How to Register a Company in Maldives
Registering a company in Maldives is a step-by-step process that involves selecting a company type, choosing a name, preparing documentation, and registering with the Ministry of Economic Development and Maldives Inland Revenue Authority. By following this guide and utilizing the provided resources, you should be well on your way to successfully establishing your business in Maldives. Be sure to adhere to the requirements and guidelines to ensure a smooth registration process and a successful start for your company in this tropical paradise.
Step 1: Choose your company type
The first step in registering a company in Maldives is to choose the type of company you want to register. The most common types are:
- Private Limited Company (Pvt Ltd)
- Public Limited Company (Plc)
- Foreign Company
- Partnership
- Sole Proprietorship
Step 2: Choose a company name
Before registering your company, you'll need to choose a suitable name. The Ministry of Economic Development (MED) has guidelines for acceptable names, which can be found at this link: https://business.med.gov.mv/
Step 3: Prepare the required documents
Next, prepare the necessary documentation for your chosen company type. The key documents are:
- Articles of Association (for Pvt Ltd, Plc, and Foreign Company)
- Application for Company Registration (for all types)
These forms can be downloaded from the MED's website: https://business.med.gov.mv/
Step 4: Identify company officers and shareholders
You will need to identify at least one director (for Pvt Ltd, Plc, and Foreign Company) or one representative (for Partnership and Sole Proprietorship). Directors or representatives must be at least 18 years old. Shareholders can be individuals or corporate entities.
Step 5: Capital requirements
Maldives requires a minimum capital of MVR 2,000 for Pvt Ltd and MVR 1,000,000 for Plcs. There is no minimum capital requirement for partnerships, sole proprietorships, and branches of foreign companies.
Step 6: Register your company
Once your documents are ready, you can submit your application to the Ministry of Economic Development (MED). This can be done in person at their office or online via the following link: https://business.med.gov.mv/
The fees for registering a company are as follows:
- Pvt Ltd: MVR 2,000 (approximately $130)
- Plc: MVR 2,000 (approximately $130)
- Foreign Company: MVR 2,000 (approximately $130)
- Partnership: MVR 1,000 (approximately $65)
- Sole Proprietorship: MVR 1,000 (approximately $65)
Step 7: Register for taxes
After your company is registered, you must register for taxes with the Maldives Inland Revenue Authority (MIRA). This can be done in person at the local Tax Office or online via the following link: https://www.mira.gov.mv/
Step 8: Obtain necessary permits and licenses
Depending on your business activities, you may need to obtain additional permits or licenses. Check with the relevant authorities and industry regulators for specific requirements.
Time-frame:
The entire registration process, from preparing documents to receiving your Certificate of Incorporation, can take anywhere from 2 to 4 weeks, depending on the complexity of your application.
