The regulation on Small and Medium Enteprises took effect on Sunday, providing Business Center Corporation (BCC) with its official mandate.
The regulation, published on the Government Gazette on Sunday morning, pertains to the management of SMEs that operate in Maldives, and how it is required to report to the Economic Ministry.
The regulation also declared the main responsibilities of BCC – established by the Economic Ministry to provide support in the development of SMEs.
According to the regulation, the main responsibilities of the BCC include providing support to SMEs, conducting programs to promote innovation, and providing services and facilitating financial support to SMEs.
With the changes, BCC will receive an annual budget to provide its services, and will be required to present an action plan and a framework to achieve the objectives on its action plan to the Economic Ministry.
The regulation declares the services that business development centers can provide. This includes trainings for startups, technical support to formulate business plans, and providing training for the purpose. Such centers can also conduct short-term courses and training programs to develop various skills.
With the new regulation on SMEs published on Sunday, the old regulation is now longer in effect.