Jun 7, 2011

One-stop service for company licensing introduced

THE Ministry of National Planning and Economic Development has introduced a one-stop service for granting or updating company registrations, starting from May 18, a government official said last week.

The service is being handled by the Directorate of Investment and Company Administration under the ministry. The directorate will crosscheck company names to ensure they do not already exist, ensure that all memorandums of agreement, articles of association and company personnel data have been properly filled out.

The application processing fee is K1 million and once that has been paid and all the paperwork checked out, a six-month temporary company registration card will be issued within three hours, said U Aye Ko, director general of the Directorate of Investment and Company Administration.

"People [applicants] just have to pay the fee and file the forms at the department," he said. Building No 32 in Nay Pyi Taw's Zabuthiri township.

A company's registration remains valid for two years and business owners who intend to renew should come to the department three months before the expiry date, where they will be granted another six-month temporary registration within a day.

"After that we will investigate the company to make sure it has operated according to the rules of its relevant ministry. We need to do checks like this to make sure that companies are doing what they say they are.

"But if everything is in order we will grant another two-year registration card," said U Aye Ko, adding that the renewal fee is K500,000.

He said the department has begun to educate the public on the changes by setting up a simple display outside the department's building in Nay Pyi Taw.

"The new system encourages people to register their businesses without going via a third party," he said.
Source: Myanmar Times