On 6 September 2023, the Directorate of Investment and Company Administration ("DICA") issued an important announcement addressing concerns related to the information of directors and shareholders of companies that are registered with the Myanmar Companies Online ("MyCO") system. There have been reported incidences where the details of directors and shareholders were deleted from the MyCO company registry without their knowledge. To prevent such situations, DICA has recommended MyCO System Users to follow these guidelines:
- Proper maintenance of regulatory registers. DICA underscores the importance of maintaining the relevant records as stipulated in Sections 90 (record of members), 95 (records and indexes to be kept at the registered office), and 189(a) (record of directors and secretaries) of the Myanmar Companies Law.
- Directors and shareholders should create their own MyCO accounts. Each director and shareholder should establish their own MyCO accounts and obtain authorisation from the company where they hold such a position.
- Submission of contact information. Directors and shareholders are obligated to provide their contact details, including email addresses and personal phone numbers, in the MyCO registration system. This step ensures more convenient communication with the company registrar when necessary.
