The Government publishes amendments to the Sole Proprietorship regulation that would see businesses that benefit foreigners slapped with heavy fines and eventually see their business registration canceled.
In the revision published yesterday, the Ministry said when places of businesses for a sole proprietorship are inspected, action would be taken against those with the lack of business registration or missing permits.
The revision said that the authorities would take action against those who keep goods outside such places of business. It said that the business would be slapped with fines of up to MVR 100,000.
The new revision state that if there is evidence that business transactions are deposited to a bank account under the name of a foreign national, authorities can use their discretion to decide that the business is being operated to benefit a foreigner and take appropriate action.
In such instances, the regulation said that the owner of the business would be fined MVR 100,000. The individual would also be banned from registering any sole proprietorship under his/her name for the next five years.