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How to Start an Offshore Company in the Maldives?

The Maldives is an independent country in the Indian Ocean, consisting of around 1,200 small coral islands. The nation is categorised as an “upper middle class” economy by the International Monetary Fund. Maldives is also one of the two countries in South Asia together with Sri Lanka with high HDI. Like most of the other island nations, Maldives also depends intensely on tourism and foreign businesspersons for development of its economy.

Fishing and Tourism are the two primary industries of Maldives, but the government is trying to expand its economy by providing opportunities for foreign business persons to invest in an attractive country. For this purpose, numerous incentives are accessible for those who want to set up an offshore business in the Maldives. Many foreign investors are making use of the benefits provided by the Maldives for starting an offshore company.

Benefits of an Offshore Business Setup in the Maldives

  • Foreigners are permitted to own 100% shares of an offshore business
  • The minimum share capital is meagre which makes it easier and cost-effective to establish a company in the Maldives
  • The Maldives is considered having the world’s most straightforward tax code without the presence of capital gains, income, property and sales tax. The business profit tax for businesses is 15% but it is reduced to just 5% to offshore firms that gain profit from outside of the nation
  • Liabilities of the shareholders are limited according to their contribution to the share capital
  • The Maldives remained a British protectorate for 170 years before its independence in 1965. Due to this aspect, English is its second official and widely spoken language. Documentation is conducted in the English language

Features of Starting an Offshore Business in the Maldives

  • Only two shareholders and two directors are needed to start an offshore business
  • Annual general meetings of shareholders can be held anywhere globally
  • The company secretary will represent the firm to third parties and will also be responsible for filing required government documents
  • The office of the company’s registered agent will be used as the official address of the offshore company
  • It typically takes no more than one week to set up an offshore company due to a simple procedure for company incorporation in the Maldives
  • Since the shareholder’s names are filed with the Registrar, they become part of the public records
  • Shelf companies are not available in the Maldives

Procedure to Start a Maldives Offshore Company

Business Setup Worldwide is a platform to help you start an offshore company in the Maldives. Our experts have years of knowledge in this field and can make the process hassle-free. Our steps include the following –

  1. The first step is deciding on a name for the company you want to open in the Maldives. You first have to make sure of its uniqueness and reserve it. Then you must obtain the incorporation standard forms from the Registrar of Companies
  2. The next step is to register your business by filing an application form. You need to attach the documents required to register your business
  3. We will gather all the documents and register your offshore business in no time
  4. After this, we will provide you with the company kit dispatch in which all the essential documents will be provided

You can also opt for a few recommended services that we offer like –

  • Business license
  • Accounting and bookkeeping
  • Corporate secretary
  • Intellectual property
  • Open an offshore bank account

Contact us today- we’d be glad to assist you.