trade.gov.mv Business Name Registration Maldives : Ministry of Economic Development

Name of the Organization : Ministry of Economic Development
Type of Facility : Business Name Registration
Country : Maldives

Website : https://trade.gov.mv/en/business-services/

Business Name Registration:

Where can I apply for the service?:
You can apply in person at MED

Related : MED Maldives Import License Issuing : www.statusin.org/7713.html

How long will the process take?:
Same day as date of application (Day 1)

What are the fees and charges involved?:
** Registration fee: MVR 100

Which documents do I need to submit?:
Business name registration application form:
** All required fields filled correctly
** Proposed business names in order of preference (up to 5)
** Registered address of applicant (which will serve as the address of the business name to be registered)
** Signature (if applicant is a business/government organisation, signature of an authorised person)
** Seal (If applicant is a government entity or company registered for more than 15 days)

Copy of annual fee payment slip – (optional):
** Copy of annual fee payment slip if applicant is a company, partnership, cooperative society, NGO/organization that has to be registered with the Government of Maldives and required to pay annual fees.

Copy of registration certificate (optional):
** Copy of registration certificate if applicant an entity which is not required to pay annual fees.

Registration fee:
** MVR 100

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.
3. Make payment.

Receive the original of business name registration with signature and Ministry stamp.

What would I receive at the end of the process?:
** Business name registration
** Copy of payment receipt

Did you know:
** You must have a registered business (company, partnership, cooperative society or sole proprietorship) at the Ministry of Economic Development.
** All applicants must be over 18 years of age
** Payment by cheque is acceptable only with bank guarantees.

Business Permit for Shops :
How can I obtain a Trade Permit to sell imported goods in a shop?
** In order to obtain a Trade Permit for trade of imported goods, submit a Trade Permit Application form.
** You should submit a copy of the certificate given by Male’ Municipality to the building of operation of business.

** If a company submits the form, the position of the individual submitting the form should be specified and the form should have the company stamp. This individual should be a director of the company.
** If an individual submits the form, a copy of the Identification Card should be attached.
** The original ID Card is also required for reference.
** Fill the name column in the application form with three names in order of preference.

What do I need to pay?
** After the name is registered, you will be required to pay the monthly fee in advance for a minimum of one month.
** The monthly fee for a shop on an island with a population higher than 10,000 is Mrf.200.
** If the population is less than 10,000, the monthly fee is Mrf.50.

** The monthly fee for trading on uninhabited islands is Mrf.200.
** The permit will be issued once the receipt of the monthly fee is submitted.
** A revenue stamp worth Mrf.10 is required for the permit.
** If payment is made by check, it should have a bank guarantee stamp.

What should I consider when deciding on a premise for a shop?
** The shop should have a door that provides direct access to it from the street.
** The shop should not have a door linking it to other buildings. However, if the place of residence of the owner of the shop is adjacent to the shop, the ministry might give permission to construct an accessible door between the shop and the residence.

What should be considered if a company is submitting the request for a permit or license?
** If the request is made on behalf of a company, partnership, corporative society, club or a party that requires government registration, the receipt of the annual fee should be submitted with the request.
** If the entity is not required to pay an annual fee, documentation that proves that it is a legal entity registered by the government should be submitted.
** The mandate of the entity should include trading of imported goods.

What if a premise has an existing permit?
** If a premise has an existing permit, it should be cancelled before issuing the requested permit.
** If the premise is not currently used for trade purposes, a letter should be submitted by the previous traders using the premise stating that they have stopped using the premise and cleared it of all goods.