Parliament approves the bill on amendments to the Business Registration Act

The 19th parliament has passed the bill on amendments to the Business Registration Act (Law No.: 18/2014).

The bill sponsored by MP for Central Maafannu district, Ibrahim Rasheed, was passed by the votes of 72 members at Wednesday's parliament session.

The bill was drafted with the objective of allowing all types of businesses to register under the act while fortifying regulations for the registration of the business and other relevant matters.

The bill was reviewed by the 19th Parliament Committee on Economic Affairs, who suggested revisions to the law on import, export, cafe, canteen (Law No. 60/78). These revisions state that the registration period must be modified within 60 days of the legislation coming into effect and that the responsibility of registration is handed to the registrar.

Additionally, the committee suggested that permits given under the previous bill should not be void or require re-application.

The committee also revised the bill to come into effect within 30 days of the bill being approved by the parliament, ratified by the president and published in the Government Gazette.