Show all practice notes
1–20 of 98 practice notes
1. How to use this manual
Begin with a practical question, move to the mapped provisions, and finish by checking the current official filing route.
Subject: Orientation and legal framework
Act references: Practice orientation
Key point: Practice notes explain a workflow; the expandable statutory blocks show the relevant provisions in English.
2. Sources and hierarchy of authority
A reliable opinion distinguishes enacted law, regulations, administrative procedure and the English translation.
Subject: Orientation and legal framework
Act references: s. 1; s. 247; s. 248; s. 249; s. 250; s. 251
Key point: The official Dhivehi Gazette text of Law No. 7/2023 is the primary enacted source.
3. Scope and objectives of the Act
The Act supplies the lifecycle framework for formation, registration, operation and dissolution while aiming at simpler rules and transparent registers.
Subject: Orientation and legal framework
Key point: The Act governs formation, registration, operation and dissolution of companies in the Maldives.
4. Registration and separate legal personality
Registration creates a separate legal entity with perpetual succession, ownership of its assets and capacity to sue and be sued.
Subject: Orientation and legal framework
Act references: s. 23; s. 24; s. 25
Key point: The certificate records the company's name, number, type and registration date.
5. Transitional position and current-law check
The former Act was repealed, existing companies continued, and transition periods did not preserve inconsistent constitutional provisions indefinitely.
Subject: Orientation and legal framework
Act references: s. 241; s. 242; s. 243; s. 244; s. 245; s. 246
Key point: Companies registered under the former law continued under the new Act.
6. Company types and classification map
The Act recognises four company types, while foreign investment operates as an additional classification cutting across private and public companies.
Subject: Choosing the company vehicle
Act references: s. 3; s. 4; s. 5; s. 6; s. 7; s. 8
Key point: The four company types are private, public, government and local authority companies.
7. Private company
A private company may have one to 50 members, one or more directors and no public offer of its shares.
Subject: Choosing the company vehicle
Act references: s. 4; s. 9; s. 10; s. 11
Key point: The share capital consists of one or more shares.
8. Public company
Public-company status is tied to authority or an intention to seek authority to offer securities to the public and carries additional governance requirements.
Subject: Choosing the company vehicle
Act references: s. 5; s. 12; s. 13; s. 14
Key point: The constitution must expressly state that the company is public.
9. Government company
A government company is wholly Government-owned and formed by Presidential decree or statute, with the Companies Act operating alongside its constituting instrument.
Subject: Choosing the company vehicle
Act references: s. 6; s. 15; s. 16; s. 17; s. 18
Key point: All shares forming the capital are registered in the name of the Government.
10. Local authority company
A local authority company is formed by one or more councils for economic activities within council jurisdiction and basic-needs responsibilities.
Subject: Choosing the company vehicle
Key point: Ownership and purpose derive from the council framework in section 7.
11. Foreign investment company
Any direct or specified indirect foreign participation can bring a private or public company within the foreign-investment classification.
Subject: Choosing the company vehicle
Act references: s. 8
Key point: The classification captures a company with any share registered to a foreign individual or entity.
12. Foreign company re-registration
A foreign legal entity may operate through re-registration, but must obtain the relevant authorisation, appoint a qualified Maldives-resident agent and maintain change reporting.
Subject: Choosing the company vehicle
Act references: s. 33; s. 34; s. 35; s. 36; s. 37
Key point: A foreign company must not conduct activity in Maldives without the required registration.
13. Pre-incorporation decision map
Good formation work begins before the application: activity, ownership, control, capital, constitutional protections and regulatory dependencies must be settled first.
Subject: Formation and registration
Key point: Registration requires a reserved name, company type, address, capital/share information, constitution and director particulars.
14. Company name selection and reservation
A company name must be available, accurate, non-misleading and compliant with the Act, Regulation and business-name rules.
Subject: Formation and registration
Act references: s. 66; s. 67; s. 68; s. 69; s. 70; s. 71; s. 72; s. 73; s. 74
Key point: The name must reflect the true nature of the company and must not be misleading or prohibited.
15. Registering a private company
A private-company filing should be the final expression of an agreed ownership and governance structure, not the starting point for those decisions.
Subject: Formation and registration
Act references: s. 20; s. 21; s. 23; s. 24; s. 25
Key point: The application identifies the reserved name, type, registered address, capital and agreed initial share distribution.
16. Registering a public company
Public-company formation requires the Companies Act registration workstream and a separate securities-law workstream for any public offer.
Subject: Formation and registration
Act references: s. 12; s. 13; s. 14; s. 20; s. 21; s. 23; s. 24; s. 25; s. 171; s. 172; s. 173
Key point: The constitution expressly identifies public-company status.
17. Registering Government and local authority companies
Formation must reconcile the Companies Act application with the instrument and approvals that create or authorise the public body company.
Subject: Formation and registration
Act references: s. 15; s. 16; s. 20; s. 22; s. 23; s. 24; s. 25
Key point: A Government company may be established by decree or statute and registered under the Act.
18. Re-registering a foreign entity
Re-registration preserves the foreign entity while placing its Maldives operation, agent and information within the local register.
Subject: Formation and registration
Act references: s. 33; s. 34; s. 35; s. 36
Key point: Foreign investment authorisation precedes re-registration.
19. Foreign-company agent: role and exposure
The agent is more than a postal contact: the Act assigns responsibility to the Registrar and personal liability in respect of enforcement against the foreign company.
Subject: Formation and registration
Key point: The agent must be an individual aged at least 18, ordinarily resident in Maldives and free of the specified disqualifications.
20. Certificate and day-one corporate housekeeping
The first post-registration work should convert a certificate into a functioning, evidenced corporate organisation.
Subject: Formation and registration
Act references: s. 23; s. 24; s. 25
Key point: The certificate is evidence of incorporation and its registration date.
Corporate change and filing map
Different changes have different internal effective dates, documents, filing periods and offence consequences; one generic 'update profile' workflow is unsafe.
Explanation and core rules
Constitution, directors, capital, shares, charges, SBOs, addresses, names and foreign-company information each have their own rule. The Private Companies Regulation adds seven-day reporting for specified shareholder/director particulars, corporate-shareholder ownership, SME classification and MIRA/pension information. The Regulation also states seven days for registered/service address registration and three days for filing a post-incorporation Model Articles adoption resolution. Legal validity after late filing differs by subject; do not generalise. Portal acceptance should be reconciled with the company's underlying legal record.
Step-by-step procedure
- Classify the event before it occurs.
- Identify approval, effective event and exact trigger date.
- Update the correct internal register/document.
- Assemble and submit the subject-specific bundle within its period.
- Verify the profile and retain correction correspondence.
Documents and evidence
- Change event sheet
- Approval/resolution
- Updated internal register/document
- Subject-specific declarations/evidence
- Registrar filing and profile reconciliation
Points requiring care
Particular care is needed to avoid using the 15-day share-change period for a 30-day capital alteration or vice versa, as well as missing a Regulation-only seven-day information update because no director or shareholder changed.
Related Act provisions
Section 36 — Submission of Information to the Registrar
Overview of the provision
This provision requires changes to the company information listed in section 34(a) to be notified to the Registrar within 30 days of the change, using the regulatory procedure. A change relating to the section 35 agent has a shorter period: notification is required within seven days of its occurrence. Missing either deadline is an offence dealt with under Chapter Fifteen. The distinction between company-information changes and agent changes is therefore important when identifying the applicable filing period.
Provision references
(a) Where any change occurs in the information relating to the company specified in section 34(a) of this Act, the change must be notified to the Registrar within 30 days of its occurrence, in the manner prescribed by regulations made under this Act.
(b) Where any change occurs in relation to the agent of the company specified in section 35 of this Act, the change must be notified to the Registrar within 7 days of its occurrence, in the manner prescribed by regulations made under this Act.
(c) A failure by the company to submit information to the Registrar within the period specified in subsection (a) or (b) constitutes an offence, and action shall be taken in accordance with Chapter Fifteen of this Act.
Section 50 — Submission of Amendments to the Company’s Constitution to the Registrar
Overview of the provision
Submitting and registering the change
This provision requires a company to notify a constitutional amendment within 30 days of the amendment and submit the amended memorandum or articles for registration through the prescribed procedure. The submission must include the members' special resolution, the amended document, the section 228 compliance statement and the Schedule 1 fee. If the requirements are met, the Registrar must register the amendment and notify the company. If the Registrar has reason to believe that the submission conflicts with the Act, its regulations or the company's articles, the Registrar may require correction and resubmission, allowing the reasonable period prescribed by regulations.
Consequences of non-compliance
Failure to meet the initial filing requirements or a correction direction within the applicable period is an offence under Chapter Fifteen. However, missing the initial filing period does not by itself invalidate an amendment that was made in accordance with the Act and the articles. The filing breach and the amendment's substantive validity are separate questions.
Provision references
(a) Where an amendment is made to the Memorandum of Association or Articles of Association of a company, the company shall notify the Registrar of the amendment within 30 days of its occurrence. The amended Memorandum of Association or Articles of Association shall also be submitted to the Registrar for registration in the register in the manner prescribed by regulations made under this Act.
(b) When submitting an amended Memorandum of Association or Articles of Association to the Registrar under subsection (a), the following shall be provided— (1) the special resolution containing the decision of the members to amend the Memorandum of Association or Articles of Association; (2) the amended Memorandum of Association or Articles of Association; (3) the statement of compliance specified in section 228 of this Act; and (4) the fee specified in Schedule 1 to this Act.
(c) Where a submission is made to the Registrar in accordance with subsections (a) and (b), and the requirements of this Act are fulfilled, the Registrar shall register the amendment to the Memorandum of Association or Articles of Association in the register specified in section 231 of this Act and notify the company accordingly.
(d) Where the Registrar has reason to believe that a submission made under this section contains any matter inconsistent with this Act, regulations made under it or any provision of the company’s Articles of Association, the Registrar may direct the company to rectify and resubmit the submission. The company shall be given a reasonable period, as prescribed by regulations made under this Act, within which to rectify and resubmit it.
(e) A failure by a company to comply with the requirements of subsection (a) within the period specified in that subsection, or to comply with a direction of the Registrar under subsection (d) within the period specified in the direction, constitutes an offence, and action shall be taken in accordance with Chapter Fifteen of this Act.
(f) A failure to comply within the period specified in subsection (a) does not, solely by reason of that failure, render an amendment to the Memorandum of Association or Articles of Association void. Where the amendment has been made in accordance with this Act and the Articles of Association of the company, the amendment remains valid.
Section 70 — Change of Name
Overview of the provision
This provision requires three steps for a name change: a members' special resolution, submission of the new name to the Registrar and registration of that name. The proposed name must satisfy section 68's restrictions and be reserved under section 69. The special resolution must accompany the application. Once the Act and regulatory requirements are satisfied, the Registrar must register the change and update the section 231 register. The resulting certificate must include the usual section 24(b) information and state the new name, former name and date the change was registered. The special resolution begins the process; registration completes the required change.
Provision references
(a) A company may change its name only if— (1) the members pass a special resolution approving the change; (2) the new name is submitted to the Registrar for registration in accordance with this section; and (3) the Registrar registers the new name in the register.
(b) A new name proposed for the company must— (1) not be a prohibited name under section 68(a) or (b) of this Act; and (2) be reserved in accordance with section 69 of this Act.
(c) An application for registration of a change of name must be accompanied by the special resolution passed by the members.
(d) Where an application for a change of name is submitted in accordance with subsections (a) and (b), and the requirements of this Act and regulations made under it are satisfied, the Registrar shall change the name of the company, register the new name and update the register maintained under section 231 of this Act.
(e) Upon registration of the new name under subsection (d), the Registrar shall issue a certificate of registration which, in addition to the information required under section 24(b) of this Act, shall state— (1) the new name of the company; (2) the former name of the company; and (3) the date on which the change of name was registered.
Section 79 — Registration of Change in Service Address
Overview of the provision
This provision requires a service-address change to be submitted for registration under the regulations. If the company submits it within three days after its chosen change date, that chosen date is treated as the effective date. Otherwise, the change takes effect when the new address is registered. Prompt submission therefore affects more than record-keeping: it determines which date the Act recognises for the change.
Provision references
(a) Any change to a service address specified in section 78 of this Act must be submitted to the Registrar for registration in the Register of Companies in accordance with regulations made under this Act.
(b) For the purposes of this Act, the effective date of a change to the service address of a company under an application submitted under subsection (a) is— (1) the date determined by the company as the date on which the service address changed, if the change is submitted to the Registrar within 3 days after that date; or
(b) For the purposes of this Act, the effective date of a change to the service address of a company under an application submitted under subsection (a) is— (2) in any other case, the date on which the new service address is registered in the Register of Companies.
Section 125 — Notifying the Registrar of Changes to Directors
Overview of the provision
Recording a director or Managing Director change
This provision requires notification of a change in directors or Managing Director within 15 days of the change, with particulars submitted for registration through the regulatory procedure. The submission must identify each new appointee, their addresses and appropriate identity details, and include the members' appointment, designation or removal resolution. It must also include each new appointee's notarised acceptance and section 115 eligibility declaration, and any further prescribed information. When the requirements are met, the Registrar must register the change and notify the company.
Corrections and late submissions
If the Registrar reasonably believes the submission conflicts with the Act, regulations or articles, the Registrar may direct correction and resubmission within a reasonable period prescribed by regulations. Failure to meet the initial deadline or the correction direction is an offence by the company under Chapter Fifteen. Late initial notification does not by itself invalidate a change otherwise made in accordance with the Act and articles. The filing breach must therefore be distinguished from the validity of the appointment or other change.
Provision references
(a) Where any change occurs in the persons serving as directors or in the person serving as Managing Director of a company, the change must be notified to the Registrar within 15 days of its occurrence. The particulars of the persons concerned must also be submitted to the Registrar for registration in the register specified in section 231 of this Act, in the manner prescribed by regulations made under this Act.
(b) A submission to the Registrar under subsection (a) must be accompanied by— (1) the name, permanent address, service address and National Identity Card number of each newly appointed or designated director or Managing Director or, in the case of a person who is not a Maldivian citizen, that person’s nationality and passport number or national identification number issued by that person’s country;
(b) A submission to the Registrar under subsection (a) must be accompanied by— (2) the resolution containing the decision of the members to appoint, designate or remove the director or Managing Director;
(b) A submission to the Registrar under subsection (a) must be accompanied by— (3) a notarised declaration by each newly appointed or designated director or Managing Director stating that the person accepts the appointment and satisfies the qualifications for acting as a director under section 115 of this Act; and
(b) A submission to the Registrar under subsection (a) must be accompanied by— (4) any other information prescribed by regulations made under this Act.
(c) Where a submission is made to the Registrar in accordance with subsections (a) and (b), and the requirements of this Act are fulfilled, the Registrar shall register the changes relating to the directors or Managing Director of the company in the register specified in section 231 of this Act and notify the company accordingly.
(d) Where the Registrar has reason to believe that a submission made under this section contains any matter that contravenes this Act, regulations made under it or any provision of the Articles of Association of the company, the Registrar may direct the company to rectify the matter and resubmit it. The company shall be given a reasonable period, as prescribed by regulations made under this Act, within which to rectify and resubmit the matter.
(e) Where a company fails to comply with subsection (a) within the period specified in that subsection, or fails to rectify and resubmit within the period specified by the Registrar under subsection (d), the company commits an offence. Action shall be taken against the company in accordance with Chapter Fifteen of this Act.
(f) A failure to comply within the period specified in subsection (a) does not, solely by reason of that failure, invalidate a change relating to the directors or Managing Director of the company. Where the change has been made in accordance with this Act and the Articles of Association of the company, the change remains valid.
Section 145 — Notification to the Registrar upon Change of Secretary
Overview of the provision
Filing a secretary change
This provision requires a secretary change to be notified within 15 days and its particulars submitted for registration under the regulatory procedure. The package includes the new secretary's name, addresses and applicable identity or registration details, the board's change resolution, a notarised acceptance and section 115 eligibility declaration, and any further prescribed information. Once the requirements are met, the Registrar must register the change and notify the company.
Corrections and non-compliance
The Registrar may require a submission believed to conflict with the Act, regulations or articles to be corrected and resubmitted within the reasonable period prescribed by regulations. Missing the initial deadline or a correction deadline is an offence by the company under Chapter Fifteen. However, lateness in the initial notification does not alone invalidate a change otherwise made under the Act and articles. Filing compliance and the validity of the underlying change remain distinct.
Provision references
(a) Where any change is made to the Company Secretary, the change must be notified to the Registrar within 15 days of its occurrence. The particulars relating to the change must also be submitted to the Registrar for registration in the register in the manner prescribed by regulations made under this Act.
(b) A submission to the Registrar under subsection (a) must be accompanied by— (1) the name, permanent address, service address and Maldivian National Identity Card number or registration number of the newly appointed Secretary or, if the Secretary is not a Maldivian citizen, the nationality and passport number or national identification number issued by that country; (2) the resolution containing the decision of the Board of Directors to change the Company Secretary; (3) a notarised declaration by the newly appointed Secretary stating acceptance of the appointment and confirming that the qualifications specified in section 115 of this Act are satisfied; and (4) any other information prescribed by regulations made under this Act.
(c) Where a submission is made to the Registrar in accordance with subsections (a) and (b), and the requirements of this Act are fulfilled, the Registrar shall register the change in the Company Secretary in the register specified in section 231 of this Act and notify the company accordingly.
(d) Where the Registrar has reason to believe that a submission made under this section contains any matter that conflicts with this Act, regulations made under it or any provision of the Articles of Association of the company, the Registrar may direct the company to rectify the matter and resubmit it. The company shall be given a reasonable period, as prescribed by regulations made under this Act, within which to rectify and resubmit the matter.
(e) Where a company fails to comply with subsection (a) within the period specified in that subsection, or fails to rectify and resubmit within the period specified under subsection (d), the company commits an offence. Action shall be taken against the company in accordance with Chapter Fifteen of this Act.
(f) A failure to comply within the period specified in subsection (a) does not, solely by reason of that failure, invalidate a change made to the Company Secretary. Where the change has been made in accordance with this Act and the Articles of Association of the company, the change remains valid.
Section 154 — Notification of Capital Alteration to the Registrar
Overview of the provision
Applying to register a capital change
This provision requires a capital alteration under section 152 or 153 to be notified within 30 days, with an application for registration under the regulations. The company must include the special resolution, particulars of the alteration, the Schedule 1 fee and other prescribed information; a reduction also requires the section 228 compliance statement. If the requirements are met, the Registrar must register the alteration and notify the company.
Corrections and legal effect
The Registrar may direct correction and resubmission of an application believed to conflict with the Act, regulations or articles, allowing the reasonable period prescribed by regulations. Failure to meet the initial requirement or correction deadline is an offence by the company and every director under Chapter Fifteen. A late initial submission does not alone invalidate an alteration otherwise made in accordance with the Act and articles. The capital decision and compliance with its filing duties must therefore be assessed separately.
Provision references
(a) Where an alteration is made to the share capital of a company under section 152 or 153 of this Act, the company must notify the Registrar within 30 days of the alteration and submit an application for registration of the alteration in the manner prescribed by regulations made under this Act.
(b) An application under subsection (a) must be accompanied by— (1) the special resolution containing the decision of the members to increase or reduce the share capital; (2) particulars of the alteration made to the share capital; (3) where the application relates to a reduction of share capital, the statement of compliance specified in section 228 of this Act; (4) the fee prescribed in Schedule 1 to this Act; and (5) any other information prescribed by regulations made under this Act.
(c) Where an application is submitted in accordance with subsections (a) and (b), and the requirements of this Act are fulfilled, the Registrar shall register the alteration to the share capital of the company in the register specified in section 231 of this Act and notify the company accordingly.
(d) Where the Registrar has reason to believe that an application submitted under this section contains any matter that contravenes this Act, regulations made under it or any provision of the Articles of Association of the company, the Registrar may direct the company to rectify the matter and resubmit the application. The company shall be given a reasonable period, as prescribed by regulations made under this Act, within which to rectify and resubmit the application.
(e) Where a company fails to comply with subsection (a) within the period specified in that subsection, or fails to rectify and resubmit an application within the period specified by the Registrar under subsection (d), an offence is committed by— (1) the company; and (2) every director of the company. Action shall be taken against such persons in accordance with Chapter Fifteen of this Act.
(f) A failure to comply within the period specified in subsection (a) does not, solely by reason of that failure, invalidate an alteration to the share capital of the company. Where the alteration has been made in accordance with this Act and the Articles of Association of the company, the alteration remains valid.
Section 168 — Notification of Share Changes to the Registrar
Overview of the provision
Notifying the Registrar
This provision requires the Registrar to be notified within 15 days of an allotment, transfer, transmission or other change to the members' register, with the relevant persons' particulars submitted for the official register. The submission must include the newly registered member's details and consent; a transfer also requires the transferor's details and transfer instrument. Other prescribed information must be provided too. When the requirements are satisfied, the Registrar must register the change and notify the company.
Corrections and late filing
The Registrar may require a submission believed to conflict with the Act, regulations or articles to be corrected and resubmitted within the reasonable regulatory period. Non-compliance with the section's requirements or periods by the company or a director is an offence under Chapter Fifteen. However, a late initial notification does not alone invalidate a register change otherwise made under the Act and articles. The company's underlying change and its later notification to the Registrar are therefore distinct steps.
Provision references
(a) The Registrar must be notified within 15 days of— (1) any allotment of shares under section 155 of this Act; (2) any transfer of shares under section 163 of this Act; (3) any transmission of shares under section 167 of this Act; or (4) any other change made to the Register of Members. The particulars of the persons concerned must also be submitted to the Registrar for registration in the register specified in section 231 of this Act.
(b) A submission under subsection (a) must be accompanied by— (1) particulars of the newly registered member and that member’s consent; (2) in the case of a transfer under section 163 of this Act, particulars of the transferor and the instrument of transfer; and (3) any other information prescribed by regulations made under this Act.
(c) Where a submission is made in accordance with subsections (a) and (b), and the requirements of this Act are fulfilled, the Registrar shall register the change in the register specified in section 231 of this Act and notify the company accordingly.
(d) Where the Registrar has reason to believe that a submission made under this section contains any matter that conflicts with this Act, regulations made under it or the Articles of Association of the company, the Registrar may direct the company to rectify the matter and resubmit it within such reasonable period as may be prescribed by regulations made under this Act.
(e) Where the company or any of its directors fails to comply with the requirements or periods specified in this section, an offence is committed and action shall be taken in accordance with Chapter Fifteen of this Act.
(f) A failure to comply within the period specified in subsection (a) does not, solely by reason of that failure, invalidate a change made to the Register of Members. Where the change has been made in accordance with this Act and the Articles of Association of the company, the change remains valid.
Section 174 — Registration of Charge
Overview of the provision
Charges and releases that must be filed
This provision requires the company to notify the Registrar within 30 days when a covered share or asset charge is created in someone's favour. The categories include security for debentures, charges over uncalled or unpaid share capital, company-held subsidiary shares, floating charges over assets or the undertaking, and other charges specified by regulations. When a registered charge is satisfied and released, the company or someone with an interest in it must notify the Registrar within 30 days through the regulatory procedure.
Registration and correction
If the requirements are met, the Registrar must register the creation or release and notify the company. The Registrar may require correction and resubmission of material believed to conflict with the Act, regulations or articles, allowing the reasonable period prescribed by regulations. Failure to meet a creation or release deadline, or a correction direction, is an offence by the company under Chapter Fifteen.
Provision references
(a) Where any shares or assets of a company specified in subsection (b) are charged in favour of any person, the company shall notify the Registrar within 30 days, in accordance with regulations made under this Act.
(b) For the purposes of subsection (a), a charge created over any of the following assets of the company must be submitted for registration— (1) a charge created for the purpose of securing debentures; (2) a charge created over uncalled share capital or unpaid share capital; (3) a charge created over shares held by the company in a subsidiary; (4) a floating charge over the assets or undertaking of the company; and (5) any other charge specified by regulations made under this Act.
(c) Where a charge registered with the Registrar under subsection (a) is satisfied and released, the company or any person having an interest in the charge shall notify the Registrar within 30 days, in accordance with regulations made under this Act.
(d) Where a submission is made to the Registrar in accordance with subsection (a) or (c), and the requirements of this Act are fulfilled, the Registrar shall register the matter in the register specified in section 231 of this Act and notify the company accordingly.
(e) Where the Registrar has reason to believe that a submission made under this section contains any matter that conflicts with this Act, regulations made under it or the Articles of Association of the company, the Registrar may direct the company to rectify the matter and resubmit it. The company shall be given a reasonable period, as prescribed by regulations made under this Act, within which to rectify and resubmit the matter.
(f) Where a company fails to comply with subsection (a) or (c) within the period specified in the relevant subsection, or fails to comply with a direction of the Registrar under subsection (e) within the period specified, the company commits an offence. Action shall be taken against the company in accordance with Chapter Fifteen of this Act.
Section 178 — Submission of Significant Beneficial Owner Information to the Registrar
Overview of the provision
This provision requires the company to notify the Registrar within 30 days after receiving Significant Beneficial Owner information under section 177(a), (b) or (c). Once the requirements are met, the Registrar must register the information and notify the company. If the Registrar believes the submission conflicts with the Act or regulations, correction and resubmission may be required within the reasonable period prescribed by regulations. Failure to meet the initial deadline or correction direction is an offence by both the company and every director under Chapter Fifteen.
Provision references
(a) Within 30 days after receiving information relating to a Significant Beneficial Owner under section 177(a), (b) or (c) of this Act, the company shall notify the Registrar in accordance with regulations made under this Act.
(b) Where a submission is made to the Registrar in accordance with subsection (a), and the requirements of this Act are fulfilled, the Registrar shall register the information in the register specified in section 231 of this Act and notify the company accordingly.
(c) Where the Registrar has reason to believe that a submission made under this section contains any matter that conflicts with this Act or regulations made under it, the Registrar may direct the company to rectify the matter and resubmit it. The company shall be given a reasonable period, as prescribed by regulations made under this Act, within which to rectify and resubmit the matter.
(d) Where a company fails to comply with subsection (a) within the period specified in that subsection, or fails to comply with a direction of the Registrar under subsection (c) within the period specified, an offence is committed by— (1) the company; and (2) every director of the company. Action shall be taken against such persons in accordance with Chapter Fifteen of this Act.
This page is a general research and practice aid. The translations used in this manual are unofficial. Verify the official Dhivehi legislation, amendments and current procedures before relying on any entry. Read our sources and verification guidance and contact a lawyer at Sulthan & Amhar for advice on your circumstances before relying on this material or taking action.