Business Incorporation



Service:

Registration of Cooperative Societies

Why do I need to do this?

Follow this user guide if you need to register and do business as a cooperative society.

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?

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

 

What are the fees and charges involved?

Registration fee: MVR 200

Annual fee for first year: MVR 200

 

Which documents do I need to submit?


Document

Check for:

1

Cooperative society registration application form

•  All required fields filled correctly, including:

Names, addresses, NIC numbers, number of shares and signatures of founding members

Names, addresses, NIC numbers and signatures of witnesses

•  All documents listed in the application form are submitted

 

2

Cooperative society name approval

•  Original of the cooperative society name approval signed by the Ministry

3

Memorandum of Association (two copies)

The memorandum must state:

•  Name of the cooperative society

•  The registered, full address of the cooperative society.

•  Objectives (whether they are meet the requirements by law, and that they do not contravene the Islamic principles or this Act or any other laws of the Country).

4

Articles of Association (two copies)

The Articles must state:

•  Name of the cooperative society

•  How the cooperative society shall be managed according to the Cooperative Societies Act.

 

5

Business plan (two copies)

•  Business plan of the cooperative society stating its plan to achieve its set objectives, plans to access finance and manage administrative functions.

 

6

Details of temporary steering committee (until elected committee takes office)

•  Names, addresses, NIC numbers, respective position on steering committee, signatures

7

National Identification Card copies

•  Clear and complete NIC copies of all relevant individuals are submitted (all founding members including steering committee members)

8

Registration fee

•  Registration fee as per Clause 13 of the Cooperative Societies Act.

9

Annual fee

•  Annual fee as per Clause 13 of the Cooperative Societies Act.


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 you by 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 Articles of Association (AofA)

•  Endorsed Memorandum of Association (MofA)

•  Copy of payment receipt

 

 

Did you know:

You need to get the name of cooperative society approved by the Registrar of Companies prior to registration. business name approval>

Cooperative society to be registered must be formed to address specific objective(s) that fit the requirements stated in the Cooperative Societies Act of the Maldives.

Cooperative society to be registered must have at least ten shareholders above 18 years of age who belong to the community to which the cooperative society belongs.

Payment by cheque is acceptable only with bank guarantees.

References:

•  Cooperative Societies Act of the Maldives

•  Regulation for Cooperative Societies

•  User guide on business name approval