Mohamed Saeed, Minister of Economic Development and Trade, has described the government's new Trademark Bill, recently introduced to Parliament, as 'long-overdue" and essential to building trust within the domestic business sector. The government has positioned the bill as a pivotal reform to attract foreign investment and strengthen the nation's intellectual property protections. It was introduced on 14 July.
"This long-overdue legislation strengthens our business environment, protects IP rights, and boosts investor confidence—a crucial step toward the President Dr @MMuizz's [Mohamed Muizzu's] Maldives Vision—A developed nation by 2040," Minister Saeed stated in a post shared via social media, signalling alignment with national development objectives.
At the heart of the bill is an effort to strengthen intellectual property safeguards while advancing the interests of local producers and artists. It sets out a formal structure for trademark registration, clarification of ownership rights, and the introduction of firm legal mechanisms to address infringement and counterfeiting.
The draft legislation defines a trademark as any sign used to distinguish the goods or services of one party from those of another. Protections would hinge on official registration, enabling trademark holders to block unauthorised commercial use of identical or misleadingly similar marks. Specific exceptions to these rights are outlined within the text.
Minister Saeed noted that the initiative marks a broader commitment to legal reform as a means of economic transformation. The bill, he noted, forms part of President Dr Mohamed Muizzu's 'Maldives Vision 2040', an agenda designed to guide the nation toward developed country status.
Registration terms under the bill are set at ten years, with the option for renewal in successive ten-year periods. Provisions also empower courts to issue compensation in cases of infringement, including the recovery of legal costs required to restore trademark rights.
The legislation outlines strong deterrents against counterfeiting, targeting the import, sale, and export of fraudulently trademarked goods. Fines imposed under these provisions range between USD 6,484.52 and USD 129,690.34.
To accommodate the transition, the bill includes a twelve-month grace period for existing trademark holders to re-register under the new system. Registrations not updated by the deadline will be voided. Once ratified, the law is set to come into force following a one-year interval.