Second amendment to the SME Act, ratified
The amendment has been publicized in the government gazette
The President ratifies the second amendment to the SME Act | president office
The second amendment to the Small and Medium Enterprises (SME) Act has been ratified.
President Ibrahim Mohamed Solih ratified the second amendment to the act, (Act no. 06/2013) on Tuesday.
The People’s Majlis passed the bill on April 25, during the 35th sitting of the first session of 2022.
Following ratification, the law has been publicized in the government gazette and comes into immediate effect.
The act mandates the Registrar of Companies to recategorize all enterprises into the newly classified categories: micro, small, and medium enterprises.
The categories are to be announced before 30 July 2022.
Further, the amendment redefines the classification of the three categories of enterprises for the law.
