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cooperative-societies

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: [email protected]

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

 

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