The Maldives is known for its beaches, vast reefs, and turquoise lagoons. The natural beauty of the area attracts tourists from all over the world. Many overseas investors believe that investing in the Maldives will be quite profitable. In actuality, its market is always growing and its economy is pretty powerful. As a result, Maldives is seeing a boom in commercial prospects.
Requirements for pre-registration
- There should be at least two shareholders in the company that will be registered:
- They must both be at least 18 years old to be stockholders.
- The minimal capital needed to launch a private limited company is 2000 Maldivian rufiyaa.
- A public limited company must be established with at least one million Maldivian rufiyaas.
Documents needed to register a Maldives company
- The following paperwork must be presented properly to register a business in the Maldives:
- A completed application for business registration
- A name search approval form that is finished
- The memorandum of association in two copies
- Articles of association in two copies
- National ID card copies
- A letter of approval from the business’s managing director
- The company secretary’s letter of approval
- The needed sum for business registration
- The tax stamps
Additional paperwork must be supplied with the application if an existing business currently owns firm shares that are intending to register. These records consist of:
- The board’s decision to purchase shares
- The state of the business
- The board resolution adds a director from another company if needed.
How to register a foreign company in the Maldives
The process of company registration includes:
Registration of names
Name registration is the first step in the Maldives’ company registration procedure. You must get the relevant paperwork from the Maldives register of companies to register a company name. Your chosen business name shouldn’t be similar to any other Maldivian firm name. On the Maldives register of companies’ official website, you may search by business name. The register companies will register the business name upon the completion of the verification procedure after receiving the name registration form. All businesses are required to register with the ministry of economic development per the company act of 1996. Where all the paperwork necessary to form a limited liability company must be submitted in the register of companies. Documents contain
- Application for name search approval.
- A copy of the association’s articles and memorandum.
- Acceptance letter from the firm’s secretary and directors.
Articles of association
Every firm has to submit a memorandum and article of association to register as a legal entity. Memorandum often provides information that enables shareholders, creditors, and other parties to learn more about the business and how it functions. According to the Maldives register, the memorandum must contain the following details:
- Company name.
- Address of registered office.
- The designation indicates whether it is a private or public company.
- Company goals and the reason it was founded.
- Knowledge of authorized capital.
- Details about the shareholders (name, address, passport number, or national ID card)
- Witness signature and personal information about them.
Article of incorporation
Article of incorporation is the common name for this. It primarily specifies the roles, responsibilities, and authority of the board of directors as well as the kinds of commercial activity the firm does. The following details must be contained in the articles of association:
- Company name
- A statement that no public shares will be sold (applied for private limited company)
- Number of corporate shareholders (maximum 50, minimum 2)
- The names and addresses of the board of directors
- The number of shares issued and the shareholders’ addresses.
- Witness name, address, and signature
Your business will be registered with the ministry of economics and development when you have submitted these documents and the registration fee (depending on the scale of share capital). Once the verification is complete, the firm will be given an incorporation certificate.
