Maldives Company – Pvt Ltd

Description

Two types of companies can be registered in the Maldives under The Companies Act (10/96). They are:
– Private Limited Companies (Pvt Ltd)
– Public Limited Companies (Plc).

Private Limited Company (Pvt Ltd)
Local and foreign individuals and companies can form a private limited company. The Company name will end with Pvt Ltd as a suffix.

Foreigners and foreign companies can register a private limited company in the Maldives but these companies are referred to as Foreign Investments and are governed jointly under the Companies Act (10/96) and the Law on Foreign Investments (25/79). The documents required to register foreign companies are slightly different. More information on Foreign Investments is available here.

Among the incentives that encourage these investments are:

the right to 100% foreign ownership
legally backed investment guarantee
no restrictions on the repatriations of earnings or profits
provisions for overseas arbitration of disputes
freedom to use foreign managerial
technical and unskilled workers
long-term contractual agreements
lease of land

Procedures
The Ministry of Economic Development, under The Companies Act of the Republic of Maldives, Law no. (10/96), must register all the companies in Maldives. The following describes the procedure.

Criteria/Prerequisites
• The Company to be registered must have at least two shareholders above the age of 18.
• Minimum capital for a Private limited company is 2000/- (Two thousand) Maldivian rufiyaa.
• Minimum capital for a Public limited company is 1000,000/- (One million) Maldivian rufiyaa.

Procedures
1. Take a queue number. When your number is displayed, submit the filled application form along with the necessary documents (listed in “Documents and Forms required”) to the counter two (Company Counter).
2. Provide your contact details to the staff at the counter.
3. Once the documents are approved you will be informed (via phone) to attend the Ministry.
4. Take a queue number for Counter Two (Company Counter), and when your number is displayed, obtain the payment slip issued. The payment slip will expire in three days.
6. Make payment for the Company registration fee and Annual fee at counter number five (Cashier Counter) and obtain the payment receipt. No queue number is required at this counter.
7. After payment is made, show the payment receipt to Counter two (no queue number is required).
8. You will receive the Registration Certificate, the Instruction Letter, and an endorsed copy of articles and memorandum of association within 10 minutes.
9. Check the certificate for final verification. If any problem is noticed, directly consult the counter staff.

Documents and forms required
Company Name Search and Reservation Form
Memorandum of Association (Dhivehi mandatory).
Articles of association (Dhivehi mandatory).
Company registration application form.
MIRA101S Form
Acceptance letter of Managing director.
Acceptance letter of Company Secretary.
Original and Copy of the ID cards of the Shareholders, Board of Directors (if different) and Secretary.
Revenue stamp (Rf 500/- when collecting the Registration Certificate).
Two sets of copies of the forms and documents are required.

Additional Information
The procedure of registering a Maldives company usually takes one to two working days, but it may take slightly longer if the documents are incomplete or if the Ministry faces unforeseen operational issues.

The Maldives are particularly interested in foreign investment that is capital intensive, involves the transfer of technology, is environmentally friendly and introduces new skills. In addition to the possibility of 100% foreign ownership, investors can benefit from an investment guarantee, long term contractual agreements and lease of land, freedom to use foreign skilled and unskilled workers, freedom from foreign exchange restrictions or restrictions on repatriation of profits; and provision for overseas arbitration of disputes.

Maldives has always been blessed with a stable economy and a transparent (also stable) legal system. Thanks to the country’s liberal trade environment, dynamic private sector and development-oriented legal structure, Maldives is a country that is conducive to trade and investment.

Foreign investors may choose, either to set up an investment wholly owned by foreigners or form joint ventures with Maldivian Nationals or companies registered in the Maldives. As such foreign investments may enter the Maldives under the following
1. Registering a joint venture investments whose ownership of 51% or more is held by a Maldivian or wholly owned Maldivian entities incorporated in the Maldives.
2. Registering investments whose ownership of 51% or whole held by foreigners or entities incorporated outside of the Maldives.

There are many other advantages of the islands beauty as well and people tend to retire in peace with a fantastic lifestyle.

Incorporate and register your Maldives Company Now