Minister of Economic Development Fayyaz Ismail stated on Wednesday that the amendment to the Business Registration Act will make it mandatory for all online businesses to be registered.
Providing details about the amendments submitted by the government to the act, Minister Fayyaz stated that very few businesses are registered with the authorities, asserting that the bill aims to have all the businesses in Maldives under a registry.
Citing shops and canteens he stated that garages and tuition classes, do not currently require registration, unlike the aforementioned establishments.
Additionally, the minister stated that the bill demands to publicise all the establishments that are already registered.
Noting Economic Ministry's efforts at providing feasibility for business owners, Minster Fayyaz stated that the bill will facilitate all things related to such businesses through a single ministry.
According to him, business owners do not have to request for permission to start up a shop or hotel.
"They will only have to register and notify us with the information we need."
He added that the ministry must be informed when a business is being terminated.
Moreover, Minister Fayyaz disclosed that a fee must be paid upon registration. However, the bill will abolish the monthly fees required from registered businesses.
Fines will not be imposed on business owners if the establishments are registered as per the bill's requirements as per the minister.
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