Offshore Companies, Single Proprietor Company Registration in the Works

Photo by Sun Media

Ministry of Economic Development has announced the intention to allow for offshore companies to register in the Maldives, and for companies to be registered by a single person.

The announcement was made by Registrar of Companies Ms. Mariyam Visam at a session held at the Ministry. Currently, offshore companies cannot be registered in the Maldives and companies require a minimum of two persons to register. Ms. Visam also said that the draft for the amendments has been sent to the Attorney General for review. Companies often use offshore registration or incorporation to enjoy relaxed tax regulations, and the Registrar pointed out that this could be used.

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Several other amendments to the Companies Act of Maldives was also proposed, including Company Liquidation Regulations, and standardization of public, private and government-owned companies.

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