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Dissolution of Companies

Dissolution of Companies by ROC

Regulation on dissolution of companies by Registrar of Companies

21/06/2019
Dissolution of Companies
Regulation on dissolution of companies by ROC has been published on 18th June 2019 in the Government Gazette.  

If you have a company and want to cease operations, you could either deregister the company or wind up the company. De-registration option is available only for foreign companies that are re-registered in Maldives.

Companies registered under companies Act 10/96 shall only be dissolved in the following ways;

  1.   Voluntary liquidation by the shareholders
  2.   By order of the court
  3.   By the decision of the registrar of companies to dissolve the company

As per the regulation no 2019 / R1034 published on 18th June 2019 the registrar shall decide to dissolve a company if the company fails to fulfill any of the below;

  •   Default on company annual fee payment. (fails to make company annual fee payment before end of May of the respective year)

  •   Fails to commence business objectives of the company within one year of its incorporation

  •   Fails to carryout business objectives for the company for a period of two years

  •   Fails to submit the audit report, financial statements and directors report of the year before June 30 or failure to settle non-compliance fines.

If the registrar decides to dissolve the company, the registrar shall make an announcement in the Government Gazette to ascertain whether there are any liabilities or claims against the company.

Within the period prescribed in the announcement, if there is no liability or claims lodged against the company the registrar shall request to Ministry of Finance to relief any fine or pending payments of the company and proceed with dissolving the company.

If any such claim has been lodged against the company, Registrar of the company shall pass the dissolving procedure to the relevant court.

After the announcement of dissolving companies, if the board of directors want to operate the company, it should be informed within the 14 days of the announcement with a resolution of the board. 

Name of all the companies dissolved under this regulation should be eliminated from the companies list and should be announced within 7 days of completion. 
If you need any help understanding your position or would like to dissolve a company, contact our Business Services team. Our team will advise you on all aspects of liquidation and assist in the winding up process.

 

Our business services team can help you understand your company's position and provide assistance in all aspects of the winding up process.

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