YANGON – Due to a high volume of traffic, the Myanmar Companies Online (MyCO) registry crashed repeatedly on the first day of re-registration, denying access to most users. U Myo Min, director of the Directorate of Investment and Company Administration, said the website would be back online by Monday.
The MyCO system was opened to the public on the morning of Aug. 1. But by the afternoon, DICA Director General U Aung Naing Oo was forced to issue an apology on Facebook as the website locked out most users. Many people posted complaints about the issue on DICA’s Facebook page with some users saying they had unsuccessfully tried to access the website until midnight.
U Myo Min said there were three main reasons causing the website to fail: 1) the high volume of users seeking to create accounts at the same time; 2) the many users uploading incomplete or wrong information, prompting the website system to reject those files; and 3) users needing to reload pages and resubmit forms repeatedly. As a result, the website couldn’t function properly and kept recording errors.
According to the administration’s own figures, there are more than 50,000 locally owned companies and 7,000 foreign companies registered with DICA. But the agency couldn’t confirm the exact volume of traffic on the first day the online registry’s launch.
According to the procedure, before submitting a registration form, the applicant needed to create a user account.
On the first day, 670 companies created accounts on MyCO and 30 companies were successfully approved by the electronic system. Of these, 28 were existing companies and two were new entities, U Myo Min said.
Under the Myanmar Company Law that took effect on Aug. 1, all existing companies are required to re-register electronically via the MyCO online system within six months.
“So far we have found how to solve the problem when a registrant uploads the wrong or incomplete information,” U Myo Min said.
DICA announced companies that want to register before Monday can visit the public services counter at any of DICA’s offices across the country from Aug. 2-4.
According to company regulations, the registration submission may be rejected if the applicant fails to complete forms in line with the instructions or fails to attach the required documents, provide the required information, or pay the requisite fee.
If a company fails to re-register within the six-month time limit, it will be struck from the company registry and dissolved. However, companies can get back on the registry, although they would need to pay a 100,000-kyat restoration fee.