Restrictions on foreign investment to remain under amended business registration bill
25 Mar 2013, 2:29 PM
Neil Merrett
A ban on foreign investment in the Maldives involving capital of under US$5 million will continue under amendments to the country’s Business Registration Bill proposed by parliament.
The health, accounting, taxation and financial services sectors will be exempted from the minimum investment requirement. However involvement in any other sector will require a foreign national to have capital of over US$5 million and a deposit of US$1 million with a group approved by the Maldivian government, local media has reported.
Parliament’s Committee on Economic Affairs omitted a proposed amendment from the latest draft of the Business Registration Bill, that would have potentially opened up smaller businesses such as retail and coffee shops to foreign investors.
The Maldives National Chamber of Commerce and Industries (MNCCI) has called for even tighter restrictions on specific sectors, stating a need to protect smaller-scale local businesses such as restaurants and retail outlets.
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