• Announcement regarding the winding up/liquidation of the companies

Following the coming into effect of the Insolvency Law on 25^th 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 22^nd 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.