Foreign investors planning to establish a business in the Maldives must follow a structured process, beginning with the submission of a Foreign Investment Application. Upon receiving approval for the proposed business, the next step involves filing the necessary documentation for company incorporation. Below is a detailed overview of the compliance requirements for incorporating a limited liability company in the Maldives.

1. Foreign Investment Application
Foreign investors are required to submit a Foreign Investment Application to obtain approval for incorporating a company in the Maldives. This approval is a prerequisite for proceeding with the incorporation process. Once the approval is granted, the applicant can submit the company incorporation application along with the required documentation.

2. Proposed Company Name
The company must propose a unique name for the Maldivian entity, which will end with the suffix “Private Limited,” abbreviated as “Pvt. Ltd.” The proposed name must not be identical to the name of any existing company in the Maldives.

3. Share Capital Requirements
The company must register a minimum share capital of MVR 2,000 at the time of incorporation.

• Currency of Share Capital: The share capital can be denominated in either Maldivian Rufiyaa (MVR) or United States Dollars (USD).

4. Shareholders
The company must have at least two shareholders, who can be either individuals or corporate entities.

5. Director Requirements
The company must appoint a minimum of two directors, with at least one director being ordinarily resident in the Maldives.

• Resident Director: The resident director can either be a Maldivian citizen or, after incorporation, a foreign individual holding a valid employment work permit visa.

6. Company Secretary
Every company is required to appoint a company secretary who must be a Maldivian citizen.

7. Registered Office
The company must maintain a registered office in the Maldives, which will serve as the official address for all communications and notices.

8. Principal Business Activity
The company’s intended business activity must align with the approved business activity specified in the Foreign Investment Application. This ensures compliance with the terms of the initial approval.

By adhering to these requirements, foreign investors can successfully establish a limited liability company in the Maldives and begin their business operations in compliance with local regulations.