has issued a notice to businesses that wish to operate after the establishment of the company only after obtaining approval from the relevant ministry.

Companies submitted to register as companies at the Directorate of Investments and Companies to do business are authorized by the Registrar to establish companies in accordance with the provisions of the Myanmar Companies Law.

According to the businesses that the companies want to establish and operate, the relevant ministries, If it is necessary to obtain the permission of the Departments, the work must be obtained after obtaining the permission. (For example, if you want to operate a private hospital, you need to request the approval of the Ministry of Health, if you want to operate a bank, the approval of the Central Bank of Myanmar, if you want to operate an education service, you need to request and obtain the approval of the Ministry of Education, etc.

Therefore, the company that needs to register and obtain a license to operate according to the businesses it wants to operate. Organizations are relevant ministries, The Directorate of Investments and Companies (DICA) has issued a notice to carry out business only after obtaining the approval of the departments.

In accordance with the Myanmar Companies Law (2017), companies can be incorporated in the Department of Investment and Companies Directorate.

There is no minimum capital requirement for setting up a company. The Directorate of Investment and Companies has established and maintained the Electronic Company Registration System (MYCO) as a registration system for all companies and registered organizations under the Myanmar Companies Law 2017. Information from the MYCO registration system is maintained electronically and is accessible to the public 24 hours a day.

Source: Daily Eleven

Trading

Border trade tops US$8 bln in 2022-2023 FY

Myanmar’s border trade totalled US$8.57 billion in the 2022-2023 financial year. Myanmar’s exports outperformed imports in border trade, with the exports worth $6.086 billion and imports valued at $2.484 billion, according to the Ministry of Commerce.
The value of border trade was estimated at $7.75 billion in the FY 2021-2022, including exports worth $5.413 billion and imports valued at $2.338 billion.
The figures showed an increase of $818.268 million in the FY2022-2023 compared to that recorded in the FY 2021-2022.
Myanmar conducts cross-border trade with neighbouring countries (China, Thailand, Bangladesh and India). Of them, Thailand was ranked first with exports worth $3.479 billion and imports worth $1.876 billion. China was placed second in border trade with exports worth $2.5 billion and imports worth $561.938 million.
Myanmar exports agricultural products, livestock products, fishery products, minerals, forest products, manufacturing goods and other goods to the neighbouring countries.
Myanmar imports capital goods, consumer goods, intermediate goods and raw materials from the CMP enterprises. 

Source: The Global New Light of Myanmar

Fuel oil persists in high prices

he fuel price stayed on the rise in the domestic market.
On 17 April, the prices stood at K2,235 per litre of Octane 92, K2,300 for Octane 95, K2,095 for diesel and K2,175 for premium diesel.
The domestic fuel prices are set depending on the price index set by Mean of Platts Singapore (MOPS), the pricing basis for many refined products in southeast Asia, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil.
Last August 2022, the oil prices surged to K2,605 per litre for Octane 92, K2,670 for Octane 95, K3,330 for premium diesel and K3,245 for diesel.
The committee is therefore governing the fuel oil storage and distribution sector effectively not to have a shortage of oil in the domestic market and to ensure price stability for energy consumers.
The Petroleum Products Regulatory Department, under the guidance of the committee, is issuing the daily reference rate for oil to offer a reasonable price to energy consumers. The reference rate in Yangon Region is set on the MOPS’s price assessment, shipping cost, premium insurance, tax, other general cost and health profit per cent.
The rates for regions and states other than Yangon are evaluated after adding the transportation cost and the retail reference rates daily covered on the state-run newspapers and are posted on the media and official website and Facebook page of the department daily starting from 4 May.
The committee is inspecting the fuel stations whether they are overcharging or not. The authorities are taking action against those retailers of fuel stations under the Petroleum and Petroleum Products Law 2017 if they are found overcharging rather than the set reference rate.
As per the statement, 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally. The domestic fuel price is highly correlated with international prices. The State is steering the market to mitigate the loss between the importers, sellers and energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to those of regional countries.
Some countries levied higher tax rates and hiked oil prices than Myanmar. However, Malaysia’s oil sector receives government subsidies and the prices are about 60 per cent cheaper than that of Myanmar. Every country lays down different patterns of policy to fix the oil prices. Myanmar also levies only a lower tax rate on fuel oil and strives for energy consumers to buy the oil at a cheaper rate. 

Source: The Global New Light of Myanmar