Small and Medium Enterprises (SMEs) will now only need to pay K250,000 for company registration — half of the previous amount — according to a press release by Directorate of Investment and Company Administration (DICA) on 13 March.  

DICA has reduced the registration fee to K500,000 from K1 million in July 2016.

The press release said that the Ministry of Planning and Finance reduced the registration fee for private companies in order to help SMEs develop and encourage unregistered enterprises to start registering.

‘‘We are trying to improve Statistics & Business Strategy set by World Bank and realize that they take measurements on time and costwhen applying for SME licenses. With that in mind, we reduced the registration fee so that SMEs can easily apply for registration,’’ U Min Zaw Oo, Director of DICA, said.

Registered SMEs will have more advantages when collaborating with international companies, and so do the registered trading companies with more trading opportunities, he said.

Moreover, as registering gives companies easy access to financial services and more advantages in export, DICA cut the registration fees to encourage SMEs to register, U Than Aung Kyaw, Deputy Director of DICA, once said.

Source: Myanmar Business Today