Business Incorporation



Service:

Registration of Sole Proprietorships

Why do I need to do this?

Follow this user guide if you need to register to and do business in the Maldives as an individual.

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 500

 

Which documents do I need to submit?


Document

Check for:

1

Sole trader registration application form

•  All required fields filled correctly, in Dhivehi language

•  All documents listed in the application form are submitted

•  Signature

2

Name search approval form (optional)

•  Original of the name search approval signed by the Ministry

3

National Identification Card copies

•  Clear and complete NIC copies of applicant and if applicable, the appointed responsible person for the business to be registered

4

Taxpayer registration form

•  Completed and signed taxpayer registration form of MIRA

5

Registration fee

•  Registration fee as per Sole Proprietorship Act (19/2014)

6

Responsible Person Details (if any)

•  Attach NIC card copy or passport copy

 

 

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 and payment receipt.

What would I receive at the end of the process?

•  Certificate

•  Registration letter

•  Copy of payment receipt

 

 

Did you know:

You need to get the business name approved by the Registrar of Companies prior to registration. <LINK: User guide for business name approval>

You must not already have a Sole Proprietorship registered under your name.

You must be a Maldivian individual above 18 years of age.

•  Payment by cheque is acceptable only with bank guarantees.

The registration validity period is 5 years.

 

References:

Sole Proprietorship Act of the Maldives

User guide on business name approval