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How to start a business in Maldives

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How to start a business in Maldives

No more question of how to start a business in Maldives as foreign investor? Every eligible person can the business scenario in Maldives where the investors regardless local or foreign must comply with the necessary paper work and follow the certain laws and regulations before starting out to initiate business activities.

Ease of starting Business

Maldives has been recognized as the easiest places to start a business through getting the rank 50 compared with the 188 countries around the world.

Procedure of how to start a business in Maldives

  • Choose a company name which should be unique along with getting the standard forms required for incorporation is the initial step and this step is handled by the registrar of the company
  • Names of the firms will be accepted following the rules and regulations according to the Companies Act 1996 in Maldives
  • To make the incorporation process easier, a standard of Memorandum of Association (MOA) and Articles of Association (AOA) will be provided by the registrar of the companies.
  • To confirm the unique name of the company, there is no need to pay any additional amount of fees where the standard forms can be obtained from the Internet. The total time of completing the whole unique company name obtained process could be taken 1 day.
  • To pay the registration fees is considered as the second step and this step is handled by the Ministry of Economic Development and the investors should bear in mind that the total time of completing the whole process could be taken 1 day in Maldives
  • In the next step, the applicants or the investors should be registered at the Registrar of Companies and apply for a Tax Identification Number (TIN).
  • The registration fees of the companies are determined on a sliding scale which depends on the authorized share capital according to the Companies Act 1996 in Maldives and the registration fee will be MVR 1,000 (US$ 64.94) in case of the authorized share capital is MVR 10,000 (US$ 649.35) or less. On the other hand, investors must pay an additional fee on every MVR 4,000 (US$ 259.74) or part thereof of the share capital where the authorized share capital will be more than MVR 10,000 (US$ 64.94) so the main thing is MVR 10 (US$ 0.65) will be required when the authorized share capital will be in between MVR 10,000 (US$ 64.94) and MVR 500,000 (US$ 324,675.30).[2]
  • MVR 4 (US$ 0.26) will be required in the case of authorized share capital is in between MVR 500,000 (US$ 324,675.30) and MVR 4,000,000 (US$ 259,740.24)and if the authorized share capital is in between MVR 500,000 (US$ 324,675.30) and MVR 4,000,000 (US$ 259,740.24), MVR 4 (US$ 0.26) will be required to pay.
  • MVR 2 (US$ 0.13) should be paid in case of the authorized share capital is in betweenMVR 4,000,000 (US$ 259,740.24) and MVR 8,000,000 (US$ 519,480.48) and for above MVR 8,000,000 (US$ 519,480.48), MVR 1 (US$ 0.06) is required to pay to the authority.
  • MVR10,000 (US$ 64.94) is required to pay a yearly fee of Public firms in Maldives and MVR 2,000 (US$ 129.87) is required private firms must pay apart from the stated sliding scale fee.The costs of completing this process are MVR 500 (US$ 32.47) in amount including company fee, registration fee and the total time completing the whole process could be taken 5 days.
  • The next step is to make a company seal according to the Companies Act 1996 where all companies need to make a company seal and register it with the Registrar of Companies which is recommended. This step is handled by the seal maker with costing MVR 250 (US$ 16.23) and the total time of completing the whole process could be taken 1 day.
  • Register the company seal with the Registrar of Companies is considered as the final step to precede the business in Maldives. No additional costing will be required and the total time of completing the whole process could be taken 1 day and the investors regardless the local or foreign should bear in mind that re-registering of a company in the Maldives that is established overseas does not cost anything.
  • Registering a foreign company partnership in the Maldives is considered as Foreign Investments which are governed jointly according to the Companies Act (Law No. 10/96) or the Partnerships Act (Law No. 13/2011) and the Law on Foreign Investments (Law No. 25/79) in Maldives.
  • To get a foreign investment approval and sign an agreement with the Ministry of Economic Development before incorporation or re-registration at the Ministry of Economic Development where one or more foreign shareholder or partner are involved in the business in Maldives.
  • The minimum amount of capital is the main determination of any kind of registration fee of any company in Maldives such as minimum authorized capital of MVR 2000. USD 130 [approx.] is required by Law and for stamp fee USD 32 approx. (MVR 500) is required. This is how to start a business in Malaysia as foreign entrepreneur.

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