Foreign entrepreneurs have been ordered to cease operations in business sectors restricted to locals by October 8.
In an announcement, the Economic Ministry stated that businesses operating in sectors prohibited for foreign investors must cease operations by October 8, in accordance with the Foreign Investment Entry Requirements published by the Ministry.
The sectors restricted to Maldivians include wholesale and retail trade, as well as services provided by Cargo Sales Agents, General Sales Agents, and Passenger Sales Agents.
The Ministry’s announcement also identified eight companies operating in these sectors that have remained unreachable to the authorities.
The companies listed as unreachable are
- Mega Speedliners (Maldives)
- Eslit Maldives
- Isola Creation (Maldives)
- Deenam Maldives
- Lemingtons Jewels (Maldives)
- MUK Apparels (Maldives)
- Lecgems (Maldives)
- Ocean Well Garments
The Ministry confirmed that all these companies are currently operating in sectors where foreign participation is prohibited.
The Ministry urged these companies to contact Invest Maldives as soon as possible to complete the necessary procedures to ensure compliance within the specified deadline.
