Understand the Jurisdictions Setup Requirement Before Proceed Your Company Registration in Maldives
The Maldives is a beautiful place, with amazing beaches and luxurious resorts. It was, until now, primarily a place for leisure. But in recent years, Maldives has become a hot market for investment. In fact, many business people are looking for opportunities to start a company in the Maldives. The economy is booming and it is very lucrative for foreign investors to sink their teeth. But many do not know the exact way to proceed with company registration in the Maldives.
Your business and company should get proper registration. Luckily, this process is very easy. You just have to submit the correct documents. Many foreigners and foreign companies are queueing up to work in the Maldives. These companies have to incorporate themselves and should act as Private Limited Companies. They will also require registration so that they can legally start operations in the country.
Procedure for Company Registration in Maldives
There are some prerequisites for owning a company in the Maldives:
- The company should have at least two shareholders.
- All shareholders should be over 18 years of age.
- If you wish to start a Private Limited Company, the minimum capital requirement is 2000 Maldivian Rufiyaa.
- If you want to start a Public Limited Company, you will need a minimum capital of 1,000,000 Maldivian Rufiyaa.
- All foreign investors should show financial credibility of USD 500,000/- in their account for Company Registration in the Maldives.
Once you satisfy all the criteria and have decided which type of company you are going to begin, you can move on to the next steps for company registration in the Maldives.
Procedure on Company Registration in Maldives
- First, for Company Registration in Maldives, you, as the investor, have to visit the Ministry Of Economic Development first. You will get a queue number. When they call your queue number, you have to submit your application form along with relevant documents at the Company Counter or Counter 2.
- Then, after submitting the application, you should provide your contact information at the counter.
- Next, once the application is reviewed and approved, the Ministry will contact you as per the contact information, and ask you to visit the Ministry for further processing.
- Then, you should again get a queue number from Counter 2. This time, they will issue a payment slip for you. This slip has an expiry date of three days, after which it will be considered invalid.
- The payment slip consists of the Company Registration fee and Annual fee. You should make the payment within three days at the Cashier Counter or Counter 5.
- You should then show the receipt of payment at Counter 2.
- At this point, you will be given a Registration Certificate. This certificate is proof that your company has been successfully incorporated and registered. You will also get an Instruction letter, Articles of Memorandum and Articles of Association.
- Lastly, check the certificate carefully for any mistakes. In case of any problems, consult the staff at Counter 2 immediately and they will help you fix any issues.
List of Documents Required for Company Registration in Maldives
The process of Company Registration in Maldives is very easy. But you have to submit all the required documents in order to start a private limited company. The list of documents is as follows:
- Company Name Search And Reservation Form – This is the document that has the approved name of the company you intend to register. You must get it approved first, as the name you selected could be rejected for various reasons.
- Memorandum of Association
- Articles of Association
- Company Registration Form (to be submitted in the beginning)
- MIR101S Form
- Acceptance letter of Managing Director
- Acceptance letter of Company Secretary (who will be managing day-to-day affairs of the company)
- Original and copies of identity proofs of all shareholders, board of directors and company secretary. These documents are very important for your registration to proceed.
- Revenue Stamp of 500 Maldivian Rufiyaa
- Two sets of copies of forms and documents you submit to the Ministry
How We Can Help
For more information and guidance on Company Registration in Maldives, get in touch with 3E Accounting.
You can contact us by sending an email to request a quotation or get more information about Company Registration in Maldives.