Businesses with an annual turnover of USD 15 million or more, excluding tourism-related ventures and financial institutions, are now required to register with the Maldives Monetary Authority (MMA).

Under the regulations issued by MMA:

• Businesses that were not registered under the Foreign Exchange Act before its enactment must do so by Monday.


• Newly established businesses, starting operations after January 1, must register within 30 days of commencing operations.

For businesses earning a turnover of MVR 15 million in foreign currency after January 1, registration must be completed by the end of January of the following year.

The Act also outlines specific foreign exchange requirements for the tourism industry:

• Category A Resorts: May exchange up to USD 500 per tourist or 20% of their total monthly income.


• Category B Guesthouses: Must exchange USD 25 per tourist or 20% of their monthly income.

Eligible businesses, excluding tourism-related and financial institutions, must register through the Foreign Exchange Registration Portal on the MMA website. The deadline for businesses that earned a minimum of MVR 15 million by the end of the previous fiscal year is February 3.

This initiative underscores MMA’s commitment to regulating foreign exchange activities and ensuring compliance within the business community.