Procedure to register a foreign company in the Maldives

This summary gives an outline of the registration process for foreign businesses in the Maldives, covering necessary documents, procedural steps, associated costs, and expected timelines.

Form of Business:
  • Foreigners can conduct business in the Maldives as a company or partnership.
  • Foreign investors can acquire shares of a local company, incorporate a new company or re-register (a local branch office) in the Maldives.
  • Sole proprietorship is not available for foreign individuals.

 

Companies:

  • Private limited companies require a minimum of 2 shareholders and a minimum startup capital of MVR 2,000 or USD 130.
  • No share ownership restrictions in most sectors.
  • At least 1 board director must be a resident in the Maldives.
  • No provision for single-shareholder companies as of yet.
  • Re-registration of foreign companies as branches is allowed.

 

Partnerships:

  • Two types: general partnerships and limited liability partnerships.
  • General partners have unlimited liability, while limited liability partners’ liability is capped at their capital contribution.
  • No restrictions on the number of foreign partners.
  • Partnerships can change from general to limited liability with approval.
Foreign Business Registration Process:
  • Requires approval from the Ministry of Economic Development.
  • Approval routes: automatic (if requirements met) or government discretion.
  • Business registration forms and documents submitted for endorsement.
  • Additional requirements based on business form and sector.
    Foreign investment agreement with the government is needed for most sectors, specifying the approval period.
  • Tourism-related investments require agreements with the Ministry of Tourism..
Timelines, Costs and Documentations

This summary outlines the key steps and considerations for foreign investors looking to establish businesses in the Maldives, including the approval, registration, and agreement processes, as well as dissolution procedures when necessary.

StepsTime to CompleteCosts & Documents
Obtain Foreign Investment Approval

 

2-3 weeks

Foreign Investment Application Form together with a financial credibility letter from a banking/financial institution

No fee involved

Receive the the Foreign Investment Approval Letter with the scope of the approved business. –The letter will detail the procedures to pay the Administrative Fee of USD5000 to the Government.
Reserve a unique company name1 day, this can be done onlineNo fee involved
Register the Company at the Ministry of Economic Development upon receipt of Foreign Investment Approval1 week
  • Company registration application form; 
  • Name search approval form
  • Memorandum of Association 
  • Articles of Association
  • Acceptance letter from Managing Director
  •  Acceptance letter from Company Secretary
  • Passport copies of all relevant individuals (shareholders, company secretary, board of directors)

Company registration fee of approximately 80 USD, and an annual fee of USD 130.

Receive the origination certificate, registration letter, endorsed Memorandum and Articles of Association–No fee involved
The Registrar of Companies will submit information to the MIRA for Taxpayer –No fee involved
Sign Foreign Investment Agreement with the Government of Maldives3-5 daysNo fee involved
Obtain other relevant permits and licenses depending on the nature of the project undertaken in the MaldivesDepending on the permitsFees vary depending on the project or the license required. These are basically minimal administrative fees.
Re-registering a foreign company or local branch office

In order to initiate the re-registration process for a company's branch office in the Maldives, the parent entity will need to provide foundational documents such as the certificate of registration, memorandum of association, and articles of association.

Additionally, information about the Board of Directors and the administrative records confirming the identities of shareholders, directors, and the company's establishment in its home country must be submitted.

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