Registration paperwork processing would take approximately 2 days, the rest approximately takes about 3 more days making the process complete in 5 working days time. please select the require services and submit the application forms. 887 0 obj <> endobj Mange sales & customers in one platform along with task management. If the foreign investors violate the security act, the government of Maldives can suspend any foreign investment with or without notice. The Companies Act of 1996 requires that all new companies register with the Ministry of Economic Development (hereinafter called the “Registrar”). Name Search & Reservation Application - G001. No. Since the shareholder’s names are filed with the Registrar, they become part of the public records. Saturday is also treated like a holiday to a lesser extent. Submit this application form for New ID Card Services. The Maldives Registrar states that the following information needs to be included in the Articles of Association: • Quorum of the Board of Directors (50% + one member) and how they manage the company; • Statement that no shares will be sold to the public; • Transfer of shares may only be done after approval by the Board of Directors; • Number of shareholders (maximum of 50); • Shareholders’ names, addresses, number of shares issued; • Names and addresses of the Board of Directors; and. Owners are not required to be present for the registration process. Maldives companies gaining profits from outside of the country pay a business profit tax rate of 5%. Firstly, search and select your company name (name must be unique). Offshore Banking The United Nations Development Program (UNDP), the World Bank and other multilateral and bilateral donors are active in Maldives. Finally, you need to register the company seal with the register of companies. The Articles of Association are also known as a company’s “Articles of Incorporation” in some countries. You are required to make a company seal, and it will cost you around 200 to 250 MVR. The documents include: the name search approval form, a formal application, copies if the Memorandum and the Articles of Association, and acceptance letters from the company’s secretary and the managing director. This will take 5 days. As a Muslim country, the constitution of Maldives is based on Islamic Sharia Law. Foreign investors are offered a transparent policy environment. For opening a business in Maldives, you need to adopt the following 5 points – 1. Download Form ° All required fields filled correctly ° All documents listed in the application form are submitted ° Signature. l�D��%�k�,S�n6\��\w(�l��j�RH9בi���T~�������B'�t&�Dps�ԙ�*pb�pӿ�7��ﮚ٫{Lr�.�n�0tW��M"�g{RγB� Secondly, pay the necessary registration fees. It is the smallest Asian country both in terms of population and in terms of land area. The purpose for the company is also included. The business registration amendment bill was submitted by Maafannu central MP Ibrahim ‘Bonda’ Rasheed on behalf of the government. Officers 3. The meeting may be held anywhere in the world. endstream endobj startxref Shops in the capital Male' will often stay open until around 10:00 pm or 11:00 pm, and some will shut in the heat of the afternoon—from midday until 3:00 pm or thereabouts. Fee is determined based on a sliding scale of authorised share capital as given below: Then, register with the Registrar of Companies. Legal services specially designed Maldives market. Individual donor countries including Japan, India, Australia and European and Arab countries (such as Islamic Development Bank and the Kuwaiti Fund) have also played a role in its economic well-being. This will take 1 day and no fee will be charged. Registration will also allow us to direct interested parties to potential business … Shelf Companies The working week in the Maldives runs from Sunday to Thursday. 1. The Registrar of Companies must approve the selected name before an application to register can be made. Firstly, search and select your company name (name must be unique). For opening a business in Maldives, one needs to adopt the following set of five procedures : First of all, the applicant has to search for a unique company name and then pick up the standard application forms for incorporation of his company. A sum of MVR 2,000 shall be paid as Annual Company Fee; plus a variable registration fee; plus MVR 500 as stamp duty. However, this rate only applies to companies (whether resident or non-resident) doing business in Maldives. All persons conducting business in the Maldives are required to register with MIRA, except for individuals meeting all of the requirements below: a) None of the business activities carried on by the individual … Shelf companies are not available in Maldives. Managed accounting solutions designed for Maldives Market. Since 1906. Maldives Limited Liability Company (LLC) Name. Subsequently, it has liberalized regulations to allow more foreign investment. A Memorandum is officially called the “Memorandum of Association” of a company. Memorandum and Articles of Association Limited Liability The government of Maldives has privatized the International Airport in Male', but legislations that has been passed by the Parliament afterwards, places significant barriers to further privatizations. It will take a maximum of five days. Creating beautiful looking, fast & reliable websites for your business. Our services now can be submitted online. The government has the policy goal of moving away from being a service-provider to a regulator and enhance the role of private sector. Between MVR 4,000,000/- and MVR 8,000,000/-: MVR 2/-. Manage your employees, attendance, payroll and more in one platform. With an average ground level of 1.5 metres above sea level, it is the country at the lowest level from the sea. Setting up a 100% foreign ownership company. Offshore Company Formation It is also the country with the lowest 'natural highest point' in the world, at 2.4 metres. Shareholders’ liabilities are limited to their contributions to the share capital. Together with the company’s Memorandum they form a company’s constitution. All the registered companies in Maldives can now own land if the Maldivians hold the majority of the company shares. A Maldives Limited Liability Company (LLC) offers the following benefits: • 100% Foreign Shareholders: Foreigners can own all of the shares in the LLC. A local registered agent must be appointed whose office (or that of the company secretary) can be used as the registered office address for the company. Annual tax returns are required to be filed with the government’s tax authorities. 0 The country is an income tax and corporate tax haven. Company Registration Expert in Malaysia, Foreign direct investment opportunity in Maldives, How Foreign Company start business in Maldives, Steps of Corporate Registry as Non-Resident Investor in Alberta, Canada, Online Business Registration Process in Malaysia as foreigner, Advantages of registering company in Iran, Starting a business in Saudi Arabia-Process, cost and benefits, Steps of business setup in Japan with process and cost, Dubai commercial register: Business advantages in free zone area, Small and profitable business ideas in Canada.

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