Ministry publishes list of foreign companies unreachable for mandatory compliance checks

The Ministry of Economic Development, Transport and Trade has publicized the names of eight foreign companies it attempted to contact regarding compliance with the new entry requirements under the Foreign Investment Act, but was unable to reach.

The Foreign Investment Act, passed on September 3, 2024, requires foreign businesses to exit prohibited sectors where foreign participation is not allowed. According to the ministry, these restricted areas include wholesale and retail trade, cargo sales agent (CSA), general sales agent (GSA) and passenger sales agent (PSA) services.

Foreign companies operating in these sectors must cease their business activities by the end of next month, the ministry said in a statement on Wednesday.

Based on ministry records, the eight companies that could not be reached via email or phone are:

• Mega Speedliners (Maldives) Pvt Ltd, Reg.No. C‑0022/1994  

• Esli Maldives Pvt Ltd, Reg.No. C‑0266/1995  

• Isola Creation (Maldives) Pvt Ltd, Reg.No. C‑0217/1995  

• Dinam Maldives Pvt Ltd, Reg.No. C‑0017/1985  

• Lemingtons Jewels (Maldives) Pvt Ltd, Reg.No. C‑0375/1996  

• MUK Apparels (Maldives) Pvt Ltd, Reg.No. C‑0079/1998  

• Luckgems (Maldives) Pvt Ltd, Reg.No. C‑0201/1999  

• Ocean Well Garments Pvt Ltd, Reg.No. C‑0142/2000  

The ministry has urged the directors, shareholders or authorised representatives of these companies to contact the Foreign Investment Unit of Invest Maldives as soon as possible.

It also reminded all foreign businesses to ensure compliance with the transitional requirements and complete the necessary steps within the stipulated timeframe.