DICA to tight monitoring on companies to follow regulations
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Hsu / Phoo Pyae (NP News) - Nov 7
The #Directorate_of_Investment_and_Company_Administration (#DICA) announced that keeping track of the local companies will be increased as the companies, directors and related entities from those business organizations are weak at following the instructions, regulations, laws and measures enacted in the #Myanmar_Companies_Act.
High quality measurements will be conducted to encourage them abiding by and to enhance them better understanding of the laws, the DICA announced.
In case of failing to follow rules and laws, they shall be penalized with fine or will be taken action in accordance with legal terms and conditions. The companies will be surveilled under electronic monitoring; notifications and taking measures on lack of abiding shall be conducted through the #MyCO system, the announcement said.
The MyCO system (Myanmar Companies Online) has been applied since 2018 August by the DICA for more effective, quicker and smoother in the registration processes after the Myanmar Companies Act was ratified in 2017.
However, more companies are getting suspended or annulled their registration statuses due to failure in submitting the Annual Reports.
In addition, the DICA also notified that there are cases in which office addresses of some companies that are listed in the registration do not match with the company’s real location while some companies are using personal bank accounts of the owners for company transactions instead of using the accounts with company or organization name.
There are up to 100 companies that have been cancelled by the DICA from company registration list within first week of November 2022 while there were 400 companies in October.