First  amendment to the Small and Medium Sized Enterprises Act of Maldives [Law no. 06/2013] was enacted on May 10, 2022. 

The amendment redefined the classification of the categories of the enterprises to micro, small, and medium sized enterprises.

The amendment mandates the Registrar of Companies to recategorise all enterprises into the newly classified categories. 

The amendment stipulates many more changes which will have a significant impact on the way enterprises are managed and regulated in Maldives.