Previously any entities formed under the Myanmar Company Act 1914 (“MCA”) or the Special Companies Act 1950 (“SCA”) had to be registered to participate in export/import related activities with the required foreign Exporter/Importer Registration Certificates. These certificates were issued and approved by the Ministry of Commerce.
Since the enforcement of the Myanmar Companies Law 2017 (“MCL”) new regulations have been introduced regarding the registration of companies as well as the registration of Exporter/Importer Registration Certificates. According to Notification (No.4/2019) any old entities which were previously formed under the MCA and the SCA will now have to re-register themselves under the MCL to ensure conformity with and enforcement of the law. The re-registration process will have to be executed through the Myanmar Companies Online portal (“MyCO”) as instructed by the Directorate of Investment and Company administration (“DICA”). The requirements of the registration procedure for the Exporter/Importer Registration Certificates have been amended and have been notified through Notification (No.6/2018).
In some cases however, although some entities have re-registered, after further analysis, it has been discovered that the data provided by such entities has not been properly amended and registered. Due to this, notice has been issued that if these entities which have re-registered via MyCO, wish to continue with their export/import related activities, they must update their amended Exporter/Importer Registration Certificates by 3 September 2019. If such entities fail to register by this date, their Exporter/Importer Registration Certificates will be struck off the registration list.
Partner & Managing Director
Deputy Managing Director
Head of Banking & Finance Practice
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.