President ratifies first amendment to Business Registration Act

The first amendment to the Business Registration Act has been ratified by President Ibrahim Mohamed Solih on Wednesday.

While the People’s Majlis passed the bill on the first amendment on 27 November at its 72nd sitting, it has been publicized in the government gazette upon ratification.

The bill will come into effect within 30 days from ratification and will enable the registration process for businesses operating through different mediums.

Further, it will make it mandatory for foreign investments and businesses to register in the Maldives.

Submitted by central-Maafannu MP Ibrahim Rasheed, the bill aims to reinforce regulations for the registration process.

The committee on Economic Affairs proposed amendments to the law (No. 60/78) on import and export, while reviewing the bill. The amendments seek to modify the registration period to 60 days once the legislation comes into effect.