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Maldives

Legal form:

LLC, LLP, PLC

Delivery:

3 days

Price: $

$1,000

Payment methods:

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Requirements:

Document checklist:

Local legal address (Handled by B2B Hub) 

1.Passport
2.Proof of Residence 

Registrar

Organization name

Abbreviation

Country

Maldives

Email

Phone

Listing
Open website
UK comapny formation (1).webp

About

Maldives

Capital
Official languages
Population 
Currency

ISO 4217

Malé

Dhivehi

Approximately 540,000

Maldivian Rufiyaa

MVR

FAQ



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.

Economy

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

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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