Business Registration Bill returned to Committee

The Business Registration Bill sent back to the Parliament without ratification by President Mohamed Waheed Hassan Manik, has been resubmitted to the Parliament's Economic Committee for further assessment. The letter sent by President Waheed returning the bill that had been passed by the Parliament on April 23 stated that “it had been returned after consideration of potential legal and socio-economic ramifications that could arise when the law comes into effect.”

President had proposed amendments and removals of some Articles in the Business Registration bill. To that end, Waheed’s letter detailed that while Article 3 (e) of the Bill stipulates that “of the services to be provided for the people of the islands excluding the capital Male, necessary arrangements must be made for the provision of the services specified by the Registrar,” the type of services that must be provided is unclear.

While the Bill states that a branch of a foreign company can be registered in the Maldives, the Company Act fails to specify a process for registering a branch of a foreign company. Hence, President Waheed requested the removal of Article 5 (b) of the bill. In addition, President also requested the amendments of other Articles relevant to the registration of a foreign company branch in the Maldives.

President’s letter further noted that while the bill specified the areas foreigners would be allowed to operate businesses, the Bill fails to specify the term “foreigners.”
All MPs who debated on the Bill during the Parliament session today had highlighted its significance.

Maamigili constituency MP Gasim Ibrahim noted that the Bill had issues that required contemplation and stressed that as the Maldives introduces a taxation system, businesses must be registered.

Opposition Maldivian Democratic Party (MDP) lawmakers expressed concern for the contradicting statements by some MPs who had supported the Bill earlier. MDP claimed that the Bill drafted and submitted to the Parliament under the economic package of the MDP government, was designed for the benefit and to facilitate local businesses and foreign investments.

The Business Registration Bill had been sent to the Committee for further assessment by the absolute majority of the 72 MPs present.
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