Submit Form A-1 and register the company via MyCO
Agency: Myanmar Companies Online (MyCO) under the Directorate of Investment and Company Administration (DICA)
The Myanmar Companies Law 2017 (MCL) was approved by the President on 6 December 2017 and came into force on 1 August 2018, together with the Companies Regulations and various supporting notifications. An online Companies Registry called “MyCO” (www.myco.dica.gov.mm) was launched simultaneously with the commencement of the new law.
To incorporate a private company limited by shares, an entrepreneur must first create an online MyCO account in order to file an application for company incorporation. Once the MyCO account has been created (this occurs within seconds), the user must login to their MyCO account and click “register a new company/entity”. The user will then select “Form A-1: Application for incorporation as a private company limited by shares” and fill in the required information about the company, such as:
- Company details
- Directors (upload a copy of National Registration Card or passport for every company director)
- Secretary (upload a copy of National Registration Card or passport)
- Registered office
- Principal place of business
- Shares
- Members
- Constitution (an applicant can choose a template constitution available the MyCO home page or upload a custom company constitution)
- Signature (typed full name in English)
- Payment by credit card or MPU
A name check is conducted in the same form, where an entrepreneur can check if the proposed name was already taken by another company. A draft can be saved in MyCO and returned to at a later time. After paying the relevant filing fees by way of a credit card or MPU cards, a transaction number will be generated and the application for company incorporation will then be submitted to the registrar for review, which takes between 1-3 days. If there are no issues with the application, then the system will notify the applicant that the company has been incorporated and the certificate of incorporation is available for download.
Time and cost: 2 days on average, Kyat 250,000 (registration fee)
Obtain a seal or a rubber stamp
Agency: Sealmaker
According to the Myanmar Company Law, a company seal is not required to register a company. However, in practice a stamp may be asked when opening a bank account, paying taxes and obtaining importer/exporter registration. Additionally, the seal is used to verify contracts or agreements which are made by the company, to certify the company’s official documents inclusive of meeting minutes, and to approve payments. Seals can be produced in shops in downtown Yangon for a cost of 2,000-3,500 kyat.
Time and cost: 1 day, Kyat 2,000
Register with the Tax Office
Agency: Tax Office
Company registration number on the incorporation certificate is also used as Tax Identification Number (TIN) exclusively on Large Taxpayers Office(LTO) and Medium Taxpayers Office (1) (MTO-1). If the company is registered under Medium Taxpayer Office-2 (MTO-2) or Medium Taxpayer Office-3 (MTO-3), General Index Registration Number (GIR) is provided during company incorporation. In this case, for companies under MTO-2 and MTO-4, it is still necessary to visit Tax Office to obtain TIN.The following documents need to be provided to the tax authorities:
- Incorporation Certificate,
- Company detailed information from DICA (Company extract),
- Prescribed form from Tax Office.
Time and cost: 1 day, no charge
Register for commercial tax
Agency: Township Internal Revenue Department Office
Registration for commercial tax (similar to VAT): companies are obliged to register with the tax authorities one month before the start of their business if the business is expected to generate turnover subject to commercial tax (a broad array of products fall into this category, including manufactured goods). Furthermore, within 10 days of starting a business the tax authorities should also be informed.
DICA compiles a list of newly registered companies each month and sends this information to the relevant townships where the businesses are located. Certificate of Commercial Tax Registration has to be renewed annually.
Time and cost: 1 day, no charge
Registration of employees at the Labor office in township
Agency: Township Labor office
Registration of employees at the ministry is mandatory for labor tax purposes. Under the Employment and Skills Development Law 2013 (Section 5(a)), an employment contract must be executed within thirty days of employment. The executed employment contract must be registered before the officer of township labor office in the presence of the employees and employer together.
Time and cost: 1 day, no charge
Registration with the Social Security Board for social security benefits
Agency: Social Security Board
Companies with 5 or more employees need to register employees at the social security office for health and pension fund benefits.
Time and cost: 1 day, no charge
