As part of its corporate compliance requirements, every company in Myanmar must file an Annual Return within two months of incorporation and then within one month of the anniversary of its incorporation. For an overseas corporation (branch), registered in Myanmar the Annual Return must be filed within 28 days of the end of its financial year. The filing is done using the MyCo online company registry system and the prescribed form.
The filing fee for Annual Return is MMK50,000, if you miss the deadline the penalty is MMK100,000 and can lead to the suspension and eventual de-registration of the company. In addition to the automatic penalties imposed by the online filing system there is a risk that additional penalties of MMK 500,000 will be levied on the company and its directors. For an overseas corporation the additional potential penalty is MMK 250,000 which will also apply to its directors and authorised officer.
DICA Notification no.110/2021 issued on 27 April 2021, provides relief against the late lodgement of Annual Return, by suspending penalties for late lodgements of the Annual Return, for the period of 1 February to 30 April 2021.