Quarterly Business Magazine

More than 20,000 companies in Myanmar warned of the possibility of being deregistered

well known local businesses and foreign banks among the list put out by DICA
Posted :
Monday, November 23, 2015

More than 20,000 currently registered companies, including many well known local businesses and foreign banks, has been given a fortnight to contact the DICA [ Directorate of Investment and Company Administration] or else run the risk of being deregistered.

Eden group, Air Bagan, Sakura International and Thilawa SEZ management committee as well as recently licensed ICBC ( a foreign bank ) are in the list announced by the DICA.

An official from DICA has told us that "DICA's intentions are to ascertain whether the registered companies are still operational and all 47.000+ registered companies [ 43,000 local and 4,000 foreign] have been given until the middle of October to respond. The 20,000+ companies which haven't done so within the requested timeframe have now been put on the list and they will be deregistered in accord with the prevailing Myanmar Companies Act."

The joint secretary of the Thilawa SEZ management committee said that they have not received any form of notification or request concerning this matter.

U Htay Aung, Chair of Sakura International said that, this primarily concerns taxes. Since [ Sakura ] has been dissolved formally and reformed as a public company, we haven't been paying any taxes and thus the inclusion in this list.

The list consists of more than 20,000 local businesses and more than 2,000 foreign companies and representative offices.

 

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