| BUSINESS
ORGANIZATION |
| 5. Legislative requirements for companies |
| The legal requirements for the companies to comply
under the Myanmar Companies Act 1914 are as follows:- |
| Name |
| The name of the company
shall be painted or affixed on the outside of its registered
office and every place of business. It must also be engraved
in legible characters on its seal and mentioned in all letterheads,
notices, advertisements and other official publications, etc. |
| Registered Office |
| Every company must have
a registered office in Myanmar to which all communications and
notices may be addressed. A notice of situation of the initial
registered office must be furnished to the CRO when filing the
incorporation documents. If the address is subsequently changed,
notice must be given to the CRO within 28 days of the change. |
| Directors |
| Every private company
is required to have at least 2 directors. A public company must
have a minimum of 3 directors. An undischarged insolvent is
not eligible to be a director. A return of particulars of Directors,
Managers and Managing Agents and of any changes therein must
be lodged with the CRO within 14 days of the appointment or
changes. |
| Allotment of Shares |
| Every company will have
to give notice to the CRO of any allotment of shares within
one month of the date of allotment. |
| Annual General Meeting |
Every company must hold
an annual general meeting once in every calendar year to lay
its audited documents before its shareholders. A newly incorporated
company is required to hold its first annual general meeting
within 18 months of incorporation. Subsequent annual general
meetings must be hold once in every calendar year and not more
than 15 months after the last general meeting. The interval
between the date of the financial year on which the audited
accounts are made up and the date of the annual general meeting
must be not more than 9 months.
Every company must file and Annual Return within 21 days after
its annual general meeting. The annual audited accounts are
required to be filed with the Annual Return. |
| Extraordinary and Special Resolutions |
| Every company is required to lodge a copy of every
extraordinary and special resolution with the CRO within 15
days from the date of passing there of. |
| Statements, Books and Accounts |
| Every company must maintain proper books of accounts
which are required to be kept at the registered office of the
company. |
| Consequences of Non-compliance |
| There are penalties for the company and its offices
for any non-compliance with the law. |
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