Published
Sep 4, 2023
Updates:
Dec 3, 2024
Maldives
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LLC, LLP, PLC
Document checklist:
1.Passport
2.Proof of Residence
Requirements:
Local legal address (Handled by B2B Hub)
Maldives
$
1200
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Location
Capital
Official languages
Population
Currency
ISO 4217
Malé
Maldives
Dhivehi
521,021
MVR
Maldivian Rufiyaa

FAQ for company formation in Maldives
Q: What is the process for company formation in the Maldives?
A: The process for company formation in the Maldives involves several steps, including obtaining necessary licenses and permits, registering the company with the Ministry of Economic Development, obtaining a tax identification number, and registering for social security contributions.
Q: What are the requirements for company formation in the Maldives?
A: The requirements for company formation in the Maldives include a minimum of two shareholders and two directors, a registered office address in the Maldives, and a minimum share capital of MVR 50,000 for a private limited liability company.
Q: What types of companies can be formed in the Maldives?
A: Companies that can be formed in the Maldives include private limited liability companies, public limited liability companies, and branches of foreign companies.
Q: How long does it take to form a company in the Maldives?
A: The time it takes to form a company in the Maldives can vary and may take up to several weeks to complete the registration process.
Q: What are the tax implications for companies in the Maldives?
A: Companies in the Maldives are subject to a corporate income tax rate of 15%. Additionally, there are other taxes and fees that may apply, such as goods and services tax (GST).
Q: What is the legal system in the Maldives?
A: The legal system in the Maldives is based on Islamic law and English common law.
Q: What is the currency used in the Maldives?
A: The currency used in the Maldives is the Maldivian rufiyaa (MVR).
Q: Can foreign nationals own a company in the Maldives?
A: Yes, foreign nationals can own a company in the Maldives. However, there are restrictions on foreign ownership in certain industries, such as media and publishing.
Q: Are there any specific regulations for foreign-owned companies in the Maldives?
A: Foreign-owned companies in the Maldives are subject to the same regulations as domestically-owned companies. However, there may be specific regulations related to foreign investment in certain industries.
Q: What are the benefits of forming a company in the Maldives?
A: Some of the benefits of forming a company in the Maldives include a strategic location in the Indian Ocean, access to a growing tourism market, and a relatively liberalized business environment. Additionally, the Maldives has a highly educated and multilingual workforce, making it an attractive location for businesses.
The Maldives is a small island nation located in the Indian Ocean. It has a population of approximately 393,000 people and a GDP of $4.7 billion. The economy of the Maldives is largely based on tourism, which accounts for 28% of the GDP. Fishing is also an important industry, contributing 17% of the GDP. The country also has a growing manufacturing sector, which accounts for 8% of the GDP. The Maldives has a low unemployment rate of 2.7%, and the inflation rate is relatively low at 2.2%. The country has a strong balance of payments, with a current account surplus of $1.2 billion in 2019. The Maldives has a strong credit rating, with a Standard & Poor's rating of BBB+. The country has also seen a steady increase in foreign direct investment, with a total of $1.2 billion in 2019. Overall, the Maldives has a strong and stable economy, with a bright future ahead.
Taxation in the Maldives consists of both corporate and personal taxes. Here is an overview of the taxation system in the Maldives:
Corporate Taxation:
- Companies registered in the Maldives are subject to a corporate income tax rate of 15% on their profits.
- Corporate tax returns must be filed annually by March 31 of the year following the tax year.
- The payment of corporate income tax is due in two equal installments: the first installment by June 30 and the second installment by December 31 of the tax year.
Personal Taxation:
- Individuals in the Maldives are subject to a personal income tax rate of 5% on their income above MVR 30,000 (approximately USD 1,947) per month.
- Personal income tax returns must be filed annually by March 31 of the year following the tax year.
- Personal income tax payments must be made in two equal installments: the first installment by June 30 and the second installment by December 31 of the tax year.
Goods and Services Tax (GST):
- The Maldives also imposes a goods and services tax (GST) on most goods and services, with a standard rate of 6%.
- GST returns must be filed monthly by the 28th day of the following month.
Tax Payment Process:
- Taxpayers in the Maldives can make tax payments through banks or online payment systems.
- Taxpayers must file their tax returns and make their tax payments by the deadlines mentioned above.
- The Maldives Inland Revenue Authority (MIRA) may conduct audits to ensure compliance with tax laws.
In summary, companies in the Maldives are subject to a corporate income tax rate of 15%, while individuals are subject to a personal income tax rate of 5% on their income above MVR 30,000 per month. Both companies and individuals are required to file their tax returns and make their tax payments by specific deadlines. The Maldives also imposes a goods and services tax (GST) on most goods and services, with a standard rate of 6%. Tax payments can be made through various methods, and taxpayers may be subject to audits to ensure compliance with tax laws.
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The first director
The second director
The third director
The first shareholder
The second shareholder
The third shareholder
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