Service: | Registration of companies | |||||||||||||||||||||||||||||||||||||||||||||
Why do I need to do this? | Follow this user guide if you need to register a local private or public limited company. | |||||||||||||||||||||||||||||||||||||||||||||
Where can I apply for the service? | You may apply online or in person at MED | |||||||||||||||||||||||||||||||||||||||||||||
How long will the process take? | Next working day (Day 2) from date of application (Day 1) Public Company Registration: 3 to 5 working days (Please refer further down for detailed list of documents and | |||||||||||||||||||||||||||||||||||||||||||||
What are the fees and charges involved? | ° Registration fee: Calculated depending on company capital ° Revenue stamp of MVR 500 ° Annual fee for the current year: MVR 2,000 for a private limited company, MVR 10,000 for a public limited company.
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Which documents do I need to submit? |
If shares for new company to be registered are held by an existing company, submit these additional documents:
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How do I apply for the service? | Day 1: 1. Lodge application at counter. 2. If any information is missing, provide the required information. If application is in order, receive invoice slip for payment.
* If there are any issues in approving the registration, the Ministry will notify via phone and request for any amendments if applicable.
Day 2: 3. Make payment. 4. Receive the original of certificate, registration letter, endorsed Memorandum and Articles of Association and payment receipt. | |||||||||||||||||||||||||||||||||||||||||||||
What would I receive at the end of the process? | ° Certificate ° Registration letter ° Endorsed Memorandum of Association ° Endorsed Articles of Association ° Copy of payment receipt
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Documents to be lodged to convert a Private Company to a
Public Company
Requirements to be fulfilled to convert
a Private Company to a Public Company |
|
# |
Description |
1 |
Board Resolution endorsing
transfer of shares to additional members |
2 |
Board Resolution endorsing Board
of Directors of proposed Plc |
3 |
Board Resolution endorsing the revision
to Articles of Association |
4 |
Board Resolution endorsing the
revision to Memorandum of Association |
5 |
Revised Articles of Association
(It is suggested to incorporate mandatory Corporate Governance requirements
to Articles of Association) |
6 |
Revised Memorandum of Association |
7 |
Prospectus (To offer additional
shares to incoming shareholders to convert to a Plc). |
8 |
A Letter from Maldives Stock
Exchange confirming the timeline for Listing as per the Listing Rules |
Documents to be lodged to register a
Public Company
Requirements to be fulfilled to
register a Public Company |
|
# |
Description |
1 |
Completed Business Registration
Form |
2 |
Memorandum of Association approved
by the founding shareholders |
3 |
Articles of Association approved
by the founding shareholders (It is suggested to incorporate mandatory
Corporate Governance requirements to Articles of Association) |
4 |
Letter indicating the plan for
Initial Public Offering and the date on which the Draft Prospectus to be
lodged with the Ministry |
5 |
A Letter from Maldives Stock
Exchange confirming the timeline for Listing as per the Listing Rules |
6 |
Letter indicating the date on
which confirmation of shareholder’s contribution in relation to shares (a
minimum of MVR.1,000,000 or assets valued and transferred to the newly
incorporated company) shall be submitted to the Ministry |
Seeking Approval prior to publishing a Prospectus by a Public Company
• Any public company publishing a prospectus shall seek prior approval from the Registrar
of Companies
• Public Companies are required to seek approval for prospectus from Capital Market
Development Authority (CMDA) prior to submitting the same to Registrar of Companies.
A letter to this effect shall be lodged with the Ministry along with the CMDA approved
Prospectus.
• All Prospectuses shall contain mandatory disclosures under Companies Act General
Regulations, Annex 2
• Applicants shall submit both hard copy and soft copy. Soft copy shall be in Microsoft
word format.
• All public companies are required to submit a Tax Clearance from Maldives Inland
Revenue Authority along with the Prospectus.
• Decision on Prospectus Review will be communicated to the applicant within 5 working
days