Myanmar mandates new companies to provide additional information with their annual returns
On 1 April 2023, the Myanmar Directorate of Investment and Company Administration (“DICA”) issued a notification requiring new companies to provide additional information together with their annual returns.
In the first annual return that is required to be submitted under section 97 of the Myanmar Companies Law within two months of its establishment, a company must now include the following information:
- Evidence that the company’s paid-up capital as shown on Myanmar Companies Online (“MyCO”) has been deposited into a bank account in the company’s name;
- For natural persons listed as company directors or shareholders:
- A copy of the citizenship scrutiny card and a certificate from the relevant township police that the director resides at the address provided
- Foreign nationals must provide proof of compliance with the Registration of Foreigners Rules 1948, such as Immigration Form C
- Where a shareholder of the company listed in the company’s register is a legal person or a legal entity, evidence of the organisation must be provided;
- Confirmation from the relevant township police that the registered office address of the company as listed in the MyCO system exists and that the company is planning to open an office at that location
DICA stipulates that the above requirements must be complied with in order for new companies to have their annual returns recorded as submitted. It is mandatory under section 97 of the Myanmar Companies Law for annual returns to be submitted within two months of a company’s registration and it is an offence to not so comply.
The rationale for the additional information is to enable DICA to check that companies, directors, and shareholders are in compliance with relevant laws and to support Myanmar’s anti-money laundering and anti-terrorism financing procedures.
