Foreign company registration in Maldives
How to register a far off Investment as an organization or Partnership
Procedure
STEP 1
Seek approval for Foreign Investments from the Ministry of Economic Development. You’re needed to submit the subsequent documents.
1. A completed Foreign Investment form
2. Names, permanent addresses, passport / ID copies of every individual stockholder and director of the finance entity. (If any of the material possession of the finance entity could be a legal entity, aside from a public company, the names, permanent addresses and passport / ID copies of that legal entity is required)
3. A reference letter from a prestigious bank on every stockholder (both individual and legal entity)
4. If the stockholder of the projected finance company could be a legal entity, Resolutions of the Board of administrators confirming their call to take a position within the Maldives as per the projected possession structure
5. Projected Business set up and practicability Study
(a) Details of the projected investment, as well as the most activities of the projected company.
(b) 5 year projected record, profit and loss account and income statements for the projected investment, as well as all the assumptions created within the money projections.
(c) funding set up for the projected investment as well as details of equity, debt etc.
(d) A phasing set up for investment, particularization the projected phasing of capital/infrastructure investments (if any)
(e) projected Human Resource set up, as well as projected wages and advantages for workers, and foreign labor replacement set up (if the finance company plans to use foreign labor in its operations, initially)
(f) practicability indicators, as well as NPV, IRR, Payback amount
6. Letter of Authority or Power of lawyer for Contact Person (if any)
7. Name Search form (name ought to be reserved before submission)
NOTE: The documents are accessible within the Resource page for transfer.
STEP 2
registration method, you’ll be tutored to submit the opposite relevant following documents
1. Company Registration form
2. Articles and note of Association of the entity proposing to undertake the investment (2 Originals)
3. Acceptance letters from decision maker and Secretary, secretive the post, as well as their passport / ID copies
4. If the foreign stockholder could be a company, copy of note and Articles of Association, and duplicate of foreign Company Registration in Maldives Certificate, notarized as a real copy
5. Address of the resident director(s) of the entity, in conjunction with VISA copy (If the projected finance entity could be a 100% foreign entity, a minimum of one director ought to be a resident within the Maldives)
6. Tax Registration form (MIRA 101S Version fourteen.1)
Note: this may take a further three operating days.
STEP 3
the Company can enter to a far off Investment Agreement with Ministry of Economic Development of the Republic of Maldives. (Not Applicable for commercial enterprise Sector Investment.)
Costs
• As per the Foreign Company registration in Maldives Act (Law no 18/2014) Clause six, IF the investment price meets the capital demand of USD one,000,000 (United States greenbacks One Million) you’re needed to deposit USD one hundred,000 (United States greenbacks Hundred Thousand) as down payment, or submit a bank reference with the Ministry of Economic Development.
• In the event wherever your investment price doesn’t meet the higher than mentioned capital demand you’re solely needed to submit a bank reference, as per the guide provided by the ministry.
Administration Fee: 2000 USD (this payment has got to be created to Maldives Inland Revenue Authority (MIRA), before language the Foreign Company registration in Maldives agreement) commercial enterprise connected foreign company/partnership: doesn’t got to create the 2000 USD payment to MIRA.
• Revenue Stamp: five hundred MVR (32.45 USD)
• Company Registration fee: calculated supported the licensed capital of the corporate.
• Company Annual Fee (paid to MIRA): 2000 MVR (129.7 USD)
• No fee (annual fee or registration fee) is charged for re-registration.
Documents
• If any document isn’t in English, a notarized English translation of that document ought to be created.
• The registration or renewal of registration shall not be deemed to imply that the necessities of any law in relevance any business carried on by that company, or to the persons carrying on the business or used in this, are complied with.
Entities finance commercial enterprise sector don’t seem to be needed to submit a business set up.
Post Registration
• If there’s a amendment to any of the knowledge or documents submitted to the Ministry, the amendment shall be notified and shall submit the amended documents to the Ministry inside fifteen days of the amendment.
• Every company conducting business within the Maldives is needed to deliver to the Ministry, a duplicate of its annual accounts. Any such accounts shall be the accounts ready to be submitted to the annual general meeting of the corporate.
• All corporations shall go with the Business Profit Tax Act (Law No. 5/2011)
• The corporations Act of the Republic of Maldives, Law No: 10/96, clause 69(1), makes it necessary for the businesses to deliver the Annual accounts and reports to the Foreign Company registration in Maldives.
• Once registered, if eligible, you’ll apply for company resident visa (available for transfer on resource page)
Documents needed For a replacement Foreign Investment Application (For Re-Registering a Company)
You are needed to submit the subsequent documents.
1. A completed Foreign Investment form
2. Names, permanent addresses, passport / ID copies of every individual stockholder and director of the finance entity. (If any of the material possession of the finance entity could be a legal entity, aside from a public company, the names, permanent addresses and passport / ID copies of that legal entity is required)
3. A reference letter from a prestigious bank on every stockholder (both individual and legal entity)
4. If the stockholder of the projected finance company could be a legal entity, Resolutions of the Board of administrators confirming their call to take a position within the Maldives as per the projected possession structure
5. Projected Business set up and practicability Study