Company Formation Maldives
Updated on Tuesday 08th May 2018
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The mixed economy of this country is mainly based on tourism, shipping, fishing and agriculture and its industry is primarily built on handicrafts and boat construction. Due to all these factors, but also to its amazing landscapes, many foreign entrepreneurs choose to set up companies in the Maldives. For further details on how to establish a legal entity in the Maldives, please seek counsel from our company formation experts.
Legal structures in the Maldives
The first thing a foreign investor has to do is choosing the type of company he wants to establish. Two of the possibilities are the limited liability company and the public limited company.
The most popular one, however, is the limited liability company and these are the requirements to be met for its establishment:
• at least two shareholders (of any nationality);
• a minimum capital of 2000 MVR (approximately 130$);
• 100% foreign-ownership is allowed;
• membership is limited to maximum 50.
How to register a company in the Maldives
1. First step is choosing a name for the company you want to open in the Maldives. You first have to make sure of its uniqueness and reserve it. Then you must obtain the incorporation standard forms from the Registrar of Companies.
2. The next phase of the company registration procedure is paying the registration fee at the Ministry of Economic Development.
3. Then you need to register with the Registrar of Companies and also apply for a TIN (Tax Identification Number). Our company formation agents will assist you with this procedure, by submitting the necessary papers for you, such as the name search approval form, the company registration application one, the acceptance letter from the Company Secretary or the copies of the members' IDs.
4. In order to open a company in the Maldives, the Companies Act also states that you have to make a seal for your company and then register it with the Registrar of Companies. This is also a procedure that our team can easily complete for you.
The process of registering a company in the Maldives should take maximum two weeks to complete.
Our specialists in company incorporation can assist and counsel foreign investors who are interested in forming companies in the Maldives, so please, do not hesitate to contact us. If you decide to establish a different type of legal structure in a different country, our team can assist you with all the procedures.
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