What is the applicable law relating to Corporate Resident Visa?
The respective law relating to Corporate Resident Visa is the Regulation No: 115/2021 (Regulation on Issuing Corporate Resident Visa) enacted under Section 9(f) of Law No:1/2007 (Maldives Immigration Act).
Who can apply for Corporate Resident Visa in the Maldives and how can you confirm your eligibility?
- Shareholders, directors, partners or senior officers of foreign investments that are lawfully registered in the Maldives, who must:
- have obtained foreign investment permit and have the business registered under Law No: 25/79 (Maldives Foreign Investment Law)
- have not violated the Foreign Investment Agreement;
- hire minimum 50% Maldivian employees as full-time staff;
- be amongst the five-senior staff of the company;
- be a partner if it’s a partnership;
- have had USD 100,000 as yearly revenue during one of the last three years; and
- not be blacklisted under the employment regulations on foreign nationals.
- Foreign individuals who keep a minimum sum of USD 250,000 as a fixed deposit at a bank in the Maldives, who must:
- be of minimum 18 years of age; and
- provide a bank statement from the respective bank.
- Foreign individuals who wishes to invest a sum of USD 250,000 in government approved businesses who must invest only to the businesses authorized by the Government of Maldives.
- Family members of an individual qualifying any of the above also will be eligible to apply for corporate resident visa in the Maldives. Family members include:
- Parents;
- Spouse;
- Children;
- Grandparents; and
- Grandchildren.
What are the general conditions that must be met by all applicants of Corporate Resident Visa?
- Must not be convicted of a criminal offence any where in the world;
- Must not be subjected to any prosecution or investigation of a criminal offence;
- Must not be under a search order by law enforcement authorities due to a domestic violence offence or any such offence;
- Must not be subjected to an Interpol notice or arrest warrant; and
- Must not have been deported from the Maldives in the past.
Who is responsible to grant approval for visa applications?
Registrar of Businesses is the responsible authority to grant approvals for and extensions of corporate resident visas as well as cancellation of it. Once the Registrar of Businesses grants the approval, the Controller of Immigration, with no additional conditions shall grant the visa.
How to apply for a Corporate Resident Visa?
Submit the relevant form through the business portal at business.egov.mv. A visa fee of MVR 15,000 will have to be paid to process the visa.
How long will the Corporate Resident Visa stay valid?
Successful applicants will receive the corporate resident visa for a period of 5 years. If any one wishes to extend the visa, it can be renewed 90 days prior to the expiration.
Read the full regulation please click this link: https://gaanoon.com/regulations/page/1594
