Sole Proprietorship Registration & Changes
Sole Proprietorship Registration & Changes
Responsible Entity: Ministry of Economic Development and Trade
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Guide for Registration
Description
This service can be used by Maldivian individuals to register as a sole proprietor as per the Sole Proprietorship Act (Law No 19/2014) and First Amendment therein (Law No 24/2021).
Before you start
Please ensure that the following service(s) are completed before proceeding with your application.
Name Reservation
Eligibility
Sole proprietorships can only be registered by Maldivian citizens.
How to apply
You can apply using an Efaas account
Logging into your own account will direct you to the oneGov homepage.
Documents required
A copy of the national identity card of owner
If a representative is appointed, a copy of the national identity card of the representative.
Tax responsible Person Information Form_V1_2023 (Consent Letter from responsible person for tax purposes).
After you apply
After successful submission a notification will be sent to your email and phone.
You can check the status of the request from the history tab.
Once the application is approved the status will change to “Approved”. You may now proceed to make the payment.
Should the status of your application be changed to “Incomplete”, you will receive a notification along with remarks via email and phone.
Once the application is approved and the related payments have been cleared, the status of the application will change to “Processed”.
Service fee
MVR 500.
Payment notification
Once your application has been approved, you will receive a notification via email and SMS to make the payment for the service.
You will be directed to the payment gateway for online payment.
You will receive an SMS notification after your payment is processed.
Estimated time frame
All duly completed applications will be processed within the same business day.
Guide for Renewal
Description
This service can be used by registered sole proprietors to renew their sole proprietorship registration. Application for renewal should be submitted one year prior to expiration.
Eligibility
Applicant should be the owner of the sole proprietorship, or a person who has been delegated the role within the portal.
How to apply
You can apply using an Efaas account.
Logging into your own account will direct you to the oneGov homepage.
After you apply
After successful submission, a notification will be sent to your email and phone.
You can check the status of the request from the “My Applications” tab.
Once the application is processed, the documents reflecting the changes; Certificate of Change of Name and Corporate Profile Sheet will be issued via email.
Service fee
MVR 500.
Payment notification
Once your application has been approved, you will receive a notification via email and phone to make the payment for the service.
You can see the payment prompt under “My Applications”. Clicking this will redirect you to the BandeyriPay portal where you will be able to make the payment.
Estimated time frame
All duly completed applications will be processed within the same business day.
Guide for Cancellation
Description
This service can be used by registered sole proprietors to cancel their sole proprietorship registration.
Sole proprietorship registration can be canceled for the following reasons:
Voluntary cancellation
Due to the death of the sole proprietor
Involuntary cancellation as per the Sole Proprietorship Act (Law No 19/2014) and First Amendment therein (Law No 24/2021).
Eligibility
A voluntary cancellation can be made by the owner of the sole proprietorship or a person who has been delegated the role within the portal.
In the event of death of the sole proprietor an application for cancellation can be made by the kin of the deceased owner.
How to apply
You can apply using an Efaas account.
Logging into your own account will direct you to the oneGov homepage.
If the cancellation is made due to the death of the sole proprietor, application for cancellation may be made by the kin of the deceased via email [email protected].
Documents required
In the event, the owner of the sole proprietorship is deceased;
Death Report
Court verdict (may be submitted later, once the court verdict is issued).
After you apply
After successful submission, a notification will be sent to your email and phone.
You can check the status of the request from the “My Applications” tab.
The applicant will be issued a letter via email stating that the sole proprietorship has been canceled.
Estimated time frame
All duly completed applications will be processed within the same business day.
Guide to Change Name
Description
This service can be used by sole proprietors to change their registered name.
Before you start
Please ensure that the following service(s) are completed before proceeding with your application.
Name Reservation.
Eligibility
Applicant should be the owner of the sole proprietorship, or a person who has been delegated the role within the portal.
How to apply
You can apply using an Efaas account.
Logging into your own account will direct you to the oneGov homepage.
After you apply
After successful submission, a notification will be sent to your email and phone.
You can check the status of the request from the “My Applications” tab.
Once the application is processed, the documents reflecting the changes; Certificate of Change of Name and Corporate Profile Sheet will be issued via email.
Service fee
MVR 100.
Payment notification
Once your application has been approved, you will receive a notification via email and phone to make the payment for the service.
You can see the payment prompt under “My Applications”. Clicking this will redirect you to the BandeyriPay portal where you will be able to make the payment.
Estimated time frame
All duly completed applications will be processed within the same business day.
Guide to Change Address, Representative, Contact
Description
This service can be used by sole proprietors to update changes to its particulars.
Eligibility
Applicant should be the owner of the sole proprietorship, or a person that has been delegated the role within the portal.
How to apply
You can apply using an Efaas account.
Logging into your own account will direct you to the oneGov homepage.
Documents required
Tax responsible Person Information Form_V1_2023, necessary only if the tax responsible person changes along with change of sole proprietorship representative.
After you apply
After successful submission, a notification will be sent to your email and phone.
You can check the status of the request from the “My Applications” tab.
Once the application is processed, the document reflecting the changes; Corporate Profile Sheet will be issued via email.
Service fee
MVR 100 for each change.
Payment notification
Once your application has been approved, you will receive a notification via email and phone to make the payment for the service.
You can see the payment prompt under “My Applications”. Clicking this will redirect you to the BandeyriPay portal where you will be able to make the payment.
Estimated time frame
All duly completed applications will be processed within the same business day.
FAQs
How do I get assistance with the portal?
If you have any questions or need assistance, email us at [email protected] . You may also phone our number 1500.
Is there a requirement to submit any documents physically / over-the-counter ?
No, all submissions can now be made online.
Will the Ministry issue any physical / over-the-counter documents?
No. All documents will be available for download via the portal.
Who has the authority to represent (to make applications/requests, etc.) on behalf of the entity within the portal?
The business owner will be given access by default. However, this role can be delegated to another person via the portal
Who can apply for a sole proprietorship?
Any Maldivian individual above the age of 18 can apply for registration of a sole proprietorship.
How many sole proprietorships can one individual register in their name?
Only one sole proprietorship can be registered under an individual.
What should the registered address of the sole proprietorship be?
The registered address of the sole proprietorship has to match the permanent address on the owners’ national identity card.
How can I self-generate a Corporate Profile Sheet?
You can generate your Corporate Profile Sheet via the “Self Generate Corporate Profile Sheet” service.
How can I register a sole proprietorship through a Council or the Business Center Corporation?
You are required to submit a copy of the national identity card, taxpayer consent form and a copy of the identity card of the appointed representative (if a representative is appointed) to any Council that has been granted access to the online portal of the Ministry. Councils that have not been granted access and business centers, will assist you to submit the application via the portal.
Are there any restrictions in carrying out business activities as a sole proprietor?
You are required to clarify the applicable regulations for specific business activities from the relevant Ministries. Certain business activities such as financial services, and travel agencies are not allowed under a sole proprietorship due to the nature of risks associated with such activities.
Do I have to register business activities separately?
You are required to clarify the applicable regulations for specific business activities from the relevant ministries.
Do I have to register for GST?
GST is charged under the Goods and Services Tax Act (Law Number 10/2011). It is compulsory for businesses whose annual taxable sales revenue exceed MVR 1 million or annual taxable sales revenue is forecasted to exceed MVR 1 million, to register for GST at Maldives Inland Revenue Authority (MIRA). Importers of goods to the Maldives and suppliers of tourism goods and services are also required to register for GST even if the value of their taxable supplies do not exceed the MVR 1 million threshold.
Do I have to register for Income Tax?
At the time of registration, details of your business entity will be shared with the Maldives Inland Revenue Authority (MIRA). You will automatically be registered for income tax under the Income Tax Act (Law Number 25/2019). The self-generating corporate profile sheet will include the Tax Identification Number (TIN); once the registration with Maldives Inland Revenue Authority is complete. You will be taxed if your income or profit meets the specified tax bracket on the Income Tax Act.
Do I have to register as an employer with Maldives Pension Administration Office (MPAO)?
The information of the registered business will be made available to MPAO upon completing the business registration with the Ministry of Economic Development. You are required to notify the MPAO if you have any employees.
When should the owner apply for renewal?
If the owner wishes to continue conducting business under a sole proprietorship after the 10-year validity period, the sole proprietorship registration has to be renewed. This can be done within one year prior to expiration of the sole proprietorship.
How soon can I start using the new name of the sole proprietorship?
You can start using the new name as soon as the change of name registration is completed.
Can I continue to use the previous name in business transactions?
No. The Corporate Profile Sheet will carry the new name that has been registered as a result of change of name.
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