Economic Ministry terminates 51 businesses

In this photo, Ms Mariyam Visam, Registrar of Companies is seen speaking with reporters. The Economic Ministry announced that over 1000 companies were terminated in October 2019 for unpaid annual fees. (Sun File Photo/Mohamed Muzayyin Nazim)

Economic Ministry has terminated the registration of 51 businesses owned by private individuals. 

The Ministry terminated the companies in February 2020. No reason for the termination was provided by the Ministry.

The Sole Proprietorship Act of 2014 was brought into existence for the purpose of developing and providing convenience to businesses by private individuals.

In contrast to companies, sole proprietors own the entire business and its capital. The Economic Ministry has so far terminated 4,924 businesses so far in 2020. 

They were terminated after the necessary procedures were followed through by the authorities, according to the Ministry.