Temporary suspension of filing of new company applications with DICA in the period 23 to 31 July 2018

The new Myanmar Companies Law 2017, Pyidaungsu Hluttaw Law No.29 (“MCL”), which was passed on 6 December 2017, replacing the Myanmar Company Act 1914 (“MCA”), provides for implementation of a new electronic registration system allowing companies to be digitally registered online.

Myanmar’s company regulator, the Directorate of Investment and Company Administration (“DICA”) has announced that it will launch the new electronic company registration system, Myanmar Companies Online (“MCO”), on 1 August 2018. This deadline is in accordance with the timing of the implementation date of the MCL and associated regulations. It is anticipated that Myanmar Companies Online will significantly speed up the incorporation process.

In preparation for the implementation of the MCL, and the establishment of MCO, all company registration and filing processes will be temporary suspended from 23 July to 31 July 2018. All company registration and filing processes will re-commence on 1 August 2018 under the new MCO system. This means that investors intending to file an application with DICA to establish a company, branch, or representative office will not be able to do so in the period between 23 July to 31 July 2018.

We are optimistic that the MCO procedure will speed up market entry procedures for inbound foreign investors.

Through our office in Yangon, Duane Morris & Selvam advises corporations on investment, business and regulatory processes in Myanmar. For further information, please contact Mr Krishna Ramachandra (kramachandra@duanemorrisselvam.com), Ms Babita Ambekar (bambekar@duanemorrisselvam.com), Mr Rory Lang (rjlang@duanemorrisselvam.com) or Ms Bei Wang (BWang@duanemorrisselvam.com) or visit www.duanemorrisselvam.com. Duane Morris & Selvam is recognised as a leading law firm for Myanmar related Corporate and M&A work – The Legal 500 (2018).

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