Recent Directorate of Investment and Company Administration’s Announcements

  • Announcement regarding the winding up/liquidation of the companies

Following the coming into effect of the Insolvency Law on 25th March 2020, DICA has issued an announcement on 19 November 2021 that insolvency proceedings and winding up of companies must be carried out under this law – as opposed to the Myanmar Companies Law.


  • Instructions to open corporate bank account

Due to past practices in which companies and organizations registered under the Myanmar Companies Law commonly operate bank accounts of the company’s director or member instead of such entity’s own corporate bank account, DICA's Directive No. 136/2021, issued on 22nd November 2021 requires that companies must open their own corporate bank account. This is to segregate separate financial matters of the company from its directors or members and would minimize the risk of a mix-up between the company’s financial matter from its directors or members.


OTHER NEWS

Business visa extension during the Coronavirus (COVID-19) situation

Business visa extension during the Coronavirus (COVID-19) situation

Summary of the Procedures of Tax Collection During the Transition Period (MPF Notification No. 510/2021)

Summary of the Procedures of Tax Collection During the Transition Period (MPF Notification No. 510/2021)

Securing MIC permit for Pun Hlaing Lodge Luxury Hotel Project

South Asia Law assists Yoma Strategic Holdings Ltd in securing MIC permit

Changes to Insolvency Act BE2483 (1940)

Changes to Insolvency Act BE2483 (1940)

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