De-Registration of Companies

Helping companies avoid unnecessary costs when their business ceases by de-registering with appropriate authorities & service providers in the Maldives.

Facilitating De-Registration of Companies.

Occasionally our clients require a complete de-registration of their company along with de-registration from all subscriptions, services, closure of bank accounts and related services.

Picad team will project manage the de-registration process from start to finish on our clients’ behalf and provide the following services: 

What we do

  • Processing Paperwork for Company De-Registration from Ministry of Economic Development.
  • De-Registration from all applicable tax obligations from Maldives Inland Revenue Authority.
  • Evaluation of accounts (management accounts)
  • Listing on public newspaper to identify any unnoticed trade payable account.
  • Coordinating with authorities, banks and service providers in collecting required information. 
  • Consultancy on Closure of Bank Accounts
  • Following up on De-Registration applications and providing additional information whenever required.

F.A.Q

Why De-Register?

Company’s de-register when they ceases their business activities permanently. De-registration will release the business (its responsible personal) from obligations such as regulatory reporting, tax accounting and other such requirements active businesses must follow to avoid fines.

On time de-registration will save costs & and potential fines. 

How Long the Procedure Takes?

The application evaluation time can be at maximum 14 working days at the Ministry of Economic Development. The whole process would take somewhere between 14-30 days. 

Does Government Charge Any Fees?

No. De-registration applications are processed without any fees.

How much would the whole process cost?

In addition to processing fee paid to Picad, companies will have to clear any pending trade payable amounts, unpaid salary/ wages, unpaid liabilities, unpaid taxes & fines (although fine relief can be explored) to appropriate parties.

Any deposits placed by the company such as company account minimum balances, deposits at various service providers will be refunded.

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