The Maldives government in a bid to provide ease for local traders have abolished the previously existing trade permit regulations.
The Ministry of Economic Development revealed on Monday, under the amendments to Business Registration Act which has been implemented on 05 January 2020, few permits have been completely abolished.
The permits under the new amendment which have become obsolete include;
- Trade Permit on Import Goods
- Permit to operate Cafe’ and Restaurants
- Permit to operate Canteens
Moreover, the ministry reports with the permanent cancellation of the said permits the associated fees and charges for these permits will no longer be collected from relevant authorities; which include along with the ministry, City Councils, Island Councils and Maldives Inland Revenue Authority (MIRA).
The announcement read “any person or persons wishing to register a business, whether it is a sole proprietorship, company, partnership or a corporate society can register their businesses under Business Registration Act (Act: 18/2014) without the requirement of any additional permits.”
Earlier in 2019 the Maldives Ministry of Economic Development announced their decision to cease trade permits for local businesses following registrations.