President Dr. Mohamed Muizzu has officially approved the Company Act (Act No. 07/2023) today.
The parliament passed the bill on Tuesday, December 5, 2023, during its 32nd sitting of the third session this year.
This Act outlines the terms governing the creation, registration, operation, and dissolution of companies in the Maldives, along with other regulations and procedures applicable to companies in the country.
Additionally, the Act defines the rules and procedures for establishing, registering, and managing a company as a business entity. It lays out general, convenient, and favorable terms and conditions for the registration, incorporation, and liquidation of a company.
To ensure transparency, the Act mandates rules for compiling, maintaining, and publishing a register of companies.
Private companies, public companies, government companies, and local authority companies can all be established under this act. The Act also outlines the requirement for foreign companies to undergo re-registration and explains the process involved.
This new legislation is set to take effect on January 1, 2024.
