If you’re looking to start a business in the Maldives, it’s important to know the registration process and legal requirements. The Maldives is a small island nation located in the Indian Ocean and is known for its tourism industry. The country has a relatively easy process for registering a business, which can be done entirely online.
Here are the steps to register a business in Maldives:
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Choose a Business Name
The first step to registering a business in the Maldives is to choose a unique business name. Your business name should not be similar to any existing businesses in the Maldives. You can check the availability of a business name through the Ministry of Economic Development’s online portal.
Register your Business
Once you’ve chosen a unique business name, the next step is to register your business. You can do this by visiting the Ministry of Economic Development’s online portal and filling out the necessary forms. You will need to provide basic information about your business, such as its name, type of business, and location.
Obtain Necessary Permits and Licenses
Depending on the type of business you’re starting, you may need to obtain additional permits and licenses from the relevant authorities. For example, if you’re starting a tourism-related business, you’ll need to obtain a license from the Ministry of Tourism.
Register for Taxes All businesses
in the Maldives must register for taxes. You can do this by registering with the Maldives Inland Revenue Authority (MIRA). You will need to provide basic information about your business, such as its name, location, and type of business.
Open a Bank Account
To operate your business, you’ll need to open a bank account in the Maldives. You can do this by visiting any of the local banks in the Maldives. You’ll need to provide proof of your business registration and identification.
Obtain Work Permits for Employees
If you plan to hire employees for your business, you’ll need to obtain work permits for them. You can do this by submitting an application to the Ministry of Economic Development.
Generis Global can help you with the legal process of starting a business in the Maldives. Our team of experienced lawyers can guide you through the registration process and ensure that you meet all the legal requirements. Contact us today to learn more about how we can help you with your business journey in the Maldives.