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.

Under the Act, Category A resorts have the option of exchanging USD 500 per tourist or 20 percent of their total monthly income. Under Category B, guest houses are required to exchange USD 25 per tourist or 20 percent of their monthly income.

According to the registration regulations, with the exception of businesses selling goods and services in the tourism industry as well as financial institutions active within the industry, other businesses which provide goods and services and earned a minimum of MVR 15 million by the end of last year are required to register with MMA before the 3rd of February.

If the business earns MVR 15 million in foreign currency after 1st January this year, it must be registered before the end of January next year.

Businesses are required to register through the Foreign Exchange Registration Portal on the MMA website.