On 6 September 2023, the Directorate of Investment and Company Administration (DICA) made an important announcement regarding issues related to details of directors and shareholders of companies registered with the MyCO system. Some cases have been reported where directors’ and shareholders’ details were removed from the MyCO registry of the companies without their knowledge. To prevent such situations, DICA advises implementation of following their guidelines:
- Maintainance of regulatory registers: DICA reiterated the importance of maintaining the relevant registers per Sections 90 (register of members), 95 (registers and indexes to be maintained at the registered office), and 189(a) (register of directors and secretaries) of the Myanmar Companies Law.
- Directors and shareholders to create their MyCO account: Each director and shareholder should create their MyCO account and get authorization from the company where they hold such a position.
- Provide contact details: Directors and shareholders must provide their contact information, including email addresses and personal phone numbers, in the MyCO registration system. This ensures more accessible communication with the company registrar when needed.
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.