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Ease of Doing Business in

Maldives

Maldives Download Profile (1665KB, pdf)
Region South Asia
Income Category Upper middle income
Population 409,163
GNI Per Capita (US$) 6,670
City covered Malé

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 135 129 down
6
53.94 53.99 down
0.05
Starting a Business 65 61 down
4
88.98 89.03 down
0.05
Dealing with Construction Permits 62 60 down
2
72.80 72.86 down
0.06
Getting Electricity 145 144 down
1
53.57 53.65 down
0.08
Registering Property 172 171 down
1
39.97 39.97
-
Getting Credit 133 127 down
6
35.00 35.00
-
Protecting Minority Investors 123 118 down
5
45.00 45.00
-
Paying Taxes 134 129 down
5
60.02 60.45 down
0.43
Trading across Borders 147 147
-
55.87 55.87
-
Enforcing Contracts 105 103 down
2
55.07 55.07
-
Resolving Insolvency 135 134 down
1
33.14 33.02 up
0.12

DB 2017 Rank: 65

DB 2016 Rank: 61

Change in Rank: down4

DB 2017 DTF (% points): 88.98

DB 2016 DTF (% points): 89.03

Change in DTF (% points): down0.05

Standardized Company
Legal form: Limited Liability Company
Paid-in minimum capital requirement: MVR 2,000
City: Malé
Indicator Maldives South Asia OECD high income
Procedure – Men (number) info_outline 6.0 8.1 4.8
Time – Men (days) info_outline 12.0 15.4 8.3
Cost – Men (% of income per capita) info_outline 5.2 13.4 3.1
Procedure – Women (number) info_outline 6.0 8.2 4.8
Time – Women (days) info_outline 12.0 15.6 8.3
Cost – Women (% of income per capita) info_outline 5.2 13.4 3.1
Paid-in min. capital (% of income per capita) info_outline 1.9 0.2 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    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. No fees apply for the name confirmation.
    1 day no charge
    2

    Pay registration fees

    Agency: Ministry of Economic Development

    Since January 2010, registration fees are paid at the Ministry of Economic Development.
    1 day fees included in procedure 3
    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.
    5 days MVR 2,000 annual company fee + registration fee (see the comment) + MVR 500 stamp duty
    4

    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.
    1 day MVR 250
    5

    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.
    1 day no charge
    6

    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/
    3 days no charge