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With the Myanmar Companies Law now enforced, investors intending to start business in the country should register their firms online at the Myanmar Companies Online (MyCO) website from August 1 onwards, according to the Directorate of Investment and Company Administration (DICA).
Existing companies will also have to re-register. Details about the registration process are posted on the Investment Commission’s website: www.myco.dica.gov.mm.
The Ministry of Industry (MOI) had also announced at the end of July that small and medium enterprises (SMEs) should register for SME Member Cards online.
SMEs can register for the cards at Directorate of Industrial Supervision and Inspection offices at their respective region, state or district or register online at www.moismeregister.com.mm, according to the MOI.
The online registration option comes as a boon to business owners and entrepreneurs.”Previously, we had to go to the regional office to register. The documents are then submitted to headquarters. The whole process takes 2-3 months. The traffic and queues at the office also takes up a lot of time With online registration now available, it will be most convenient,” one businessman from Mandalay said.
Traders for a total of 81 goods have also been allowed to apply for licenses to trade online under the Fully Online Licensing system implemented by the Department of Trade under the Ministry of Commerce. Myanmar currently exports 32 products and imports 49, which makes up the total of 81 goods. The exports include sunflower seeds, sugar and cement, while imports include metals, jewellery and machinery.
This is double the goods allowed under the system in 2016, when traders of a total of 43 goods, 28 exports and 15 imports, were allowed to register online for a license to trade.
The move, which aims to facilitate trade, has been lauded by traders, who agree that the option to register online will save time and raise productivity.
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