Setting Up Business

Local Businesses

Procedural Steps
1

Prepare Documents

  • Fill application form
  • Apply for name approval on business.egov.mv and keep printout of approval

2

Submit

  • Submit documents (collect token number before 3pm on weekdays)
  • Collect invoice slip

3

Pay and Collect

  • Make payment of MVR 500 and collect Registration certificate the next day (12pm – 1pm on weekdays)

CHECKLIST
  • Sole proprietorship application form
  • Refer to Checklist [Documentation Checklist PDF] to make sure you have all your documentation in order
IMPORTANT NOTES
  • Sole proprietorship registration is available only for local businesses
  • Payment of registration fee of MVR 500 is for a period of 5 years
  • Guide to fill MIRA Taxpayer registration form is available in the download section
downloads

Sole Proprietorship

Business Registration Form Sole Traders Registration Act
downloads

Partnership

Business Registration Form Partnership Act (13-2011)
downloads

Company

Business Registration Form The Companies Act of Maldives The Companies Act of Maldives (EN) Company Seal Registration Form Memorandum of Association Memorandum of Association (EN) Articles of Association Articles of Association (EN)
downloads

Cooperative Society

Business Registration Form Application Form for Membership Governance Code Guidelines for Business Plan Memorandum of Association (EN) Articles of Association Sample Financial Statements
Procedural Steps
1

Prepare Documents

  • Fill application form
  • Apply for name approval on business.egov.mv and keep printout of approval
  • Prepare Taxpayer registration forms
  • Prepare partnership agreement according to clause 16 of partnership acts
  • Prepare acceptance letter of managing partner

2

Submit

  • Submit documents (collect token number before 3pm on weekdays)
  • Collect invoice slip

3

Pay and Collect

  • Make payment of MVR 2000 and submit revenue stamp of MVR 500
  • Collect documents

CHECKLIST
  • Partnership application form
  • MIRA Taxpayer registration form
  • Name search approval form
  • Refer to Checklist [Documentation Checklist PDF] to make sure you have all your documentation in order
IMPORTANT NOTES
  • Guide to fill MIRA Taxpayer registration form is available in the download section
  • Payment of registration fee of MVR 500 is for a period of 5 years
  • If a shareholder is a foreign individual or legal entity, then the business must be incorporated as a foreign investment
downloads

Sole Proprietorship

Business Registration Form Sole Traders Registration Act
downloads

Partnership

Business Registration Form Partnership Act (13-2011)
downloads

Company

Business Registration Form The Companies Act of Maldives The Companies Act of Maldives (EN) Company Seal Registration Form Memorandum of Association Memorandum of Association (EN) Articles of Association Articles of Association (EN)
downloads

Cooperative Society

Business Registration Form Application Form for Membership Governance Code Guidelines for Business Plan Memorandum of Association (EN) Articles of Association Sample Financial Statements
Procedural Steps
1

Prepare Documents

  • Fill application form
  • Apply for name approval on business.egov.mv and keep printout of approval
  • Prepare memorandum of association
  • Prepare articles of association
  • Prepare acceptance letter of managing director Prepare acceptance letter of company secretary

2

Submit

  • Submit documents (collect token number before 3pm on weekdays)
  • Collect invoice slip

3

Pay and Collect

  • Make payments for company registration fee and annual fee of MVR 2000
  • Submit revenue stamp of MVR 500
  • Collect documents

CHECKLIST
  • Company application form
  • MIRA Taxpayer registration form
  • Name search approval form
  • Refer to Checklist [Documentation Checklist PDF] to make sure you have all your documentation in order
IMPORTANT NOTES
  • Submitted articles and memorandum of association can either be in English or Dhivehi
  • Guide to fill MIRA Taxpayer registration form is available in the download section
  • If there are other legal entities as shareholders, then a board resolutions of the shareholding companies stating the share amount, should be submitted along with the application
  • If there are Directors representing another company, then a board resolution appointing the said persons of the shareholding company should be submitted along with this application
  • If a shareholder is a foreign individual or legal entity, then the business must be incorporated as a foreign investment
  • All business registration services are offered from the office of the Ministry of Economic Development located in Boduthakurufaanu Magu
downloads

Sole Proprietorship

Business Registration Form Sole Traders Registration Act
downloads

Partnership

Business Registration Form Partnership Act (13-2011)
downloads

Company

Business Registration Form The Companies Act of Maldives The Companies Act of Maldives (EN) Company Seal Registration Form Memorandum of Association Memorandum of Association (EN) Articles of Association Articles of Association (EN)
downloads

Cooperative Society

Business Registration Form Application Form for Membership Governance Code Guidelines for Business Plan Memorandum of Association (EN) Articles of Association Sample Financial Statements
Procedural Steps
1

Prepare Documents

  • Fill application form
  • Apply for name approval on business.egov.mv and keep printout of approval
  • Prepare articles of association
  • Prepare articles of association
  • Prepare Business plan
  • Prepare Details of temporary steering committee

2

Submit

  • Submit documents (collect token number before 3pm on weekdays)
  • Collect invoice slip

3

Pay and Collect

  • Make payments for annual fee of MVR 200 and Registration fee of MVR 200
  • Collect documents

CHECKLIST
  • Refer to Checklist [Documentation Checklist PDF] to make sure you have all your documentation in order
downloads

Sole Proprietorship

Business Registration Form Sole Traders Registration Act
downloads

Partnership

Business Registration Form Partnership Act (13-2011)
downloads

Company

Business Registration Form The Companies Act of Maldives The Companies Act of Maldives (EN) Company Seal Registration Form Memorandum of Association Memorandum of Association (EN) Articles of Association Articles of Association (EN)
downloads

Cooperative Society

Business Registration Form Application Form for Membership Governance Code Guidelines for Business Plan Memorandum of Association (EN) Articles of Association Sample Financial Statements

FOREIGN INVESTMENTS

Procedural Steps
1

Lodge FI Application

  • Lodge Foreign investment application form
  • Prepare business plan if applicable

2

Get FI Approval

  • Collect approval and make payment of administration fee of USD 2000 to MIRA (not applicable for tourism sector investments)

3

Register a legal entity

  • Sign FI Agreement
  • Proceed with Registering a legal entity

CHECKLIST
step one:
  • Foreign Investment application form
  • Profiles of shareholders
  • Letter of Good Standing / Letter of Credibility from a reputable bank on each shareholder (individuals and legal entities)
step two:
  • Payment of administration fee of USD 2000 to MIRA (not applicable for tourism sector investments
step three:
  • At the stage of lodging FI application a decision will need to be made on the type of business vehicle to register the business subject to getting approval for the proposed business
IMPORTANT NOTES
  • Walk-in meetings are available for all foreign investors, who may wish to discuss their proposal, prior to submitting an application
  • All business registration services are offered from the office of the Ministry of Economic Development located in Boduthakurufaanu Magu
  • Guide to fill MIRA Taxpayer registration form is available in the download section
downloads

Company

Foreign Investment Application Form Company Seal Registration Form Name Search Application Form Letter of Financial Credibility The Companies Act of Maldives (EN) Standard_FIA Memorandum of Association Memorandum of Association (EN) Articles of Association Articles of Association (EN)
downloads

Partnership

Foreign Investment Application Form Name Search Application Form Letter of Financial Credibility Standard_FIA
downloads

Re-registration of a Foreign Branch

Foreign Investment Application_Form Letter of Financial Credibility Standard_FIA
downloads

Share Aquisition in a Local Company

Foreign Investment Application Form Form for Transfer of Shares (EN) Letter of Financial Credibility Standard FIA
Procedural Steps
1

Lodge FI Application

  • Lodge Foreign investment application form
  • Apply for name approval on business.egov.mv and keep printout of approval
  • Prepare business plan if applicable

2

Get FI Approval

  • Collect approval and make payment of administration fee of USD 2000 to MIRA (not applicable for tourism sector investments

3

Register a legal entity

  • Sign FI Agreement
  • Proceed with Registering a legal entity

CHECKLIST
step one:
  • Foreign Investment application form
  • Profiles of shareholders
  • Letter of Good Standing / Letter of Credibility from a reputable bank on each shareholder (individuals and legal entities)
step two:
  • Payment of administration fee of USD 2000 to MIRA (not applicable for tourism sector investments
step three:
  • At the stage of lodging FI application a decision will need to be made on the type of business vehicle to register the business subject to getting approval for the proposed business
  • Partnership application form
  • MIRA Taxpayer registration form
  • Name search approval form
  • Refer to Checklist Documentation Checklist PDF to make sure you have all your documentation in-order
IMPORTANT NOTES
  • Walk-in meetings are available for all foreign investors, who may wish to discuss their proposal, prior to submitting an application
  • All business registration services are offered from the office of the Ministry of Economic Development located in Boduthakurufaanu Magu
  • Guide to fill MIRA Taxpayer registration form is available in the download section
downloads

Sole Proprietorship

Business Registration Form Sole Traders Registration Act
downloads

Partnership

Business Registration Form Partnership Act (13-2011)
downloads

Company

Business Registration Form The Companies Act of Maldives The Companies Act of Maldives (EN) Company Seal Registration Form Memorandum of Association Memorandum of Association (EN) Articles of Association Articles of Association (EN)
downloads

Cooperative Society

Business Registration Form Application Form for Membership Governance Code Guidelines for Business Plan Memorandum of Association (EN) Articles of Association Sample Financial Statements
Procedural Steps
1

Lodge FI Application

  • Lodge Foreign investment application form
  • Prepare business plan if applicable

2

Get FI Approval

  • Collect approval and make payment of administration fee of USD 2000 to MIRA (not applicable for tourism sector investments

3

Register a legal entity

  • Sign FI Agreement
  • Proceed with Registering a legal entity

CHECKLIST
step one:
  • Foreign Investment application form
  • Profiles of shareholders
  • Letter of Good Standing / Letter of Credibility from a reputable bank on each shareholder (individuals and legal entities)
step two:
  • Payment of administration fee of USD 2000 to MIRA (not applicable for tourism sector investments
step three:
  • Copy of legal entity’s registration, notarized as a true copy of the original
  • Articles of association, memorandum of association, partnership agreement or other relevant constitutional documents of the entity
  • Board resolution of entity to re-register in the Maldives
  • Acceptance letter from legal representative
  • MIRA Taxpayer registration form
IMPORTANT NOTES
  • Walk-in meetings are available for all foreign investors, who may wish to discuss their proposal, prior to submitting an application
  • All business registration services are offered from the office of the Ministry of Economic Development located in Boduthakurufaanu Magu
  • Guide to fill MIRA Taxpayer registration form is available in the download section
downloads

Company

Foreign Investment Application Form Company Seal Registration Form Name Search Application Form Letter of Financial Credibility The Companies Act of Maldives (EN) Standard_FIA Memorandum of Association Memorandum of Association (EN) Articles of Association Articles of Association (EN)
downloads

Partnership

Foreign Investment Application Form Name Search Application Form Letter of Financial Credibility Standard_FIA
downloads

Re-registration of a Foreign Branch

Foreign Investment Application_Form Letter of Financial Credibility Standard_FIA
downloads

Share Aquisition in a Local Company

Foreign Investment Application Form Form for Transfer of Shares (EN) Letter of Financial Credibility Standard FIA
Procedural Steps
1

Lodge FI Application

  • Lodge Foreign investment application form
  • Prepare business plan if applicable

2

Get FI Approval

  • Collect approval and make payment of administration fee of USD 2000 to MIRA (not applicable for tourism sector investments

3

Register a legal entity

  • Sign FI Agreement
  • Proceed with Registering a legal entity

CHECKLIST
step one:
  • Foreign Investment application form
  • Profiles of shareholders
  • Letter of Good Standing / Letter of Credibility from a reputable bank on each shareholder (individuals and legal entities)
step two:
  • Payment of administration fee of USD 2000 to MIRA (not applicable for tourism sector investments
step three:
  • 2 Original application forms
  • Board resolution for transfer of shares
  • Identification of Transferee
  • Refer to Checklist Documentation Checklist PDF to make sure you have all your documentation in order
IMPORTANT NOTES
  • Walk-in meetings are available for all foreign investors, who may wish to discuss their proposal, prior to submitting an application
  • All business registration services are offered from the office of the Ministry of Economic Development located in Boduthakurufaanu Magu
downloads

Company

Foreign Investment Application Form Company Seal Registration Form Name Search Application Form Letter of Financial Credibility The Companies Act of Maldives (EN) Standard_FIA Memorandum of Association Memorandum of Association (EN) Articles of Association Articles of Association (EN)
downloads

Partnership

Foreign Investment Application Form Name Search Application Form Letter of Financial Credibility Standard_FIA
downloads

Re-registration of a Foreign Branch

Foreign Investment Application_Form Letter of Financial Credibility Standard_FIA
downloads

Share Aquisition in a Local Company

Foreign Investment Application Form Form for Transfer of Shares (EN) Letter of Financial Credibility Standard FIA

SPECIAL ECONOMIC ZONES

Procedural Steps
1

Submit Proposal and get interim permit

  • Submit proposal to the Board of Investments
  • An interim permit is granted within 28 days

2

Submit Detailed proposal and get developer permit

  • Submit detailed proposal within 180 days. Refer to checklist for details
  • Developer permit is granted within 90 days

3

Sign concession agreement

  • Sign concession agreement with government within 30 days of grant of Developer permit

4

Develop Special Economic Zone

  • Find investors and develop special economic zone

CHECKLIST
step one:
  • SEZ application form
step two:
  • The detailed proposal includes Environmental impact assessment, engineering studies and overall development masterplan
INCENTIVES
  • Exemption from business profit tax
  • Exemption from goods and services tax
  • Exemption from withholding tax
  • Flexible procedures in foreign employment
  • Exemption from taxes on sale and purchase of land
  • Option of acquiring freehold land by registered companies in Maldives with at least 50% local shareholding

The specific durations for tax exemption will depend on the business area of proposed investment and scale of investment.

STRATEGIC AREAS CONSIDERED FOR SEZ INVESTMENTS
  • Export processing activities
  • Transshipment port, international logistics, port, airport, bulk breaking, bunkering, docking services
  • University, tertiary hospital, super specialty hospital, and research and development facilities
  • Information Communication Technology (ICT) parks and related facilities
  • International financial services
  • Oil & Gas exploration
  • Initiatives that introduce new technologies to the Maldives
IMPORTANT NOTES
  • Investments under SEZ are large scale investments in excess of USD 150 million which matches with the strategic priorities of the government as listed in the SEZ law. This list is reviewed by the president every year.
  • The overall of development and management of a designated SEZ is undertaken by the Developer.
downloads

Guidlines for SEZ Application

SEZ Application Form (DOCX) SEZ Act (Dhivehi) SEZ Act (Unofficial English Translation) Guidlines for SEZ Application Articles of Association for the Board of Investments (Unofficial English Translation)

COMMON DOWNLOADS

Business Registration Act Business Registration Act (EN) Business Registration Regulation Business Registration Regulation (EN) How to fill in the Taxpayer Registration (EN) Name Search Application Form

Doing Business In Maldives

The Doing Business guide aims to provide an introductory overview of the business environment of Maldives and help the investors get their businesses started. The guide provides the reader with an overview of the legal and regulatory matters relating to matters relating to doing business in the Maldives.

Download

Invest Maldives

The Invest Maldives Magazine covers a variety of projects across sectors such as renewable energy, waste and water management, finance and real­estate. The government is also seeking solutions for transportation services within the atolls of the country through possible partnership options with private investors. With information on these projects and the project developers, this magazine is the most up­to­date resource on the current investment opportunities available in the Maldives

Download

Doing Business In Maldives

The Doing Business guide, 中国 Chinese Version

Download