New Companies Act to Empower Individual Entrepreneurs

President Mohamed Muizzu ratified a new Companies Act, effective 1 January 2024, replacing the 1997 Act. The bill, proposed by the Maldivian Democratic Party and passed by Parliament on 5 December, introduces 248 articles. Key features: allows single individuals to register companies, mandates re-registration of foreign companies, and sets a fee of MVR 2,000 for registration with no annual fees and MVR 100 per service.

President Mohamed Muizzu ratified a new Companies Act, effective 1 January 2024, replacing the 1997 Act. The bill, proposed by the Maldivian Democratic Party and passed by Parliament on 5 December, introduces 248 articles. Key features: allows single individuals to register companies, mandates re-registration of foreign companies, and sets a fee of MVR 2,000 for registration with no annual fees and MVR 100 per service.

President Mohamed Muizzu ratified a new Companies Act, effective 1 January 2024, replacing the 1997 Act. The bill, proposed by the Maldivian Democratic Party and passed by Parliament on 5 December, introduces 248 articles. Key features: allows single individuals to register companies, mandates re-registration of foreign companies, and sets a fee of MVR 2,000 for registration with no annual fees and MVR 100 per service.

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