News Desk
The Ministry of Economic Development and Trade has dissolved 28 foreign businesses registered in sectors newly reserved exclusively for Maldivians.
The ministry stated that the Registrar of Companies executed the deregistrations under authority granted by the Foreign Investment Entry Requirements regulations, enacted under the Foreign Investment Act. Official statements confirmed that all statutory legal procedures were met before shuttering the targeted operations.
Authorities noted that foreign investors previously operating in these designated areas were given a reasonable transition window to redirect their operations into permitted sectors without incurring losses.
Under the Foreign Investment Entry Requirements framework, the government aims to prioritize Maldivians in sectors where local talent and capacity exist, while directing foreign capital and expertise toward larger, specialized developments. The rules also mandate joint-venture partnerships with Maldivian shareholders for specific business categories.
Key commercial areas now restricted for foreign operators include wholesale and retail trade, logistics, public maritime transport, and bunkering services. Additionally, construction projects valued under MVR 231 million (USD 15 million) and real estate developments under MVR 1.5 billion (USD 100 million) are now strictly reserved for Maldivian businesses.
