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Foreign Business Registration Procedure

How to register a Foreign Investment as a Company or Partnership

Procedure

Step-by-Step Guide to Direct Foreign Investors to Invest in the Maldives

Foreign investors can either register a business as a FDI or opt to submit proposal under the unsolicited proposal’s policy.

STEP 1:

Seeking Approval for the Foreign Investment Proposal

Investors can submit the required documents to fiu@trade.gov.mv  via email. Once the application is reviewed, an approval letter will be issued.

STEP 2:

Register the business

Once the approval is issued, the investor will receive an approval letter, after which they are required to submit the relevant documents to re-register their business.

Upon approval of the foreign investment, Ministry of Economic Development will issue an acceptance letter to the applicant. Your next step is to register your business in one of the following three ways.

Your business will be registered in 1 business day. Once the business entity is registered, you are required to enter to a Foreign Investment Agreement (FIA) with the Ministry of Economic Development of Maldives.

  1. What documents are required to Re-register a company?
  • Business Registration Application Form
  • Company Registration Certificate, Constitutional Documents of the entity notarized as true copy (by relevant authorities of the registered country). Note: Notarized translations must be provided for all the documents that are not in English.
  • Board Resolution of the Company
    • To re-register in Maldives
    • To appoint a Legal Representative who shall represent the company in any legal proceedings against the Company
  • Acceptance Letter and NIC/passport copy of the appointed Representative Note: The representative need not be a lawyer, but should be a resident individual or registered entity in the Maldives
  • Clear, complete and valid PP / ID copies of persons with tax responsibilities
    • What documents are required to incorporate a new Company?
  • For more details on how to register a company, please have a look at Company Registration
  • If the foreign shareholder is an entity
    • Business Registration Certificate, Constitutional Documents of the entity notarized as true copy (by relevant authorities of the registered country). Note: Notarized translations must be provided for all the documents that are not in English.
    • Board Resolution of the Company
      • Details of the number and percentage of shares the company will hold in the new business
      • Details of the directors appointed to represent the entity in the new business (if any)
    • Clear, complete and valid PP / ID copies of
      • Directors
      • Company Secretary
      • Tax responsible person(s)
      • What documents are required to register a Partnership?
    • Business Registration Application Form.
    • Partnership Agreement (2 Originals)
    • Clear, complete and valid PP / ID copies of
      • Partners
      • Tax responsible person(s)
    • If the foreign Partner is an entity
      • Business Registration Certificate, Constitutional Documents of the entity notarized as true copy (by relevant authorities of the registered country). Note: Notarized translations must be provided for all the documents that are not in English.
      • Board Resolution of the Company
        • Details of the number and percentage of shares the company will hold in the new business
        • Details of the directors appointed to represent the entity in the new business (if any)
  1. What documents are required to acquire shares of an existing local entity?
  • Share Transfer Form (2 originals)
  • Revised Articles and Memorandum of Association of the entity proposing to undertake the investment (2 Originals)
  • Board Resolution for the transfer of shares (as in step 1)
  • Clear, complete and valid NIC/Passport copy of the new shareholders and directors
  • Board Resolution of the Transferee (if an entity)
    • Details of the number and percentage of shares the company will acquire
    • Details of the directors appointed to represent the entity in the new business (if any)

STEP 3:

Signing the foreign investment agreement

Investors will be required to pay the administrative fee of USD 5000 and enter into Foreign Investment Agreement with the Ministry of Economic Development.

 Source: https://business.egov.mv/