Maldives Registrar of Companies made public the decision of dissolving a total of 40 local companies over inaction.
Moreover, the Registrar holds the power to dissolve defunct companies with accordance to the statutes under Maldives Companies Act.
The defunct companies that are in the latest batch to face dissolution all include entities registered between 2014 to 2019.
Meanwhile, the Covid-19 global pandemic severely impacted local companies, most of which include small to medium tier enterprises.
While many of these companies came to abrupt halts, Ministry of Economic Development put into consideration economic detriments while extending annual fees subject to local companies.