The Directorate of Investment and Company Administration (DICA) asks all Myanmar companies to confirm in writing that they are still in business, before 14 September

3 กันยายน 2558 The Directorate of Investment and Company Administration (DICA) has asked all Myanmar companies to confirm in writing that they are still in business, before September 14.
DICA needs to know which companies are still operating, said director general U Aung Naing Oo to The Myanmar Times.
“Many companies don’t properly report to us regularly. That means they are probably not in operation and I need to make sure our data is not inflated,” he said.
“On the other hand, some unscrupulous people intentionally set up companies, evade tax and disappear without proper liquidation. I need to strike these from the list of registered companies.”
Once the deadline has passed, any business that has not reported to DICA according to section 247 of the Myanmar Companies Act will be de-registered, he added.
The Companies Act gives DICA the power – subject to a notification process – to dissolve inactive businesses.
While the exercise itself is straightforward, the timeframe is quite short, said Jean Loi, partner at law firm VDB Loi in a client note.
The notification was published through state media and on DICA’s website on August 27 – leaving companies with just over two weeks to write a letter of confirmation.
Local law firms have emailed clients recommending they take urgent action to respond, to avoid being struck off.


Source: http://www.mmtimes.com/index.php/business/16224-dica-cleans-up-companies-register.html