Trade permit no longer required to operate business

A trade permit is no longer required to conduct separate businesses activities once rehistered as a busines venture, in the Maldives.

The Economic Ministry revealed that businesses are not required to possess a trade permit starting January 5, in accordance with recent amendments to the Business Registration Act. The fees imposed on the permit have also been canceled.

Trade permits will no longer be issued for the trade of imported goods, and the operation of restaurants, cafes, and canteens, said the ministry. With this change, an additional permit will not be required to carry out additional businesses under one business permit. The monthly fee of MVR 200 levied on trade permits will not be charged, and will no longer be accepted by city and island councils, and Maldives Inland Revenue Authority (MIRA), said the Economic Ministry.