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Trade Companies Failing to Register Will be Banned: Ministry of Commerce
Author: Myo Sandar : The Ministry of Commerce announced that it will not allow wholesale and retail companies to import fertilizers, pesticides, seeds, medical equipment, construction equipment, and agriculture equipment if they failed to register.
The Minister started allowing local, foreign, and joint-venture companies to import and sell these types of wholesale and retail products since mid May. However, the ministry also said that the companies must register as a wholesale and retail importer within 90 days after it made the change.
Some of the companies have failed to register within the 90 day period, which ended in mid August. The ministry warned that it will take action in accordance with existing laws and regulations.
They have, however, said that they will still issue registrations to companies that failed to register in time. They did not specify a length of time for this grace period, but they urge companies to apply for their registration in line with the requirements.
Online registration is not yet available, but companies can easily resister in person. For companies that failed to register within the 90 day period, they have a two-step registration process. They will first need to inform the Ministry of Commerce in person at the Yangon office as to why they have not registered yet. Then they will need to visit DICA’s office to officially register.
In addition to improving import sector, the Myanmar government is also working to improve its exports. In the first week of June this year, Myanmar approved foreign companies and join-ventures to buy rice, meat, fish, value-added crops, seeds, purified metals, value-added vegetables, and finished wood products with the purpose of exporting them.
Myanmar’s move to bring in foreign companies into the retail and wholesale sector began in May 2018, when it started allowing foreign companies to do retail and wholesale businesses except for the above mentioned products. Now, there are eleven foreign companies in Myanmar doing wholesale and retail businesses; six companies are providing wholesale services, one company providing retail services, and two companies for both wholesales and retails.