MIRA advises company annual fee of 2016 to be paid by end of May

MIRA advises to make the company annual fee payment that has to be paid under the Act No. 10/96 (Companies Act of Maldives), by end of 31 May. Private companies have to pay MVR 2000/- as company annual fee while public companies have to may MVR 10,000/-.

Company annual fee deadline is 31 March of every year. If the fee is paid before the end of April a fine of MVR 1,000/- is charged, and a fine of MVR 2500/- is charged if the fee is paid in May. If the companies fail to pay the company annual fee by end of May, the registrar of companies has the power to file case in the court with regard to the liquidation process.

Action will be taken against companies who fail to settle these payments by 31 May 2013 by the relevant government authorities, pursuant to the Companies Act of Maldives. Furthermore, the MIRA will be taking action against companies defaulting on the fee payment under the policies of this authority.

25 May 16