Business Incorporation

Why do I need to do this?

Follow this user guide if you need to register a new foreign business or re-register an existing foreign business in the Maldives.

Where can I apply for the service?

You can apply in person at MED Ministry of Economic Development, Boduthakurufaanu Magu, Male’ 20125, Republic of Maldives Phone: +960 3323668, Fax: +960 3323840 Email: info@trade.gov.mv

 

How long will the process take?

A maximum of 30 days from date of application. If there are no delays from other institutions, minimum completion time is 17 days.

 

What are the fees and charges involved?

• Administration fee of USD 2,000 to MIRA.

 

Which documents do I need to submit?

Document

Check for:

1

Foreign investment registration or re-registration application form (as applicable)

•  All required fields filled correctly

•  All documents listed in the application form are submitted

•  Names, permanent address, passport/NIC numbers of each individual shareholder and director

•  Signature

2

Name search approval form

•  Original of the name search approval signed by the Ministry

3

No objection letter from MoHI (if applicable)

•  If applicant is looking to re-register, a no objection letter from MoHI after completion of their evaluation process.

4

Signed agreement of approval

•  Signed agreement of approval of area and type of investment obtained from Ministry of Economic Development.

•  Agreement should specify the type of work and how they will be carried out.

5

Capital value

•  Capital of an acceptable value to the Maldivian Government – decision by Ministry staff

6

Passport/National Identification Card copies

•  Clear and complete passport or NIC copies of all relevant individuals are submitted (all shareholders and directors of investing entity and legal representative)

7

Declarations from shareholders

•  Separate declarations from all shareholders of the investing entity, stating no objection to Ministry seeking a police clearance report for each shareholder.

•  Declarations from individual shareholders of the company, if one or more shareholders is a legal entity

•  Signatures

8

Reference letter from bank

•  A reference letter from a reputable bank on each shareholder (individuals and legal entities)

9

Board resolution for decision to invest/re-register (as applicable)

•  If shareholders include a legal entity, a board resolution from their board of directors confirming their decision to invest in Maldives (for new registrations) or re-register in Maldives (for re-registrations)

•  Whether quorum was met

10

Board resolution for appointment of legal representative (if applicable)

•  Contact person/legal representative with power of attorney appointed by a Board resolution

•  Whether quorum was met

11

Business plan and feasibility study

•  Proposed business plan and feasibility study of the foreign investment entity

•  Details of proposed investment

•  Main activities of foreign investment entity

•  Five year projection of finances (balance sheet, profit and loss, cash flows, including assumptions)

•  Financing plan (including equity, debt)

•  Phasing plan for investment detailing any proposed phasing of capital/infrastructure developments

•  Human resource plan (including wages, employee benefits, foreign labour replacement plan)

•  Feasibility indicators (NPV, IRR, payback period)

 

12

Letter from Power of Attorney

•  Signed letter of authority or Power of  Attorney for the contact person

13

Registration documents of investment entity (if applicable)

•  Documents should be verified with the Company unit of the Ministry, with the expectation that the objectives and/or may require amendment – only for new registrations

14

Taxpayer registration form

•  Completed and signed taxpayer registration form of MIRA

 

 

–          If you are applying to register as a company, also refer to list of documents in User guide on registration of companies1 .

–          If you are applying to register as a partnership, also refer to list of documents in User guide on registration of partnerships1

–          If you are looking to transfer shares and locally incorporate a company or partnership, also refer to list of documents in User guide on transfer of shares.

 

1 For new registrations, submit Memorandum of Associations as per requirements for registration of a local company/partnership. For re-registrations, check Memorandum of Associations for the existing foreign company/partnership.

 

For each of the above, ensure that the address of the representative of the entity, along with their VISA copy (if applicable) are submitted.

 

How do I apply for the service?

Day 1:

1.   Lodge application at counter.