If you are a foreigner looking to operate a business in the Maldives, you must do so through a registered business entity in the Maldives. Here is an overview of the essential information and key documentation required to incorporate a business entity.
Foreign Investment Approval
Prior to incorporating a business entity, you must obtain foreign investment approval from the Ministry of Economic Development and Trade. For information on how to obtain foreign investment approval and explore business entity options, refer to our incorporation guides #2 and #4.
Responsible Government Authority
The Registrar of Businesses, established within the Ministry of Economic Development and Trade, handles the registration of all forms of business entities and business activities. To register a business entity, the relevant documents must be submitted to the Ministry using the Business Portal.
Incorporation-Related Legislation
In Maldives, laws regulating incorporation are found in Acts passed by Parliament and subsidiary regulations enacted by the Ministry of Economic Development and Trade. The relevant legislation related to incorporation of a business by foreigners are:
- Business Registration Act
- Companies Act (for an overview, refer to our Guide on the Maldives Companies Act)
- Partnership Act
Documents Required for Incorporation
Below are the key documents required to register a company or a partnership involving a foreigner. These documents may be updated from time to time based on regulatory changes made by the Ministry of Economic Development and Trade.
To register a company
- Foreign Investment Approval from Ministry of Economic Development and Trade
- Company’s Constitution: you need to submit the company’s Articles and Memorandum of Association. You can find the Model Constitution here
- Managing Director’s Declaration
- Tax Responsible Person’s Declaration
- If a shareholder is a foreign entity, you need to submit a board resolution from such entity sanctioning to become a shareholder in the company. The resolution must also outline shareholding percentage, sanctioning of any representative directors appointed with their names and passport numbers/identity card numbers.
- Identification Documents of Shareholders: for foreign entity shareholders, a notarized copy of their certificate of incorporation and constitution (or notarized translations of these documents if they are not in English). For foreign individual shareholders, a copy of the data page of their passports
- Identification Documents of Directors: you need to submit a copy of the data page of their passports
- Payment Receipt of Foreign Investment Application Fee to Maldives Inland Revenue Authority
To re-register a foreign company
- Foreign Investment Approval from Ministry of Economic Development and Trade
- Company’s Constitution: you need to submit the company’s constitution document issued in the home country (if the document is not in English, the document must be translated and notarized). Additionally, certificate of incorporation must be submitted (if applicable)
- Board Resolution: you need to submit a board resolution of the company sanctioning the re-registration of the company in Maldives. The resolution must also outline the address of the place of business in Maldives, appoint a legal representative (ordinarily resident in Maldives) and state the mailing address, email, and contact number of the legal representative
- List of Board of Directors: the list must state their names, addresses and passport numbers
- Identification Documents of Directors: you need to submit a copy of the data page of their passports
- Documents relating to Legal Representative: you need to submit an acceptance letter from the legal representative, along with a copy of their national identity card or data page of their passport
- Payment Receipt of Foreign Investment Application Fee to Maldives Inland Revenue Authority
To register a partnership
- Foreign Investment Approval from Ministry of Economic Development and Trade
- Partnership Agreement complying with the Partnership Act
- Managing Partner’s Declaration
- Tax Responsible Person’s Declaration
- If a partner is a legal entity, you need to submit a resolution of the entity sanctioning to become a partner in the partnership
- Identification Documents of Partners: you need to submit a copy of their national identity cards or the data page of their passports
- Payment Receipt of Foreign Investment Application Fee to Maldives Inland Revenue Authority
For detailed procedures and additional support, consult with our advisors who are well-versed in Maldivian business regulations. Your successful business venture in the Maldives begins with a single step. Get started now with RCo Lawyers!