Minister of Economic Development Fayyaz Ismail stated the new amendment to the Business Registration Act will make it mandatory for all online businesses to be registered.
During the parliament session held on Wednesday, the minister stated that very few businesses are registered with the required authorities. He further explained that citing shops, canteens, garages and tuition classes do not require registration, unlike the aforementioned establishments as of now.
The minister also stated that the bill demands to publicize all the establishments that are already registered and to make it feasible for the business owners, the bill will facilitate all things related to businesses to be carried out through a single ministry.
Additionally, he stated that businesses will only have to register and notify them of the information they need. While fee must be paid upon registration, the new bill will abolish the monthly fees required from registered businesses. He also added that the ministry must be informed when a business is being terminated.
Fines will not be imposed on business owners if the establishments are registered as per the bill’s requirements as per the minister.