Economic Ministry Sets 14-Day Deadline to Clear 12,500 Stalled Business Registrations

The Ministry of Economic Development, Transport and Trade has issued a final 14-day deadline for applicants to complete over 12,000 stalled business registrations currently pending in the national Business Portal. Officials revealed that approximately 12,500 applications remain incomplete, with many filings lacking essential procedural steps or pending fee payments. The directive, officially published in the Government Gazette on July 2, stipulates that all outstanding requirements must be met by 2:00 p.m. on July 16. Yoosuf Naeem, the ministry's strategy and registry service consultant, explained during the PSM News programme 'Raajje Miadhu' that this window provides a final opportunity for applicants to finalize their submissions. He warned that any filings remaining incomplete after the deadline will be automatically cancelled from the portal. A significant risk for applicants is the potential loss of reserved business names. Naeem cautioned that once a registration is cancelled, entrepreneurs may face difficulties securing the exact same name upon reapplying, making it critical for parties to act within the two-week timeframe to avoid administrative complications. To prevent similar backlogs in the future, the ministry is introducing technological enhancements to the portal. These upgrades will streamline the review process and implement a comprehensive notification system. Once an applicant is notified of a required rectification, the system will now trigger an automatic cancellation after a three-day grace period if no action is taken. By implementing these automated protocols, the ministry aims to eliminate systemic delays and elevate the overall standard of service provided to the Maldivian business community. The move is part of a broader effort to ensure the registry remains current and efficient for new investors and local entrepreneurs alike.