President Ibrahim Mohamed Solih on Wednesday ratified an amendment to the Business Registration Act, under which all online businesses must be officially registered at the government.
The newly ratified bill will come into effect in 30 days.
The Business Registration Act previously mandated only businesses that operate via retail shops and other such outlets to be registered.
The new amendment, which was lobbied by the government and approved by the parliament in November, states that all electronic businesses must also be registered. Electronic businesses, a specified in the bill, include those operated on electronic, magnetic, optical or any other platforms through which data transactions are made.
The bill also accords the Registrar the authority to compile a detailed business registry, which will be made available to the public at a special fee.
Regulations on the naming policy for businesses will also be established under the bill.
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