In short
To close a sole proprietorship or partnership in the Maldives, the business must be deregistered with the Registrar and its open obligations settled, including GST with MIRA. DBS Maldives confirms the current closure process, prepares the applications and follows them through until the closure is recorded.
How do I close a sole proprietorship in the Maldives?
To close a sole proprietorship in the Maldives, the owner applies to have the business removed from the register held by the Registrar under the Ministry of Economic Development and Trade, and settles anything still open in the business's name. The same applies, with all partners involved, when a partnership comes to an end.
This service is for sole proprietorships (SPs) and partnerships. If you are closing a company, see company dissolution, which follows its own formal process.
Owners close businesses for many reasons: retirement, a move abroad, a change of direction, or moving the business into a new company. We confirm the current closure requirements before anything is filed.
What needs to be settled before closing?
Deregistering the business is only part of the job. A clean closure also deals with everything attached to it.
- Tax registrations. If the business is GST registered, apply for GST deregistration with MIRA. Returns must be filed until MIRA confirms in writing.
- Staff. Employees, and any expatriate staff and their work permits, need to be handled properly.
- Permits and licences tied to the business's activities.
- Contracts, leases and suppliers still running in the business's name.
- Partners' agreement. For a partnership, every partner should agree how the business is wound up.
We work through this list with you and prepare the applications in the right order.
How the closure works
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Talk it through
We confirm the business is an SP or partnership and understand why and when you want to stop trading.
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Map open obligations
We list the registrations, staff, permits and contracts attached to the business.
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Deregister from GST
Where relevant, we prepare MIRA 106 and remind you to keep filing returns until MIRA's written confirmation.
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Apply to close the business
We prepare the closure application with the Registrar and guide you through any step needing your eFaas login.
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Confirm it is recorded
We check the Maldives Business Registry shows the closure and give you a record of what was done.
What do I need to close my business?
- Your eFaas login and national ID card
- The business's registration details
- Agreement from all partners, for a partnership
- GST registration details, if registered
- A list of employees and any work permits
- Permits, leases and contracts held in the business name
- The date you stopped, or plan to stop, trading
Common mistakes to avoid
- Simply stopping trading. A business that is not formally closed stays on the register, and obligations can continue.
- Treating GST as automatic. It needs its own application with MIRA.
- One partner closing alone. Bring every partner into the decision to avoid disputes later.
- Closing before moving to a company. If you are restructuring, plan the order so the business is never without a valid registration.
Planning to close? Let us know and we will set out the steps for your business.
Frequently asked questions
How do I close my SP business in the Maldives?
A sole proprietorship is closed by applying to have it removed from the Registrar's records and settling any open obligations, such as GST with MIRA, staff and permits. We confirm the current closure process, prepare the application, and check the registry once the closure is recorded.
How do I close a partnership in the Maldives?
All partners should agree to wind up the business, settle what is still open in its name, and apply to close the registration with the Registrar. If the partnership is GST registered, deregistration is a separate application to MIRA. We coordinate the steps across partners.
What is the difference between business closure and company dissolution?
Business closure here means closing a sole proprietorship or partnership. Company dissolution is the formal process for closing a company, such as voluntary liquidation by the shareholders. The steps and filings differ, so start by confirming which kind of business you have.
Do I need to deregister from GST when closing my business?
If the business is GST registered, yes. Deregistration is applied for with MIRA using form MIRA 106, and GST returns must keep being filed until MIRA confirms the deregistration in writing. Closing the business registration does not replace this step.
Can I convert my sole proprietorship into a company instead of closing it?
Many owners move their trade into a new company and then close the SP. The order matters, so the business is never left without a valid registration. We plan the company registration and the closure together so the change is smooth.
Last reviewed 6 October 2026. Requirements change; we confirm the current rules with you before any application.