Maldives government permits foreign investors to register different types of company in the country. All the 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. All kinds of limited companies, including private and public, will be formed and managed in the manner prescribed in Companies Act. However, to register a company, you need to pay the necessary fees to the government. Fees required to register a company depends–
- On the type of company that you want to register.
- Types of service your company will sell or provide.
- Where you want to set up your company in Maldives.
Private and Public Limited Company Registration
For registering a private or public limited company, the company must have at least two shareholders. The shoulders of the company must be at least 18 years. He/she should not have any running criminal records. At least one shareholders of the company must be Maldivians. The process of registering public or private company includes –
- Company name search
- Company name registration
- Submitting Memorandum and Articles of Association
- Opening bank account.
- Opening income tax file.
Private and Public company registration fees in Maldives
|Type of Fees||Fees in MVR|
|Company name registration fee||Free of charges|
|Minimum Paid up capital for private limited company||2000 MVR|
|Minimum paid up capital for public limited company||1000000 MRV / 1 Million MVR|
|Annual fees for private limited company||MVR 2000|
|Annual fees for public limited company||10000 MVR|
|Revenue stamp||500 MVR|
Registration of Sole Praetorship & Fees
Many foreigners want to start a sole proprietorship business in Maldives. Sole preceptorship business does not require any shares. The process of registering a sole preceptorship includes¬–
- Collecting and submitting sole trader registration application forms with details information.
- Documents include: National identification card of the applicant/passport copy
- Name search approval from the ministry.
- Registering with tax authority i.e., MIRA.
- Payment of registration fees that is MVR 500.
- Opening bank account & deposit of necessary paid up capital.
- Making Company revenue stamp (costs- 500 MVR)
Fees & Registration of Corporative Society
In Maldives you can register a business as cooperative societies. The Ministry of Economics and Development are the responsible government body where you can register your business. The registration process takes about 2 to 7 days from the date of application. The registration fees for corporate societies business is 200 MVR. Annual fees for the 1st year – 200 MVR. The table below shows the documents requirements for registering a corporate society business–
|Registration application form of cooperative society business||*Fill-up the required fields with correct information – Name of the applicant, business address, NIC number, signature of the shareholders & witness|
|Name approval of Cooperative society business||*Unique name must be submitted to the ministry for approval. Collect forms signed by the ministry.|
|Memorandum of Association (at least 2 copies)||*the memorandum of the company must sate– The registered address of the office. Name of your cooperative society business Objectives (must meet the requirement by law, it should not break any Islamic ethics)|
|Article of Association||*the article of association must state– Name of your cooperative society business.Explain how your cooperative society business will manage and the Act of cooperative society.|
|Copies of NIC card||*the copies of NIC card must be clear and visible NIC copies of founding member, shareholders and company directors are required|
Investors who wish to form a company should submit necessary papers to the Registrar of Companies in Maldives. Islamic principles are the great fact in Maldives, therefore the company will be registered in the contents of the memorandum and articles of association does not break and Islamic ethics. If a company fails to pay the annual fee by the end of March, the Registrar of Companies has the ability and right to suspend all business activities of the company.
Registering a company in Maldives is not much completed. But you must be careful enough regarding paying fees because some of the government officers engaged with bribery. They may put you in complex satiation and may not clear your file without bribery. However, it is suggested to contact an expert or a business consulting firm, who can assist you with company registration.
In Maldives S &F Consulting Firm is one the best business solution provider. The provide service like- company registration, accounting, bookkeeping, auditing and many others. Contact S & F for any business solution.
Frequently Asked Question
Q: Where should I apply for foreign investment in Maldives?
- You can apply in person at The Ministry of Economic and Developments of Maldives.
Q: What type of business is most profitable for foreigners in Maldives?
- Business in Tourism sector most profitable in Maldives.
Q: how much is the government registration fees for Sole Proprietorship business.