President Ibrahim Mohamed Solih on Tuesday ratified the second amendment to the Small and Medium Enterprises (SME) Act (Act no. 06/2013). Parliament passed the bill at its 35th sitting of the first session, held on Monday, April 25, 2022.
The amendment redefined the classification of the three categories of enterprises for the law. It also mandated the Registrar of Companies to re-categorise all enterprises into the newly classified categories: micro, small, and medium enterprises; and announce the types before July 30, 2022.
Upon ratification, the law was published in the Government Gazette and is now in effect.