Publications & Reports
Updated : Submission of Annual Accounts and Reports of Companies before 31 October 2010
All companies registered under the Maldives Company Act (10/96) are required under Article 69 of the Act to submit the Annual Accounts, Directors’ Report and the Audit Report to the Registrar of Companies. Thus, all companies registered up to 31 July 2009 are required to submit these reports before 16:00 hrs of 31st October 2010, as announced under Announcement number A-48/2010, A-70/2010 and A-73/2010 of this Ministry. However, in spite of the approaching deadline, a number of companies have not submitted these reports.
The accounts and reports can be collected by four administrations other than this ministry. They are :
Arrangements will be made for the collection of the annual accounts and reports in other province offices shortly and such arrangements will be announced duly.
If a company fails to meet the deadline of 16:00hrs of 31 October 2010, the Managing Director of the company will be penalised. As such, Managing Directors of private companies will be fined Rf. 10,000 and those of public companies will be fined Rf. 30,000 as stipulated in Article 69 of the Maldives Company Act. No extensions will be granted to the stated deadline.
Thus, companies which fail to submit the annual accounts and reports before the deadline will be penalized according to the Company Act. All reports and accounts submitted after the deadline will be accepted after payment of the fine.