Maldives Implements New Companies Act

The Maldives has implemented a new Companies Act (Law 07/2023), which was ratified on 27 December 2023 and replaces the prior Companies Act of 1996 with effect from 1 January 2024. Some of the key points of the new Companies Act include:

• In addition to Private Limited Companies, Public Limited Companies, State-Owned Companies, and Re-Registered Companies, two new company categories are introduced:
  • Local Authority Companies; and
  • Foreign Investment Companies;
• Private companies with a single …