Economic Minister Fayyaz Ismail has stated that a new policy is to be established under the business registration law where online businesses run on social media and other platforms have to be registered.
While speaking in the parliament, Minister Fayyaz stated that there a few number of businesses are registered with the Ministry. Under this new policy, retail shops and canteens have to be registered but it does not apply for garages and tuition centers.
He also mentioned that the main purpose of the new policy is to ensure all businesses including online ventures are registered with the Ministry.
Minister Fayyaz stated with the introduction of the new policy, the process to register businesses will be easier than before.
If a company has been registered priorly, new ventures undertaken by the same establishments don’t have to be registered and has to pay the monthly fee for the main establishment.
He further noted that the Ministry intends to void the act where business registration is revoked after fee for three months is due.
