Companies fail to notify DICA within deadline
In our client news alert on 1 September 2015, we had reported that the Directorate of Investment and Company Administration of Myanmar (“DICA”) published a notification on its website requesting all companies to file a notice with DICA by 14 September 2015, which was later extended to 16 October 2015, stating whether the company is still operational and actively engaging in business in Myanmar. We have personally been informed by DICA that failure to do so may result in the company being wound up.
DICA has recently published a list of companies which failed to notify DICA within the prescribed deadline as to whether their company in question is still operational and actively engaging in business in Myanmar. We note from the 1000 plus published page list that a lot of companies, including well known multi-national subsidiaries, representative offices and foreign branches incorporated in Myanmar have all failed to comply with DICA’s request to file the written confirmation within the set deadlines.
Please refer to our prior client news alert on 1 September 2015 for the notification requirements and a sample cover letter template. Click here to view our prior client news alert on 1 September 2015.
To view the list of companies which fail notify DICA within the prescribed dateline, please click here.
For further enquiries, please contact Sam Britton, Managing Partner of ZICO Law Myanmar.