Businesses shall apply for registration within 9 months from commencement of this act.
Document dated Sep. 3, 2024, received from MLD AG Sep. 9, summarized on Sep. 12.
On Sep. 3, MLD GVT approved revision to Business registration act.
MLD GVT said President approved amendment to Business registration act, focused on addressing legal and regulatory changes re registration of businesses, investments
Aims to introduce procedural changes for foreign entities wishing to operate in the Maldives as well as allow foreign investors to invest in certain types of securities.
President ratified 3rd amendment to the Securities act the same day, see #224870.
Amendments
Foreign entities now required to re-register as a company/partnership in the Maldives under Companies act, obtain investment approval as per Foreign investment act.
Permit foreign investors to invest in certain types of securities, but the ownership of shares purchased by the relevant foreign equity investors must not exceed 10%.
Effectiveness
The amended act was published in the Government Gazette and is now in force.
