The new Companies Act, ratified by President Mohamed Muizzu on Wednesday, takes effect on 1 January 2024, replacing the 1997 Companies Act. It allows a single individual to register and operate a company, mandates re-registration of foreign companies, and sets a registration fee of MVR 2,000 while eliminating annual fees.
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was passed by Parliament on 5 December
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the new Companies Act, ratified by President Mohamed Muizzu on Wednesday, is set to take effect on 1 January 2024
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is set to take effect on 1 January 2024
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The new Act comprises 248 articles, substantially increasing from the 101 articles in the 1996 Act.
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The new Act comprises 248 articles, substantially increasing from the 101 articles in the 1996 Act.
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received overwhelming support, with 53 members voting in favour and only one against
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stipulating a fee of MVR 2,000 for company registration and eliminating the annual fees
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Each service, including amendments to the company charter, changes to the registered address, asset changes, and changes to the company seal, will incur a fee of MVR 100.
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