President Dr Mohamed Waheed has today ratified the Small and Medium Enterprises Bill, which was passed by the People’s Majlis on 26 March, 2013. Following ratification, the bill has been published in the Government Gazette.
The Act defines the framework and formulates the policies for the development of Micro, Small and Medium Enterprises.
Some of the objectives which the Act seeks to achieve include:
- To create an enabling environment for the promotion and development of Micro, Small and Medium enterprises in the Maldives
- To provide for monitoring, coordination and evaluation of government policies, programs and regulatory activities which affect the Micro, Small and Medium Enterprises
- To facilitate the sector becoming broad based, innovative, resilient, nationally and internationally competitive and capable of long term growth
- To facilitate the creation of long term employment opportunities with Medium and Small Enterprises
- To provide for the monitoring, coordination and evaluation of government policies, programs and regulatory activities which affect Micro, Small and Medium Enterprises
- To reduce imbalances between the business and financial capacity, skills experience and market power of Medium and Small Enterprises and those other enterprises carrying out business in the Maldives
- To provide for a centralised, whole-of-government business registration system for the Micro, Small and Medium Enterprises.