Parliament Approves New Legislation Governing Companies

The Maldivian Parliament passed a new companies bill on Tuesday, replacing the 27-year-old Companies Act. The bill was passed with 53 votes for and one against, and will be sent to the President for ratification. The new legislation contains 248 articles (vs 101 in the 1996 act). It sets rules for incorporation, registration, operation, and dissolution of companies. Once in force, the 1996 act will be repealed, and companies have one year to comply. The bill was introduced by MDP MP for Dhuvaafaru, Ismail Ahmed, on behalf of the previous administration.

The Maldivian Parliament passed a new companies bill on Tuesday, replacing the 27-year-old Companies Act. The bill was passed with 53 votes for and one against, and will be sent to the President for ratification. The new legislation contains 248 articles (vs 101 in the 1996 act). It sets rules for incorporation, registration, operation, and dissolution of companies. Once in force, the 1996 act will be repealed, and companies have one year to comply. The bill was introduced by MDP MP for Dhuvaafaru, Ismail Ahmed, on behalf of the previous administration.

The Maldivian Parliament passed a new companies bill on Tuesday, replacing the 27-year-old Companies Act. The bill was passed with 53 votes for and one against, and will be sent to the President for ratification. The new legislation contains 248 articles (vs 101 in the 1996 act). It sets rules for incorporation, registration, operation, and dissolution of companies. Once in force, the 1996 act will be repealed, and companies have one year to comply. The bill was introduced by MDP MP for Dhuvaafaru, Ismail Ahmed, on behalf of the previous administration.

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