Reserve a unique company name and obtain the standard forms for incorporation
Agency: Registrar of Companies
The Companies Act 1996 governs the rules on acceptable company names. To make the incorporation process easier, the Registrar of Companies provides standard memorandum and articles of association. The standard forms are downloadable on the web.
Name reservation can be done both in person and online. In person reservation is usually done on the same day, while online applications take approximately 24 hours. No fees apply for the name confirmation.
Time and cost: 1 day, no charge
Pay registration fees
Agency: Ministry of Economic Development
Since January 2010, registration fees are paid at the Ministry of Economic Development.
Time and cost: 1 day, fees included in procedure 3
Register at the Registrar of Companies and Apply for a Tax Identification Number (TIN)
Agency: Registrar of Companies
The company must apply for registration with the Companies Registrar, by submitting the following documents:
- Company registration application form;
- Name search approval form;
- Memorandum of Association – 2 copies;
- Articles of Association – 2 copies;
- Acceptance letter from Managing Director;
- Acceptance letter from Company Secretary;
- National Identification card copies of all relevant individuals (shareholders, company secretary, board of directors).
The forms may be printed at: http://trade.gov.mv/beta/?page=company-registration
The schedule of the Companies Act 1996 sets the company registration fees based on a sliding scale of authorized share capital. If the authorized capital is MVR 10,000 or less, the fee is MVR 1,000. If authorized capital is more than MVR 10,000, an additional fee is payable on every MVR 4,000 or part thereof of the authorized capital, as follows:
- Between MVR 10,000 and MVR 500,000: MVR 10.
- Between MVR 500,000 and MVR 4,000,000: MVR 4.
- Between MVR 4,000,000 and MVR 8,000,000: MVR 2.
- Above MVR 8,000,000: MVR 1.
In addition to this sliding-scale fee, public companies must pay an annual fee of MVR 10,000 before the end of March every year; private companies must pay MVR 2,000. The stamp duty is MVR 500, payable at registration.
Upon approval of registration, the company will receive the origination certificate, registration letter, endorsed Memorandum and Articles of Association.
When the company information is submitted to the Companies Registrar, the Registrar automatically submits Taxpayer registration (Maldives Inland Revenue Authority Form No. 101S) to MIRA for tax registration.
Time and cost: 5 days, MVR 2,000 annual company fee + registration fee (see the comment) + MVR 500 stamp duty
Make a company seal
Agency: Seal maker
The Companies Act 1996 requires all companies to make a company seal and register it with the Registrar of Companies.
Time and cost: 1 day, MVR 250
Register the company seal with the Registrar of Companies
Agency: Registrar of Companies
Business founders must register the company seal with the Registrar of Companies. There is an option to register the seal online through the Business Portal, which takes approximately 24 hours. In person registration is done on the same day.
Time and cost: 1 day, no charge
Register with the Maldives Pension Administration Office (MPAO)
Agency: Maldives Pension Administration Office
According to the Maldives Pension Act of 2009. All employers must register at the Maldives Pension Administration Office (MPAO). They must do so by visiting the offices of the MPAO in Male. All required forms are available online at http://pension.gov.mv/
Time and cost: 3 days, no charge
