Maldives
Key entity, tax, banking, visa, and compliance guidance for foreign founders incorporating in Maldives.
Foreign Ownership Eligibility
Maldives welcomes 100% foreign-owned companies
Fully remote formation — you never need to set foot in the country.
- 100% foreign ownership permitted in most sectors
- Legal system: Mixed (Common Law and Islamic Law)
- Primary registration authority: Economic Development and Trade (EDT Maldives)
- Registry website: https://www.trade.gov.mv
- Tax authority: Maldives Inland Revenue Authority (MIRA)
- Corporate income tax (CIT): 15% - Source: CIT: 15% (Maldives MIRA). GST: 6%.
- VAT / sales tax: 6%
- Estimated formation timeline: 5-10 days - Via EDT online. Source: MIRA Maldives
- Annual compliance and renewal obligations apply
Ownership
100% Foreign OK
Formation
100% Remote
Tax at a glance
Maldives Tax Overview
15%
Corporate Income Tax (CIT)
CIT: 15% (Maldives MIRA). GST: 6%.
6%
VAT / Sales Tax
CIT: 15% (Maldives MIRA). GST: 6%.
Maldives Inland Revenue Authority (MIRA)
Tax Authority
https://www.mira.gov.mv
Pros & cons
Advantages & Considerations
Key Advantages
100% foreign ownership permitted in most sectors
Legal framework: Mixed (Common Law and Islamic Law)
Primary registry: Economic Development and Trade (EDT Maldives)
Tax rate: 15% CIT
Incorporated company has access to Maldives market
Considerations
Local professional guidance recommended for regulatory compliance
Banking KYC requirements can be extensive - allow time for account opening
Professional services market may be limited compared to major financial centres
Verify sector-specific restrictions before investing
Currency risk: MVR fluctuations may affect USD-denominated investments
Incorporation Process
The process is strictly digital. Each stage builds on the previous one.
Name reservation
Prepare incorporation documents
Submit registration application
Tax registration
Open corporate bank account
What you'll pay
Cost Architecture
Government Fees
Annual Ongoing
Professional Services
Government fees change frequently. Always verify current fee schedule at https://www.trade.gov.mv before committing.
Still unsure about costs?
These are estimates — your actual cost depends on your structure
Every Maldives setup is different. A 15-minute call with one of our specialists will give you a personalised cost breakdown — completely free.
Fintech & Banking
Can non-residents open accounts without visiting? NO.
Banking options for non-resident founders in Maldives. Remote account opening availability varies by institution.
| Institution | Type | Ease for Non-Residents | Notes |
|---|---|---|---|
| Bank of Maldives (BML) | Traditional bank | Low (Visit Required) | |
| Maldives Islamic Bank (MIB) | Traditional bank | Low (Visit Required) | |
| HSBC Maldives | Traditional bank | Low (Visit Required) |
Regulatory requirements
Annual Compliance Matrix
| Requirement | Deadline | Details |
|---|---|---|
Annual company filing | Ongoing | File annual returns with Economic Development and Trade (EDT Maldives) to maintain good standing. |
Corporate income tax return | Ongoing | Submit annual CIT return to Maldives Inland Revenue Authority (MIRA). Rate: 15%. |
VAT filing | Ongoing | VAT-registered businesses file periodically. Rate: 6%. Verify threshold with Maldives Inland Revenue Authority (MIRA). |
Accounting records | Ongoing | Maintain statutory books per Mixed (Common Law and Islamic Law) requirements. |
Beneficial ownership disclosure | Ongoing | Verify current UBO requirements in Maldives. |
Frequently Asked
Speak with a Maldives specialist
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