Compliance Requirements Under the New Companies Act

On 1 January 2024, the new Companies Act became effective, introducing changes to the compliance and regulatory requirements applicable to companies operating in Maldives.

The Act generally maintains the compliance structure established under the previous Companies Act. As a major difference, the new Companies Act strengthens the enforcement regime allowing the Registrar of Companies to levy fines for non-compliance of the new Act. 

This brief provides the compliance requirements stipulated under the new Companies Act highlighting the changes introduced under the new regime.