Company registration fee Maldives
Company registration fee Maldives
Foreign investors and foreign companies can register a limited company in Maldives but these companies are governed jointly according to the Companies Act (Law No. 10/96). This is the law which governs the formation, registration and regulation of companies in the Republic of Maldives. In broadly, this law is cited as “The Companies Act of the Republic of Maldives”. All kinds of limited companies including private and public will be formed and managed in the manner prescribed in this Act. Let discuss different types of company registration fee Maldives.
Private and Public Limited Companies
Any two or more persons have the liability to form a private limited company according to the prescribed company act. In Maldives, a private limited company is a company whose Memorandum of Association (MOA) and Articles of Association (AOA) states that it is a private company and at the same time the shares may only be transferred in accordance with its articles of association and the number of members of the company is limited to fifty (50) along with the sale of shares to the public is prohibited by the articles of association. On the other hand, any ten or more persons have the liability where its members are limited to form a public company. A public limited company is a company that Memorandum of Association (MOA) and Articles of Association (AOA) states that it is a public company and can sell shares to the public in accordance with the prescribed Company Act.
Memorandum and Articles of Association
Every company in Maldives should have a Memorandum of Association (MOA) and Articles of Association (AOA) which is recommended. This Memorandum and Articles of Association contains the names of the persons to form the company which will be signed by them in the presence of two witnesses who shall also sign the same. The contents of memorandum will be the name of the company, whether the company is a private company or a public company, the registered office of the company, the objects of the company, the liabilities of the members are limited along with the authorized capital of the company and in this regarding way it is to be procured. On the other hand, the contents of the articles will be the articles of association of every company must prescribe and in accordance with this Act it is notify that how the company will be managed. The articles of association of every private company must state It cannot sell shares to the public and only be transferred to a party which will be approved by the Board of Directors in accordance with the articles.
Detail information of Company Registration Fee Maldives
The interested investors who wish to form a company should submit to the Registrar of Companies the memorandum and articles of association together with the registration fee and the annual fee specified in the schedules of this Act. Islamic principles are the big fact in Maldives and the company will be registered if the contents of the memorandum and articles of association don’t contradict the Islamic principles or this Act. If a company fails to pay the annual fee as considered in the schedule by the end of March, the Registrar of Companies has the ability and right to suspend all business activities of the company.
Company registration fee Maldives for private limited company
A private limited company will be registered in Maldives if the company’s memorandum and articles of association states that it is a private company and at the same time the authorized capital of the company stipulated in the memorandum and articles of the company is not less than MRF 2,000/- which will only be transferred from a member to another person in accordance with the articles of association and the memorandum and articles of association.
Company registration fee in Maldives for public limited company
A public limited company will be registered in Maldives if the investors wish to form the company and agree to buy shares of minimum amount of MRF 1,000,000/- (Maldivian Rufiyaa one million) in value and pay the said money to the company along with submitting to the Registrar of Companies evidence of the payment. Besides, the investors should bear in mind, if a company is registered and having paid the registration fee as prescribed subsection.
The Companies Act 1996 sets the company registration fees based on a scale of authorized share capital and the rate is fixed according to the following:
- Between MVR 10,000 and MVR 500,000: MVR 10.
- Between MVR 500,000 and MVR 4,000,000: MVR 4.
- Between MVR 4,000,000 and MVR 8,000,000: MVR 2.
- Above MVR 8,000,000: MVR 1.
In addition to this sliding-scale fee, public companies must pay an annual fee of MVR 10,000 before the end of March every year; private companies must pay MVR 2,000 which is recommended and the stamp duty is MVR 500 which is payable during registration. I hope you got a picture of company registration fee Maldives.
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