The Small and Medium Enterprises Bill was ratified by President Dr Mohamed Waheed yesterday (April 14) after being approved by parliament last month.
The bill, now published in the Government Gazette, outlines policies targeted at developing small, medium and micro-scale businesses in the country.
According to the President’s Office website, the bill includes numerous measures such as, outlining how to promote and develop small to medium size business. Methods for monitoring and evaluating the effectiveness of government policies to support small and medium business are also included.
Other key considerations in the bill include supporting the sector to become sufficiently “innovative” and broad, while also ensure long-term national and international competitiveness.
The bill also calls for the establishment of a government-backed centralised registration system for companies, according to the President’s Office.