Ministry of Economic Development and Trade has shut down 66 illegal expatriate-run businesses as part of broader efforts to curb unauthorised commercial activity.
State Minister of Economic Development and Trade, Mohamed Thoriq Ahmed stated that 307 complaints about illegal foreign-run businesses have been received, with 153 inspections carried out, leading to the shutdown of 66 such enterprises. Violations of economic regulations made up for 46 business closures, while 20 others were found to breach other applicable laws. In addition to this, 22 enterprises are being allowed to reopen after rectifying operations.
Thoriq stated that businesses will be allowed to reopen once they comply with the rules and regulations set for business registration, as well as those set by the Health Protection Agency (HPA), and Maldives Food and Drug Administration (MFDA). In addition to this, any fines received by the business must be paid.
The National Taskforce on Combating Illegal Expatriate Operations and Businesses, established to cease illegal business operations will shutdown businesses found in violation of business registration guidelines.
The Ministry of Economic Development and Trade has been continuously receiving reports of illegal commercial activities run by expatriates and has compiled a list of over 30 sectors reserved exclusively for local-run businesses.
In addition to this, the ministry has observed 2 major ways that such illegal businesses operate. This is by using Maldivians as proxy owners, and by violating the Foreign Investments act.