Ministry Shuts Down 66 Illegitimate Businesses

The Ministry of Economic Development and Trade has closed 66 illegitimate businesses to date as part of ongoing efforts to regulate foreign business operations and ensure compliance with national laws.

A dedicated task force, established last month, has been conducting inspections nationwide. State Minister for Economic Development and Trade Mohamed Thariq Ahmed, speaking to state media, revealed that 307 complaints have been received under the enforcement drive.

Inspections have covered 153 establishments, leading to the closure of 66 businesses. Of these, 46 were shut down for violations under laws administered by the Ministry, while 20 were closed for breaching other regulations. Notably, 22 businesses were permitted to resume operations after rectifying issues and completing necessary legal procedures.

The State Minister explained that businesses can reopen upon fulfilling requirements under the Business Registration Act and its regulations, meeting standards set by the Health Protection Agency (HPA) and the Maldives Food and Drug Authority (MFDA), and settling any imposed fines.

The government continues to strengthen measures against unlawful business activities, including enhanced enforcement, amendments to the Foreign Investment Act to reserve additional sectors for Maldivians, and the designation of certain occupations exclusively for local workers, with expatriate work permits in those roles to be gradually phased out.