How to register a company in Maldives as a foreigner? Common questions asked by foreign investors. Before we head out and answer this question firstly, let’s discuss some essential facts about Maldives. The Maldives is recognized particularly for its beaches, extensive reefs & blue lagoons. Tourist all over the world is highly attracted to its natural beauty. Every year thousands and thousands of tourists visit in Maldives. Maldives earn a huge amount of revenue from its tourism industry. Many foreign investors think Maldives is a very lucrative place to invest. In facts, its economy is quite strong, and its market is always expanding. As a result, many business opportunities are rising in Maldives.
It is no surprise to see how foreign investors and companies are lining up to do their business in Maldives. These companies will be called Private Limited Companies and will require company registration in Maldives before they can operate their business legally in the country. With that being said, Let’s now discuss the process of registering a company in Maldives.
- The company that will be registered should have at least two shareholders. Both of these shareholders must be at least 18 years old.
- 2000 (Two Thousand) Maldivian Rufiyaa is the minimum capital requirement to start a Private Limited Company.
- Minimum requirement to start a Public Limited Company is 1000 000 (One Million) Maldivian Rufiyaa.
Details Procedure of Foreign Company Registration in Maldives
The process of registering a company in Maldives starts with name registration. To register a company name, you must collect necessary forms from the Maldives Register of Companies. Your selected company name should not resemble any other company names in Maldives. The company name search can be done at the official website of Maldives Register of Companies. Upon submission of the name registration form, The Register of companies will register the company name once the verification process is over.
According to the Company Act 1996, all companies are required to register with The Ministry of Economic and Development. The Register of Companies where you need to submit all the documents to register a Limited Liability Company. Documents include —
- Approval form of name search application.
- Copy of Memorandum and Article of Association.
- Letter of acceptance from company directors and secretary.
Memorandum and Articles of Association
To become a legal register company, every company needs to file a memorandum and article of association. Memorandum usually contains information which allows creditors, shareholders, and others to know about the company and to know how it operates. The Register of Maldives states the following information needs to be in the memorandum–
- Name of the company
- Registered office address.
- Designation of the company that weather the company is private or public.
- Purpose of company formation and objectives of the company.
- Information about authorized capital.
- Information of shareholders (name, address, passport number or nation ID card)
- Signature of witness and details information of their identity.
Articles of Association is commonly known as Article of Incorporation. It mainly defines the responsibility, duties, and power of the company directors, the types of business activities the company engages in. These are the following information needed to be included in the Article of Association
- Name of the company
- Statement that the company share will not be sale to public (applied for private limited company)
- Number of shareholders in the copany (maximum 50, minimum 2)
- The address, number of shared issued and address of shareholders.
- Board of directors – name & addresses.
- Witness signature, their name and address
Upon submission of these documents and registration fee (based on the scale of share capital), your company will be registered with The Ministry of Economics and Development. The company will receive an incorporation certificate once verification is done.
Benefits of Registering a Company in Maldives
- Limited Liability Company offers 100% foreign ownership.
- Low tax rates that is 5% tax in business profits & no taxes applied on personal income.
- Minimum share capital is $130 USD
- English is the official business language in Maldives.
- No restriction applied to foreign exchange.
Who are we?
S & F consulting firm is a recognized global business consulting firm. S & F provide service like ¬– foreign company registration, accounting, bookkeeping, income tax, auditing, etc. S & F mainly ease the process of company registration for foreign investors by taking all the responsibility that is required.
Why Choose us?
We have highly experienced professionals who have several years of experience working in this field. Our experienced professionals will assist you with any types of business problems, including company registration in foreign countries. We highly maintained customer/ client confidentiality and does not share any of business information with others. Our fees are comparatively cheaper than the others.
Frequently Asked Question
Q: What is the minimum capital required for public and private limited company?
- Minimum capital required for public limited company is 1 million MVR and 2000 MVR for private limited company.
Q: How long it takes to register a private limited company?
- It takes maximum 20 to 30 days to register a private limited company (for foreigners) in Maldives.
Q: where to apply for company registration?
- For company registration applicant are required to made an application to The Ministry of Economic Development.