First Amendment to the Business Registration Act Ratified

On 4 December 2019, the First Amendment to the Business Registration Act was published in the Government Gazette. The Amendment introduces some important changes for foreign parties interested in carrying on business in the Maldives, and for online businesses.

According to the First Amendment to the Business Registration Act, Foreign Business will only be required to register their business in accordance with Section 4 of the Act, and register as a foreign investment under the Foreign Investment Act of the Maldives (Law Number 25/79). Prior to this Amendment the Business Registration Act restricted foreign enterprises from carrying on with certain types of businesses in the Maldives. The amendment now removes those restrictions.

The Amendment also requires all online businesses to register with the Ministry of Economic Development. All online business have 30 days, beginning 4 December 2019, to register their business with the Ministry of Economic Development. The only exceptions to this rule would be business which are considered Exempt businesses under Section 9 of the Business Registration Act.

Law Number 60/78 (Law on Teashops, Canteens and Places Permitted to Sell Imported goods) has been repealed under the Amendment.

The First Amendment to the Business Registration Act will commence 30 days from the publication date.