Operating a Business

flag Maldives Maldives: Operating a Business

In this page: Setting Up a Company | The Active Population in Figures | Working Conditions | Cost of Labour | Social Partners

 

Setting Up a Company

Private Limited Company (Ltd)
Number of partners: minimum two, maximum 50
Capital (max/min): MVR 2,000
Shareholders and liability: limited to the shares
Private Limited Company (Ptd)
Number of partners: minimum ten
Capital (max/min): MVR 1,000,000
Shareholders and liability: limited to the shares
Partnership
Number of partners: minimum two, maximum 20
Capital (max/min): no minumum capital required
Shareholders and liability: All the partners shall be jointly and severally liable for all the debts and other liabilities of the partnership incurred during the time they are partners of the partnership
Sole proprietorship
Number of partners: one
Capital (max/min): no minumum capital required
Shareholders and liability: unlimited liability
The Competent Organisation
Maldives Business Registry
 
Setting Up a Company Maldives South Asia
Procedures (number) 6.0 7.1
Time (days) 12.0 14.6

Source: Doing Business.

 
Business Setup Procedures
Consult Doing Business Website, to know about procedures to start a Business in Maldives.

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The Active Population in Figures

201820192020
Labour Force 285,624297,757294,396

Source: International Labour Organization, ILOSTAT database

 
201720182019
Total activity rate 70.75%71.53%72.12%
Men activity rate 84.82%85.68%86.59%
Women activity rate 44.61%43.97%43.05%

Source: International Labour Organization, ILOSTAT database

 

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Working Conditions

Legal Weekly Duration
Up to 48 huors per week
Retirement Age
65 years
Working Contracts
Employment contracts in Maldives may be for either a permanent or fixed-term (up to two years). The maximum duration of a probation period can be up to 3 months, and it cannot be extended.
Working contracts must be in writing and a copy must be given to the employee (under employment law, a penalty sum between MVR 2,000-20,000 will be levied if an employer fails to provide a copy of the employment contract to the employee).
Labour Laws
International Labour Organization (ILO), Information System on International Labour Standards - Maldives

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Cost of Labour

Social Contributions
Social Security Contributions Paid By Employers: Minimum 7%
Social Security Contributions Paid By Employees: Minimum 7%

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Social Partners

Labour Unions
Maldives Trade Union Congress (MTUC)
Tourism Employees Association of Maldives (TEAM)
Unionisation Rate
The Maldives Trade Union Congress (MTUC) is the National Center trade unions and workers organizations representing some 10,000 workers in Maldives
Labour Regulation Bodies

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Latest Update: November 2023