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.

Company Registration Process

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.

How we can help you

If you are considering forming a business or you need expert help with company registration in Maldives, MagickFormations™ is ready to assist you with its skilled team of lawyers, consultants and tax experts. We are committed to making the process as stress-free and streamlined as possible for you, and we will take care of all your document preparation and administrative tasks regarding the registration forms, payment of government fees, local address registration, banking support, etc., whilst always keeping your exact objectives and unique vision in mind throughout the process.

Please use our Formation Wizard if you would like to set up your registered company in Maldives or if you would like to know the costs involved prior to proceeding with our exceptional services. For other queries and special requests for complex or customised company formation services, please contact us at connect@magickgroup.com