A revised business registration bill has been submitted for review to the Government.
The bill pushes to nullify the act established regarding the operation of cafes, canteens and wholesalers and will provide easier access to register new businesses.
The bill was proposed to the Government by the parliament member Mr. Ibrahim Rasheed.
With the passing of the new bill, it provides solutions for business investors to incorporate their business and further strengthens the exceptions where foreign investors can establish a business in the Maldives.
The new bill proposes that foreign investors have to register a company within the nation in order to start a venture or create a partnership with a local company after obtaining the necessary permits under the foreign investment act.
It also pushes to nullify the act regarding the security deposit of USD 1 lakh by foreign investors.
The bill further pushes to remove the invalid acts regarding businesses operations and to create a better act that is more beneficial for the country.