A new foreign investment bill has been introduced in Parliament, outlining procedures for investing in the Maldives.
A new foreign investment bill has been introduced in Parliament, outlining procedures for investing in the Maldives.
The bill was introduced by Hithadhoo Central MP Ahmed Azan Marzooq on behalf of the government.
Economic Minister Mohamed Saeed highlighted that the bill aims to update the 45-year-old Foreign Investment Act, creating more favorable legal opportunities for investors.
The new bill mandates research and feasibility studies to identify necessary investments across various business sectors in the country.
Foreign investors will only be permitted to invest in areas specified by law, and they must obtain the required permissions. The areas open for investment, along with the conditions for specific sectors, have been predetermined.
The decision on sectors open to investment will be made in consultation with the Cabinet of Ministers.
The bill also requires foreign investors to obtain a designated license. Once an application for investment permission is submitted, if it meets all regulatory requirements, the Ministry of Economic Development must reach a decision within 30 days of receipt.
Additionally, the bill stipulates that unauthorized business activities will incur a fine of up to 30 percent of the total business value. In cases where false information is provided to obtain a foreign investment license, fines ranging from one hundred thousand to one million rufiyaa will be imposed.
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