Business License in Maldives
Business license in Maldives
To get the business registered, investor’s regardless foreign or local need to obtain an import/ export licenses and/or other business permits depends on what type of business the investors wish to engage. In terms of sailing or any kind of importing/exporting goods, investors require obtaining the necessary business license in Maldives and permits from the Ministry. On the other hand, trade license will be required for those investors who wish to trade of imported goods and in this purpose, they must submit a Trade Permit Application form.
Necessary documents for Business License in Maldives
- Male Municipality will provide a certificate to the investors and they should submit a copy of the certificate to the authority to the building of operation of business.
- If a company submits the form, the position of the individual who will submit the form should be specified along with the form should have the company stamp because this individual should be a director of the company.
- Investors ensure that any items prohibited by the Maldivian law, or allowed only with special permit are not included in list.
- If applicant is an individual, his/her signature will be required, if business/government organization, signature of an authorized person.
- Applicant is a government entity or company registered for more than 15 days
- If the investor or an individual submits the form, a copy of the Identification Card should be attached because the original ID Card is also required for reference.
- Copy of permit for export of any products that require prior permit from the relevant government agency.
- Fill up the name column in the application form with three names using as preference.
Export/ Import Fees of Business License in Maldives
When the name will get registered, investors will be required to pay the monthly fee in advance for a minimum of one month. Mrf. 200 should be paid as the monthly fee for a shop on an island with a population higher than 10,000. On the other hand, if the population is less than 10,000, the monthly fee is Mrf. 50. The monthly fee for trading on uninhabited islands is Mrf. 200 and the permit will be issued once the receipt of the monthly fee will be submitted. Therefore, to get the permission, a revenue stamp is required which is worth of Mrf. 10 but it should have a bank guarantee stamp if the payment is made by check.
Required time for getting Export/ Import Business License in Maldives
The total process will be completed within 1 day. Initially, investors need to lodge application for export license at counter. If any information is missing, required information will be provided and if the application is in order, Ministry will calculate amount for payment. On the contrary, if license cannot be approved, Ministry will inform you of the issue and instruct for amendment as applicable. Investors will receive invoice slip,receive original of export license and sign form as proof of receipt and make payment after getting approval.
Consideration for Export/ Import Business License
- Investors must have a registered business at the Ministry of Economic Development.
- Investors should ensure that any items prohibited by the Maldivian law, or allowed only with special permit are not included in list of items for export.
- After obtaining license, investors should ensure that all other documents accompany the permit will be submitted along with the application.
- Investors should bear in mind if they wish to export items that have been imported to the Maldives for which they have paid import duty, the export license issued should state this.
- License will not be issued in such export value which is larger than the equivalent of the maximum number of revenue stampsand the specified space.
- The total value of estimated exports will be in the nearest 100.
- Payment through check is acceptable only with bank guarantees.
- If the request is made on behalf of a company, partnership, corporative society, club or a party that requires government registration, investors should submit the receipt of the annual fee.
- If the entity is not required to pay an annual fee, they should submit such documentation that proves that it is a legal entity.
- The mandate of the entity should be included with trading of imported goods.
Consideration the license for selling imported products online
- To obtain a permit for trade of imported goods online, investors should submit a Trade Permit application form.
- Submit the domain name or a formal document which indicates a website has been registered.
- The position of the individual who will submit the form should be specified and the form should have the company stamp which is recommended. This individual should be a director of the company which is initially mentioned.
- If an individual submits the form, in that case a copy of the Identification Card should be attached. All of them are part of obtaining business license in Maldives starting new business.