The government has submitted an amendment to the Foreign Investment Act to make it mandatory for foreign businesses to register their businesses under the act in order to carry out business in Maldives.
The Business Registration Act states foreign businesses must register themselves as a company, or register themselves as a partnership under the Partnership Act before carrying out business in the Maldives.
The bill was submitted by Maafannu central MP Ibrahim 'Bonda' Rasheed on behalf of the government. Rasheed's proposed amendment seeks to make it mandatory for foreign businesses to seek authorization under the foreign investment Act in addition to being registered as a business.
MP Rasheed said that the submitted the bill to foster positive accountability in businesses and to further reform and enhance the business registration and business name registration policies.
The bill also states that says that if a foreigner require authorization from other entities under any other law in order to register their business, they will need to obtain the required authorization in addition to the authorization required under foreign investment laws.
The amendment states that all information required to register the business should be submitted to the registrar of companies along with the required fee. The regulations under the law will specify the amount that is required to be paid as fee.