Posts in category: INVESTMENT

A total of 2,400 companies have been struck off the register during the H1 period (January-June) as they fail to submit annual returns (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). During the H1 period, 400 companies each in January, February, March and June, 300 in April and 500 in May did not file annual returns on MyCO respectively, totalling 2,400 companies which failed AR submission, according to DICA. The DICA has notified any registered company which fails to submit its AR on MyCO is to be suspended, under section 430 (F) of the Myanmar Companies Law, according to the DICA’s notification.

The registration and re-registration of companies on the MyCO website commenced on 1 August 2018 under the Myanmar Companies Law 2017. All registered companies need to file 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 law. 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.

Nonetheless, many companies were suspended 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 after 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, totalling K250,000. 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

The Department of Hydropower Implementation of the Ministry of Electric Power have invited open tenders to develop six new hydropower projects with private investment. The ministry invited hydropower
companies interested in the project to be implemented in Phone In Kha, Kasan Ye, Namhmeseng, Nam Kan, Nam Tabat (Kayah) and upper Hsedawgyi.

The statement added that interested companies need to conduct feasibility reports. Tender forms will be on sale until 8 August and bids must be submitted by 18 November. Details of the tender announcement form are available at moee.gov.mm.

In Myanmar, there are 27 hydropower plants with a capacity of 10 MW and 35 plants under 10 MW. These plants produce more than 3,000 MW. It is learned that project developers can take at least three years to study the ground conditions of the project area, geological conditions, rainfall, water flow rate, water storage potential, and amount of electricity to be produced.

Source: The Global New Light of Myanmar

The Yangon Region Investment Committee (YRIC) endorsed three domestic and three foreign enterprises in the manufacturing sector, with an estimated capital of over K4.44 billion and US$6.659 million at a meeting held on 29 June at the YRIC office in Yankin Township.

Those six projects will execute the production of synthetic hairs, and manufacturing of brassiere, underwear and clothes on a Cutting, Making and Packing (CMP) basis. They will create 3,373 jobs for the residents. Yangon Region Chief Minister U Soe Thein, in his capacity as chair of YIRC, attended the meeting with other committee members. The regional chief minister gave a remark as well. Then, 13 companies also submitted general reports and YRIC’s chairman and the committee members coordinated the matters.

The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, container boxes, and garments on a Cutting, Making, and Packing (CMP) basis. To date, foreign investments from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Seychelles are arriving in the region. To simplify the verification of investment projects, the Myanmar Investment Law allows the region and state Investment Committees to grant permissions for local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million. 

Source: The Global New Light of Myanmar

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

The foreign investment amount in the agriculture sector was more than $446 million which is 0.49 per cent of total foreign investments of the country as of April end of the 2022-2023FY, according to the Directorate of Investment and Company Administration-DICA.

The annual investment in the agriculture sector, the foreign investment from April to September 2018 was only $10.650 million. In the 2017-2018FY, the agriculture sector received a $134.485 million investment and did not receive any investment in the 2016-2017FY.

The country has so far received a $441.838 million foreign investment in the agriculture sector, while $926.218 million in the livestock and breeding sector, according to the department.

Source: The Global New Light of Myanmar

A total of 3,800 companies have been struck off the register as of 23 May 2022 since July 2021 as they fail to submit annual return (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). The DICA has notified any registered company which fails to submit its AR on MyCO are to be suspended, under 430 (F) of Myanmar Companies Law, according to the DICA’s notification. All registered companies need to file 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), according to Section 97 of the law.

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, as per Section 53 (A-1) of the Myanmar Companies Law 2017. As per DICA’s report, more than 16,000 companies were suspended for failure 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). I

f 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 AR fee, K100,000 for restoration of the company on the register, and K100,000 for late filing of documents, totaling K250,000. 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. The registration and re-registration of companies on the MyCO website were commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The number of companies registered on the online registry system, MyCO, totalled 2,100 in the past two months (Jan-Feb) 2022, the statistics released by the DICA. At present, 100 per cent of the applicants are using the online registration platform, according to data provided by the DICA.

Source: The Global New Light of Myanmar

BAGO Region Investment Committee (BRIC) endorsed two foreign projects with an estimated capital of US$6.1 million in May, creating 1,450 jobs for residents, according to the BRIC meeting held on 27 May 2022. Bago Region Chief Minister U Myo Swe Win gave remarks at the meeting that the region attracts domestic and foreign investors on account of stability and COVID-19 preventive measures. BRIC is prioritizing the labour-intensive industries like manufacturing on the Cutting-Making and Packaging basis. He will support to have the better infrastructure (road, power and water supply) for the investors in the region.

The factories and workshops must run their businesses in the designated zones and the supervisory committee of the Bago Region Industrial Zone is required to closely monitor the factories. The chief minister also urged the officials to ensure there are no vacant plots of land in the zone. If the factories are found not to execute the type of business they are allowed to run, they will face legal action under the existing law. Moreover, he added to provide technical and financial assistance to small and medium-sized enterprises.

Later, U Ko Ko Latt, director of the Bago Region Directorate of Investment and Company Administration presented two projects with PowerPoint. They are Weartec Seam Garment Manufacturing Co., Ltd based in China with a capital of $3 million and Japan-listed Bago Sport Gloves Co., Ltd putting $3.1 million. They will pump foreign investments in the manufacturing of garments and gloves. The committee members make suggestions on that and the chief minister coordinated matters in line with the law, rules and regulations. Between 1 February 2021 and May 2022, Bago Region pulled foreign investments of US$123.712 million and K9.529 billion of domestic investments made by Myanmar citizens, which creates 7,458 job opportunities for local people, according to BRIC.

Source: The Global New Light of Myanmar

The Myanmar Investment Commission (MIC) has decided not to count one year and eight months from May 1, 2020 to December 31, 2021 as investment construction or investment preparation period, the MIC said in a statement. Investors operating with the approval / approval of the Myanmar Investment Commission and the Region / State Investment Committee have applied to extend the construction period due to delays in construction or investment preparation due to the Covid-19 epidemic.

The 1st meeting of the Myanmar Investment Commission (1/2022) held on 14 January 2022 decided not to include one year and eight months from May 1, 2020 to December 31, 2021 as of May 1, 2020, in order to compensate for the investment activities that were actually affected by the Covid-19 plague. Therefore, the MIC has stated that it does not need to apply for a permit to extend the construction period if the work is underway with the approval / approval of the Myanmar Investment Commission and the Region / State Investment Committee. According to the Directorate of Investment and Company Administration, Singapore was the largest source of foreign investment in Myanmar in the first six months, with more than $ 297 million.

In the first six months of the 2021-2022 fiscal year (Mini Budget), the national investment in Singapore was $ 297.349 million, including increased investment. $ 142.137 million from China, including increased investment; Taipei: $ 8.641 million, including increased investment; France $ 0.497 million; Hong Kong provided $ 109.140 million, including increased investment; India $ 0.550 million; $ 5.1 million from Indonesia; $ 4.530 million, including increased investment from Japan; Malaysia raised $ 0.3112 billion, including increased investment; RO K: $ 62.693 million, including increased investment; Samoa has pledged $ 2 million, including increased investment. Seychelles: $ 1.343 million; $ 7 million, including increased investment from Thailand; $ 4 million from the Netherlands, including increased investment; The U.K. raised $ 0.335 billion, including increased investment, Nepal received $ 1.5 million.

Source: Daily Eleven

A total of 2,900 companies have been struck off the register as of 1 March 2022 since July 2021 as they fail to submit annual return (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). The DICA has notified any registered company which fails to submit its AR on MyCO are to be suspended, under Section 430 (F) of Myanmar Companies Law, according to the DICA’s notification. All registered companies need to file 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), according to the Section 97 of the law.

In accord with the 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, as per Section 53 (A-1) of the Myanmar Companies Law 2017. As per DICA’s report, more than 16,000 companies were suspended for failing to submit AR forms within the timeframe. 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 AR fee, K100,000 for restoration of the company on the register, and K100,000 for late filing of documents, totaling K250,000. 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. The registration and re-registration of companies on the MyCO website was commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The number of companies registered on the online registry system, MyCO, totalled 2,100 in the past two months (Jan-Feb) 2022, the statistics released by the DICA. At present, 100 per cent of the applicants are using the online registration platform, according to the data provided by the DICA.

Source: The Global New Light of Myanmar

From February 1, 2021 to the end of November 2021, under the Myanmar Investment Law, more than $ 3,552 million was approved for 27 projects in nine foreign investment sectors, according to the Ministry of Investment and Foreign Trade. During that period, foreign investment in each sector was $ 3,044.762 million; $ 179.1 million in transportation and communications; $ 162.483 million in the industrial sector; $ 65 million in the construction sector; $ 37.229 million in other services; $ 30 million in the hotel and tourism sector; $ 22.4 million for industrial zone construction; $ 6.379 million in the livestock and fisheries sector.

 In the agricultural sector, a total of US $ 3,552.396 million was approved for foreign investment with US $ 5.043 million. Manufacturing of electric vehicles; The Myanmar Investment Commission has invited domestic and foreign investment, as it will give priority to eight types of investment, including pharmaceuticals and healthcare products. Entrepreneurs are invited to submit proposals for the following types of investment projects.

The Myanmar Investment Commission will give priority to the following types of investment projects to meet the needs of the state development and nation-building activities: These activities are: (a) Fertilizer production; (B) Cement production activities; (C) Steel production activities; (D) Agriculture and Livestock; Activities related to these activities; (E) Production of value-added food products; (F) Manufacturing of electric vehicles; (G) Manufacturing of pharmaceutical and health products; (H) It is known that it is public transportation.

If Myanmar investors and foreign investors interested in the above investment sectors submit their proposals, the Myanmar Investment Commission; Relevant ministries and state and region governments will also provide necessary assistance. In the 2020-2021 fiscal year, foreign investment was the largest in the electricity sector with over $ 3,211 million, followed by the industrial sector with over $ 286 million, followed by the transport and communications sector with over $ 133 million, according to the Directorate of Investment and Company Administration.

Source: Daily Eleven