Registration Rules under the Foreign Exchange Act

Deadlines for registration

Persons required to register under the Regulation must submit their applications through the Portal on the MMA website by the deadlines specified in the table below. 

The commencement date for tourism service providers starting operations after 01 January 2025 will be determined by either the issuance date of an operating license or permit by the relevant government authority, or, in cases where an operating license is not required, the date of the business activity registration. 
Successful registrations will receive notification within ten business days of submission. In cases where any document or information is missing from the application, the applicant will be notified by MMA, upon which the necessary documents or information must be submitted within ten days of receiving the notification from MMA. 

Information and documents to be submitted with the application for registration

The following information is to be submitted when applying for registration of tourism service providers and other businesses.

• Business Place Name
• Business Registration Number
• Business name
• Taxpayer Identification Number (TIN)
• Atoll and Island of operations
• If the business is a subsidiary company, name of the parent company and registration number
• If an operating license is issued, operating license number (only applicable to tourism service providers)
• Bed capacity (only applicable to tourism service providers)
• Type of tourism service provider (only applicable to tourism service providers)
• Green Tax details (only applicable to tourism service providers)
• Type of business establishment (only applicable to other businesses)
• Industry (only applicable to other businesses)
• Other information required by MMA 

In addition to the above every application for registration should include the following documents.

• Copy of Business Registration
• Copy of Operating License issued (only applicable to tourism service providers)
• Copy of GST Registration Certificate
• Copy of Green Tax Registration Certificate (only applicable to tourism service providers)
• Identification document of the responsible person
• Resolution appointing the responsible person in accordance with a format prescribed by MMA
• Other documents required by MMA 

Moreover, with every registration, a statement must be submitted in a format prescribed by MMA, certifying that the information and documents provided with the application are true and accurate. 

Responsible person and alternate

According to Regulation, every individual or business required to register must designate and appoint a responsible person along with an alternate. The details of both the responsible person and the alternate must be provided, when submitting the registration application. This ensures that there is a designated individual responsible for compliance, with an alternate to assume responsibilities in their absence. The designated/appointed responsible person and the alternate can be a director, partner or an employee of the business. The details of the responsible individual and the alternate are required as below.

• Name
• Designation
• National Identification or Passport Number
• Phone number
• Postal address
• Business email address

Persons that are required to register but have not yet done so may be notified by the MMA to complete their registration. Failure to comply could lead to penalties, with amounts varying from MVR 10,000 to MVR 1,000,000, depending upon the severity of non-compliance. 

Understanding the registration process for tourism service providers, and other businesses in the Maldives is crucial for ensuring adherence to compliance with the Foreign Currency Act and the Regulation.

Get in touch with us today for personalized advice and registration support.