How to register a company in Maldives
How to register a company in Maldives
Very common question how to register a company in Maldives as foreign investor? Maldives has a reputation for being one of the most luxurious places to go on a vacation in. It is filled with amazing hotels, beach side resorts and offers the best of amenities for the perfect vacation. So when people talk about Maldives as a place to do one’s business in, people can be skeptical. In reality, Maldives has become a very lucrative place to invest in. The economy is quite strong, the market is always expanding and there are many opportunities for foreign investments.
It is no surprise to see how foreign investors and companies are lining up to do their business in Maldives. Foreigners and foreign companies can incorporate their companies in Maldives. These companies will be called Private Limited Companies and will require registration before they can operate legally in the country. With that being said, here is the procedure to register a company in Maldives.
The basic criteria or prerequisites to own a company in Maldives require the following.
- The company in question which will be registered should have at least two shareholders. Both of these shareholders must be over at least the age of 18.
- There is a base capital required to start a Private limited company in Maldives. The minimum capital needed is 2000 (Two Thousand) Maldivian Rufiyaa.
- However, should one engage into a Public Limited Company then the minimum capital needed is 1000 000 (One Million) Maldivian Rufiyaa.
The Procedure of Foreign Company Registration in Maldives
- The first step of registering a company in Maldives requires the foreign investor to visit the Ministry of Economic Development. Once there, one has to take a queue number. When this queue number is displayed, the foreign investor is expected to submit their application form along with all the required documents. The submission should be done at the Company Counter which is identified as counter two.
- Once the application has been submitted, it is required to provide all the contact details of the foreign investor or the company to the staff working at the counter.
- After the application has been processed and approved, the Ministry will call up the person whose contact details have been given. They will be asked to attend the Ministry for further work.
- Once again the person in question will be asked to take a queue number for Counter Two (Company Counter). When the number is displayed, a payment slip will be issued. Keep in mind that this payment slip has an expiry date and will be invalid after three days.
- The payment slip given out is for the Company registration fee as well as for the Annual fee. The foreign investor is expected to make the payment at counter number five which is called the Cashier Counter. Once the payment has been made, a payment receipt will be issued.
- After the payment is done you will need to head over to Counter number two once again and show the receipt of your payment.
- At the counter two, the foreign investor will be handed the Registration Certificate. This indicates that the company in question has been successfully incorporated. Along with the certificate they will also receive the Instruction Letter, and an endorsed copy of articles. This includes the Articles of Memorandum and the Articles of Association.
- Do make sure that you check the certificate for any sort of mistakes. If there are any problems, consult with the people at the counter and they shall fix any problems that may arise.
While the registration process is very easy and simple, one has to provide all the required documents and forms in order to register a private limited company in Maldives. The list of such documents include the following:
- Company Name Search and Reservation Form- This basically is the form that contains the approved name of the company that is about to be registered. This is crucial because sometimes some names are rejected so it is vital to get it approved.
- The Memorandum of Association
- Articles of Association
- Company Registration Form (this is the form that you will submit in the very first step of the registration process.)
- MIR101S Form
- The acceptance letter of Managing Director.
- Acceptance letter of Company Secretary (the person who is going to be in charge of handling all the day to day work of the company.)
- All the original and copy of the ID cards of the Shareholders, Board of Directors and Secretary of the company. This is a must otherwise the registration process may be halted.
- You will also need to provide the revenue stamp which costs 500 Maldivian Rufiyaa while collecting the Registration Certificate.
- There should be two sets of copies of the forms and documents that you are going to submit to the ministry.