On 1 October 2024, the Regulation on Money Changing Businesses was published by the Maldives Monetary Authority coming into immediate effect. The Regulation updates the rules surrounding the issuance of money changing licences to businesses and seeks to strengthen the efforts of the MMA with regards to supervision of such businesses.

The MMA’s new Regulation on Foreign Currency came into effect on 1 October 2024 introducing significant new rules and controls over incomes received in foreign currency and foreign currency transactions

The new Foreign Investment Act (Act Number 11/2024) (the “Act”) was ratified on 3 September 2024 introducing significant new rules to the foreign investment framework of the Maldives. The Act will come into effect on 3 December 2024 and will repeal the Maldives Foreign Investment Act of 1979.

The First Amendment to the Companies Act (Act Number 18/2024) (the “First Amendment”) was ratified on 18 September 2024.  Notably, the First Amendment revised the time frames within which companies incorporated in Maldives must convene extraordinary general meetings (EGMs).

This amendment introduces significant changes concerning the payment currency for taxes imposed under the Income Tax Act, and the presentation currency of tax returns. These changes include:

The 13th Amendment (the “13th Amendment”) to the Maldives Tourism Act (Act Number 2/99) (the “Act”) has been ratified by the President of the Republic of Maldives on 29 August 2024 introducing changes to the lease extension payment periods set out in the Act. 

The Third Amendment to the CbCR Regulation ends the temporary suspension of filing requirements for Constituent Entities that are not the UPEs of their respective MNE groups.

CTL Strategies has been ranked in the Chambers Global Guide 2024, published by Chambers and Partners. This marks the firm’s fourth consecutive year of recognition in Chambers Global Guide within the General Business Law category.

Year in Review 2023" is aimed at providing summaries of the key developments throughout the year in the area of civil law. Both legislative changes and some key judgments of the courts have been summarised in this regard.