President Ibrahim Mohamed Solih on Monday ratified the first amendment to the Sole Proprietorship Act (Act No. 19/2014). The amendment was passed by Parliament at the 44th sitting of its third session on Monday, November 29, 2021.
The amendment increased the validity period of sole proprietorships from 5 to 10 years. It also extended the renewal period of registrations from 90 days to 1 year.
Additionally, the amendment stipulates that the registration of sole proprietorships would be revoked if the Registrar of Companies finds a business directly or indirectly operating to serve the interests of a non-Maldivian.
The amendment stipulates that regulations pertaining to it should be drawn up and published in the Government Gazette within three months from the ratification date. Following ratification, the law was published in the Government Gazette and came into effect today.