Only 100% local businesses to receive Shipping Agency license

A cargo boat docked at Hithadhoo Port in Addu City | Photo: Hithadhoo Ports Limited

Male’, Maldives – The new rules of the shipping agency in Maldives states that license will only be given to the businesses that are 100 percent locally owned.

While the Transport Ministry of Maldives had canceled out some of the problematic regulations in the shipping agency on July 16, the agency has made new regulations which align with the constitutionally mandated aspects.

The latest regulations established states that licensing will only be granted to the businesses which are operated as a company or a partnership business as per (A) and (B) of the fourth section of registration regulations.

The statement issued also stated that all the shareholders of these companies or partnership business must be locals throughout the time period (five years) the license is given. Along with this, the rules also state that once the license is given, the ownership of the license cannot be changed to another.

While the license fee for the shipping agency will be taking MVR 100 per year for five years, the shipping of a full container or a container of more CBM will be taking MVR 771 or $50. A container that is not full or a container of less CBM will be taking MVR 385.50 or $25.

If the regulations of the ninth (financial control) section is violated, the business will be fined with MVR 1,000 the first time and MVR 10,000 the second time. If the regulations are violated more than two times, then the business will be charged MVR 100,000 for each violation.

Violations of other sections of the regulation would require the business to pay an amount between MVR 500 – MVR 5,000. Repeat violations would result in a fine between MVR 5,000 – MVR 20,000.