FOREX Law: Businesses earning over MVR 15 million required to register

Businesses with a turnover of USD 15 million in the past fiscal year, excluding tourism and financial institutions, are now required to register with central bank Maldives Monetary Authority.

According to the registration regulations issued by MMA, those who had not registered with MMA under the Foreign Exchange Act before the enactment of the Act must do so before Monday. Those starting up businesses after the 1st of this month must register within 30 days from the date of starting the business.