The President of Maldives, Ibrahim Mohamed Solih on Monday, 06th December, ratified the first amendment to the Sole Proprietorship Act (Act No. 19/2014).
Earlier, the amendment was passed by Maldives Parliament at the 44th sitting of the chamber’s third session back on 29th November 2021.
The amendment to the Sole Proprietorship reflects on the extension of the validity period of sole proprietorships from 05 years to 10 years, while the registration renewal period has been extended to 01 year from 90 days.
Furthermore, the amendment provides authority to Registrar of Companies to revoke the registrations of sole proprietorships, should it be found that the businesses directly or indirectly operate to serve interests of non-Maldivians.