Maldives announces 'business friendly' law reforms

Maldives government Monday announced major reforms to the company law in a bid to establish a more business friendly environment.

Speaking during a ceremony on Monday named 'Colloquium on Doing Business in Maldives - A Judicial Perspective' economic minister Mohamed Saeed said the government had initiated a major effort to establish a more business friendly environment in the Maldives.

As a first step under the initiative, the government is looking to amend the Companies Act, Saeed noted.

The minister said the amendments include scrapping the company annual fee and the minimum capital requirement for company registration.

"This includes minimising the company registration fee and scrapping the annual fee. We're also drafting a legislation to reform debt resilience issues. We're compiling a credit registry in accordance with international best practices. We're drafting a secure transaction law," the minister explained.

The economic ministry would also streamline the export import documentation requirements in the next four months, he added.

"We are confident that we would be able to achieve president Abdulla Yameen Abdul Gayoom's economic targets by 2018. Insha Allah on that day Maldives would be the top destination for foreign investment."