Amendments to be Made to the Company Registration Laws

The economic ministry stated that company registration and the laws surrounding it will be amended and changed to fit the modern Maldivian economy.

Speaking to the media, Registrar of Companies Maryam Wisaam stated that the laws are pretty dated and the current format of the laws makes it harder for the general public and for the government to register new companies and monitor them.

These changes include promoting transparency of businesses and companies to the general public, the introduction of a notification system for businesses to conduct their duties to the government along with changes to rules on how companies should be named.

The current law in effect since 2014 and with the new proposed changes to the law, the ministry hopes this will create more businesses and encourage startups in the country.