President Ibrahim Mohamed Solih has ratified the first amendment to the Business Registration Act (Act no. 18/2014). Parliament passed the amendment bill at the 72nd sitting of its third session held on November 27.
The amendment will enable the registration of businesses operating through different mediums and mandate foreign businesses and investments to register their businesses in the Maldives. Foreign businesses are mandated to seek a special permit under the Foreign Investment Act.
Upon ratification, the bill has been published in the Gazette and will come into effect within 30 days from today. During this period, all online businesses must complete registration. A business registry must be established within 60 days from today.
Once the bill comes in to effect, Registrar of Companies will have the authority to constitute regulations for certain types of businesses.