Business Incorporation

Service:

Registration of companies

Why do I need to do this?

Follow this user guide if you need to register a local private or public limited company. 

Where can I apply for the service?

You may apply online  or in person at MED

How long will the process take?

Next working day (Day 2) from date of application (Day 1)

 

What are the fees and charges involved?

°  Registration fee: Calculated depending on company capital

°  Revenue stamp of MVR 500

°  Annual fee for the current year: MVR 2,000 for a private limited company, MVR 10,000 for a public limited company.

 

Which documents do I need to submit?

 

Document

Check for:

1

Business Registration Form

 Download Form

°  All required fields filled correctly

°  All documents listed in the application form are submitted

°  Signature



3


1. Name Search & Reservation Application - G001

Business Name Registration Form - G002

°  Original of the name search approval signed by the Ministry

4

Memorandum of Association - 2 copies

 Download Form ( Dhivehi )

 Download Form ( English )

The memorandum of every company must state:

°  Name of the company (as approved through the business name approval process)

°  Whether the company is a private company or a public company.

°  The registered, full address of the company.

°  Company objectives (whether they are same as the options provided in Application form)

°  The liabilities of the members are limited.

°  The authorised capital of the company and the manner in which it is to be procured.

°  Details of shareholders (name, address, no.of shares, signature)

°  Details of witnesses (name, address, ID no., signature)

5

Articles of Association – 2 copies

 Download Form ( Dhivehi )

 Download Form ( English )

The Articles of every company must state:

°  Name of the company (as approved through the business name approval process)

°  Quorum of the Board defined as at least 50% plus one member How the company shall be managed according to the Companies Act

For private companies, it must state:

°  It cannot sell shares to the public.

°  Shares of the company may only be transferred to a party approved by the Board of Directors in accordance with the Articles.

°  The number of shareholders of the company is limited to 50.

°  Details of shareholders (name, address, no.of shares, signature)

°  Details of Board of Directors (name and address)

°  Details of witnesses (name, address, ID no. signature)

6

Acceptance letter from Managing Director

°  Signature of Managing Director

7

Acceptance letter from Company Secretary

°  Signature of Company Secretary

8

National Identification Card copies

°  Clear and complete NIC copies of all relevant individuals are submitted (all shareholders, Company Secretary, Board of Directors)

9

Company registration fee

°  Company registration fee as per Clause 7 of the Companies Act 10/96

10

Revenue stamp

°  Revenue stamp of MVR 500.

 

If shares for new company to be registered are held by an existing company, submit these additional documents:

 

Document

Check for:

1

Board resolution for acquiring shares

°  Whether the quorum was met

°  Details of Board of Directors (name and signature)

°  Share ownership

°  Company seal

2

Company status

°  Whether annual fee payment completed

3

Board resolution for appointing a Director of another company to the Board of Directors (if applicable)

°  Name of Director appointed

°  Details of Board of Directors (name and signature)

°  Company seal

 

 

How do I apply for the service?

Day 1:

1. Lodge application at counter.

2. If any information is missing, provide the required information.

If application is in order, receive invoice slip for payment.

 

* If there are any issues in approving the registration, the Ministry will notify via phone and request for any amendments if applicable.

 

Day 2:

3. Make payment.

4. Receive the original of certificate, registration letter, endorsed Memorandum and Articles of Association and payment receipt.

What would I receive at the end of the process?

°  Certificate

°  Registration letter

°  Endorsed Memorandum of Association

°  Endorsed Articles of Association

°  Copy of payment receipt

 

 

Did you know:

°  You need to get the company name approved by the Registrar of Companies prior to registration. 

°  Company to be registered must have at least one shareholder above 18 years of age.

°  If one or more shareholders are of foreign nationality, follow User guide for foreign investment registration 

°  Minimum capital for a private limited company is MVR 2,000; and minimum capital for a public limited company is MVR 1,000,000.

°  Payment by cheque is acceptable only with bank guarantees.

 

References:

°  Companies Act of the Maldives 

°  Companies Regulation 

°  Foreign Investment Act

°  User guide on foreign investment registration 

°  User guide on business name approval