Speaking at the Parliament on Wednesday Economic Minister Fayyaz Ismail has stated that the amendments made to the Business Registration Act is not related to the issue of foreigners conducting businesses in the Maldives.
Several lawmakers has expressed concern on the new amendments made to the Business Registration Act. According to the lawmakers, the new amendments paved a way for foreigners to run small businesses in the Maldives.
The members referred to Article 6 of the amendments, which stated that foreigners can operate businesses in the Maldives after seeking permits under the Foreign Investment Act.
Minister Fayyaz highlighted that while foreigners running businesses in Maldives is a concern and the proposed amendments to the act will not address the issue in any way as foreigners are continuing carrying their businesses illegally by registering their businesses under a Maldivian name. He added that the Ministry is working on finding a way to monitor the issue.
Minister Fayyaz also stated that the law was not proposed to regulate foreign investments or foreign businesses. The law was made to facilitate businesses.