The Maldives is a small island located in the Indian Ocean. The Maldives consists of 1192 islands enclosed with natural protective coral reefs. Maldives is recognized as one of the most beautiful geographical locations in the world. The primary income of Maldives comes from its tourism industry. Besides local language, English is widely spoken in the Maldives and it is one of the primary languages for business communication. The currency of Maldives is known as Maldivian Rufiyaa. However, the most common foreign currency in Maldives is the US dollar.
Maldives currently ranked 139 among 190 economies in the world– source: World Bank. According to the doing business ranking – it’s not so difficult to start a business in Maldives. However, every country has its rules and regulation for registering a business, so Maldives. However, this article is going to describe the entire procedure of company registration in Maladies—
Why Incorporate company in Maldives?
To develop the economy of the country, foreign direct investment plays an important role. The government of Maldives understands this factor; therefore, they provide more opportunities in the business sector to attract more FDI. The Maldives remains one of the attractive options for the investor because of its transparent legal system and for becoming politically a stable country. Most of the foreign direct investment in Maldives is mainly involved in the resort business. The other Foreign Direct Investment includes sectors like– telecommunication, banking, accounting, insurance, manufacturing, air transport, etc. In Maldives Foreign Direct Investor are getting benefit like –
- In Maldives foreigner can register 100% foreign owned company.
- There is no restriction on foreign exchange.
- Foreign can send the income to their own country without restriction.
List of Documents for Registering A Business in Maldives
- Nation ID card Copy & passport copy
- A completed business registration form
- A completed name search approval form.
- 2 copies of Article of Association
- 2 copies of Memorandum of Association
- A latter of acceptance from Managing Director
- A letter of acceptance from company secretary.
- Required company registration fee.
Procedure of Company Registration in Maldives
To set up a business in the Maldives, firstly it is required to search for a unique company name. Collect company name registration form and filled with detailed information. Submit the name registration application to the Register of Companies. The name registration will take just one day to complete, and no fees are required.
To ease the process of company incorporation, the Register of Companies will provide a standard Article of Association and memorandum. The applicant needs to pay the registration fee based on the scale of shared capital — the Ministry of Economic and Developed control of the whole process. After successful completion of the registration process, the applicant will receive a company incorporation certificate. Once the applicant gets the company incorporation certificate, they are now required to register for Tax Identification Number (TIN). The TIN can be obtained from the Register of Companies. However, the process of company registration may vary depending on the type of company.
Registration of Sole Proprietorship
|Service||Registration of Sole Proprietorship|
|Where can for this service?||You can apply for this service at Ministry of Economic and Development|
|How long will the process take?||It will take maximum of 2 to 3 days from the date of application.|
|What are the government fess involved?||Fees for registration: 500 MVR|
|What types of document are required to submit?||Application form for sole trader application. Form of name search approval. Form for tax payer registration. Copy of passport and NIC|
|What would you receive at the end of process?||Company registration certificate. Registration letter. Receipt for your payment.|
|How long the registration period valid?||The registration valid for 5 years.|
Registering a company in the Maldives is pretty straight forward. However, as a foreign, you may understand the whole process of company registration. Contact us if you face any problems regarding company set up in the Maldives.
Who are we?
We are one of the recognized global business consulting firm. We provide services like – foreign company registration, accounting, bookkeeping, income tax, auditing, etc.
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We have highly experienced professionals who have several years of experience working in his field. Our experienced professionals will assist you with any types of business problems. We do not share any business information with others. Our fees are comparatively cheap than others.
Frequently Asked Question (FAQ)
Q: What are government fees for registering a partnership company in Maldives?
• The government registration fee is QAR 2000 for registering a partnership company in Malaysia.
Q: How long it takes to register a company in Maldives?
• It just takes 3 to 7 days to incorporate a company in Maldives.
Q: Where to obtain a Tax Identification Number in Maldives?
• You can obtain the Tax Identification Number from the Register of Companies in the Maldives.