Amendment to register online business signed into law

Photo shows President Ibrahim Mohamed Solih. (Photo/President's Office)

An amendment to the business registration law has been assented by the President.

The amendment would make it mandatory for online businesses to register. The amendment requires services and businesses provided online to be registered and changes the previous law that requires only offices and shops to be registered.

Some changes were also brought to the partnership laws of the country that allows foreigners to operate businesses in the country in partnership with a local. The law now states that such businesses can only be run after obtaining permission under the foreign investment laws of the country.

The amendment also requires a registry of all businesses to be formed and a system that provides information to the public to be established. Some changes were also brought to the naming policies of businesses. The amendment includes some names and reasons why they couldn’t be used.