The Maldivian government has made significant changes to the regulations surrounding the transfer of shares among resort owners and operators. According to an announcement made on February 12, 2022, these companies are no longer required to obtain prior permission from the Tourism Ministry for share transfers. The purpose of this amendment is to simplify the business process in the country and encourage more foreign investment in the tourism industry.

The amendment eliminates two clauses from the share transfer regulations. The first clause previously required companies to obtain prior written permission from the Tourism Ministry for share transfers related to tourism businesses. This requirement has been eliminated. The second clause mandated that a share certificate issued by the Economic Ministry be submitted to the Tourism Ministry upon completion of the share transfer. This requirement has also been removed. However, if the Tourism Ministry is informed of any share transfer, it will continue to seek public complaints.

The government’s decision to remove these regulations is a positive step towards making it easier for companies to invest in the Maldives’ tourism sector. The amendment is expected to increase investor confidence, reduce bureaucratic hurdles, and simplify the process of doing business in the country.