Eight Companies Urged to Transition Out of Restricted Foreign Investment Sectors by 8 October 

The Ministry of Economic Development, Transport and Trade has urged eight companies operating in sectors closed to foreign investment to complete required transition arrangements by 8 October.

The ministry said wholesale and retail trade, as well as Cargo Sales Agent, General Sales Agent and Passenger Sales Agent activities, are among the sectors now restricted under the Foreign Investment Act.

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The eight companies are Mega Speedliners (Maldives) Pvt Ltd, Eslit Maldives Pvt Ltd, Isola Creation (Maldives) Pvt Ltd, Deenam Maldives Pvt Ltd, Lamintons Jewels (Maldives) Pvt Ltd, M.U.K Apparels (Maldives) Pvt Ltd, Lakgems (Maldives) Pvt Ltd and Ocean Well Garments Pvt Ltd.

Announcement: Notice on Foreign Investment Transition Requirements

🔗 https://t.co/ijaeDC6Uur pic.twitter.com/awZTsBKdP8— Ministry of Economic Development,Transport & Trade (@MoEDmv) September 23, 2026

The ministry said it had been unable to contact the companies despite attempts to reach them by email and phone. Company directors, shareholders or authorised representatives have been asked to contact Invest Maldives to confirm their transition requirements and agree on compliance measures.

Failure to complete the required arrangements by the 8 October deadline may result in legal and regulatory enforcement action under the Foreign Investment Act, the ministry said.

The notice forms part of the wider implementation of the 2024 Foreign Investment Act, which has introduced new requirements governing foreign participation in the Maldivian economy. 

The framework restricts or closes certain activities to foreign investment while providing transition arrangements for existing foreign-backed businesses, with the government citing factors including domestic business capacity, market competitiveness, employment and the need for foreign capital and expertise.

Whilst the ministry has urged registered businesses to transition out of restricted sectors, cases arise where individual expatriates working in the Maldives operate unregistered businesses, ranging from cafes and retail shops to other service-providing establishments.