523 companies to be dissolved by Economic Ministry

List of local companies being dissolved have been publicized by the Economic Ministry.

Economic Ministry stated that the reason for dissolving these companies is due to failure to pay the annual fees. The names of the companies have been published on the Economic Ministry website.

While the list includes names of several well-known companies, most companies on the list were registered between 1979 and 2000, the oldest and best known company being the Sifainge Ekuveri Company which was registered in the year 1979. Vahbinfaru Island Paradise, which was registered in the year 1980 is another familiar company that has been listed.

Economic Ministry stated that if the companies included in the list wished to continue to run the company, all necessary procedures must be fulfilled before July 7. All relevant documents that conform the completion of necessary procedures and a board resolution confirming the company's wish to maintain the company should also be filed at the Ministry. Additionally, all debts and legal complaints involving the company must be reported to Ministry before the due date.

Registrar of Companies Mariyam Visaam has stated that over 1000 companies are registered annually in the Maldives, and the number of companies that need to be dissolved are over 7000.