Parliament on Tuesday passed a modern new companies bill, 27 years after the existing Companies Act came into force.
The bill was passed with 51 votes in favor. Only two MPs voted against it. The bill will now be sent to the President for ratification.
The legislation specifies the processes, rules and procedures for setting up, registering, operating and dissolving companies in the Maldives.
The new Companies Act has 248 articles. The current law has 101 articles.
The old Companies Act will be repealed when the new law takes effect upon ratification. Companies will have one year to make changes to comply with the new law.
The Speaker tried to put the bill to a vote during yesterday's sitting as well. However, the vote could not be called as the required quorum of 44 MPs was not in attendance.
The companies bill was submitted on behalf of the Maldivian Democratic Party (MDP) during the previous administration by Dhuvaafaru MP Ismail Ahmed.
