MALDIVES LAW AND PRACTICE Contributed by: Shaaheen Hameed, Hassan Maaz Shareef, Aminath Amathulla, Nazahath Ahmed, Isha Ali Raoof, Aifa Shareef, Noorul Hudha Ahmed and Mohamed Azmee, Premier Chambers LLP
3.3 Ongoing Reporting and Disclosure Obligations Reporting All private companies in the Maldives have to report the following changes to the Registrar of Companies to register the changes in the regis - ter maintained by the Registrar. • Amendments to the memorandum or articles of association of the company within 30 days of adoption. • Changes to the directors and managing director of the company within 15 days of the change. • Changes to the authorised share capital of the company within 30 days of the change. • Transfer of shares of the company, allotment of shares and any changes to the sharehold - ing of the company within 15 days of the change. • Charge over the shares of the company within 30 days of the creation. • De-registration of the charge over the shares within 30 days of the release of the charge. The director’s report and financial statements of the company need to be submitted to the Regis - trar within 15 days of the date of the annual gen - eral meeting of the company or within another deadline determined by the Registrar. Disclosure Obligations The shareholders of the company must provide the details of the beneficial owner of the shares to the company. The company has to verify the accuracy of this information and maintain a reg - ister of beneficial owners of the shares of the company. Significant beneficial owners are considered members of the company and are considered to hold a minimum 25% shareholding in the com -
in the Maldives for 183 days or more within a 12-month period. Partnerships The following types of partnerships can be incor - porated in the Maldives. • General partnership: the liability of the part - ners is unlimited and the members are liable for all losses and debts of the partnership. In this form of partnership only individuals can become partners. • Limited liability partnership: the liability of the partners is limited to the extent of any unpaid capital of the shares which they have subscribed to. Both individuals and corporate entities can become partners in this type of partnership. In both general and limited liability partnerships, there are no legislative restrictions on the number of partners. The maximum number of partners will be determined in the partnership agreement. 3.2 Incorporation Process To incorporate a private company or partnership, a name for the business needs to be reserved and the relevant documents specified in the rel - evant Act and regulations lodged with the Reg - istrar of Companies. The incorporation process can be completed online. If all requirements are satisfied, the reg - istration will be completed within one to two business days and a certificate of registration will be issued. This will be conclusive evidence of the registration in line with the applicable laws of the Maldives.
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