The Directorate of Investment and Company Administration (DICA) has announced changes. New company registration fees will apply from today, 1 June, 2016.
The changes will help new private company registrations yet reflect increases for new public company registrations. The Ministry wishes to encourage private companies while also recognising new public companies had often been created as part of a bid response for public works tenders. Some key changes are:
Company registration fees for a Private Limited Company have been reduced from MMK 1,000,000 to MMK 500,000 and the registration fees of a Public Company has been increased from MMK 1,000,000 to MMK 2,500,000.
Fees for changes in company details, such as address, share transfer, copying of company documents will increase, as will also the fees for changing company name, share capital and memorandum of association.
The Government wishes to assist SMEs and increase the number of companies trading in Myanmar, stating these changes are a “series of liberalization processes, initiated with the view to facilitate the Business Entities and Small and Medium Enterprises to register as a company at the initial stage of their businesses and to scrutinize the Public Companies which intend to do actual business operations”.
These changes reflect the positive market for companies and a Government proactive in maintaining the rapid economic growth in Myanmar.
FocusCore, established in Myanmar in 2014, is helping a growing list of client companies, from the start-up phases to continued operation and prosperity in Myanmar. FocusCore, together with our other corporate services, helps and informs companies on the processes needed to start trading in Myanmar.