Myanmar has opened an electronic company registry, which will help simplify and reduce the cost of setting up a business in one of Asia’s fastest-growing economies.

The Myanmar Companies Online corporate registry system (MyCO) was launched on 31 July in Yangon, the country’s commercial center.

MyCO is funded by a grant from the Government of Japan, and it is part of the Asian Development Bank’s support for private sector development in Myanmar. The grant also provided assistance to the country’s Directorate of Investment and Company Administration (DICA) to draft the new Myanmar Companies Law, and to conduct public consultations, advocacy, and public education on the law. In addition, DICA staff were trained to administer the registry, and assisted with re-registration of enterprises.

A more transparent and low-cost registration system is expected to promote private sector investment and encourage more small- and medium-sized enterprises in the country.