In short
Sole proprietorship registration in the Maldives, often called SP registration, sets up a business owned and run by one individual. It is applied for online with an eFaas login and a national ID card. DBS Maldives reserves the name, prepares the application and follows it through.
What is SP registration in the Maldives?
SP registration is the registration of a sole proprietorship: a business owned and run by one individual. Sole proprietorship registration in the Maldives is made with the Registrar under the Ministry of Economic Development and Trade, online through the government Business Portal.
It is the simplest structure for a single owner, which is why it is popular with tradespeople, small shops, freelancers and people testing an idea before committing to something larger.
Who can register a sole proprietorship?
An SP is for one owner, and the application needs that owner's eFaas login and national ID card. Foreign individuals cannot use a sole proprietorship. A foreigner who wants to do business in the Maldives must register a company or a partnership.
Where we help:
- We confirm an SP is the right fit, or explain when a partnership or company would serve you better.
- We search and reserve your trading name.
- We prepare the application and sit with you while you sign in with eFaas and submit it.
- We make sure your business activities are recorded accurately, so later permits are not held up.
- We follow up with the Registrar on any queries.
How to register an SP in the Maldives
-
Confirm the structure
We check that you are the only owner and that an SP suits your plans as the business grows.
-
Reserve the business name
We run a name search on the Business Portal and submit your chosen name for approval.
-
Prepare your details
We gather your ID details, business address and a plain description of the activities you will carry out.
-
Submit with eFaas
You sign in with your own eFaas account and we walk you through submitting the application.
-
After registration
Once registered, we review whether GST registration or any activity permits are needed before you start trading.
What do I need for sole proprietorship registration?
- Your Maldivian national ID card
- An active eFaas account in your own name
- A proposed business name and a back-up option
- The address the business will operate from
- A description of the goods or services you will offer
- Contact details for the business
Common mistakes to avoid
- Registering an SP when a partner is involved. If someone else shares ownership, an SP does not reflect reality, and untangling it later is harder than setting it up correctly.
- Choosing an SP when foreign investment is planned. A foreign partner cannot join an SP, so plan for a company from the outset if that is likely.
- An eFaas account that is not ready. Check you can sign in before the day you plan to submit.
- Vague activity descriptions. They can cause problems when you later apply for permits or open accounts.
Want a second pair of eyes before you submit? Tell us about your business and we will check it with you.
Frequently asked questions
What does SP mean in Maldives business registration?
SP stands for sole proprietorship, a business owned and run by one individual. It is registered with the Registrar under the Ministry of Economic Development and Trade through the Business Portal, using the owner's eFaas login and national ID card.
Can a foreigner register a sole proprietorship in the Maldives?
No. Foreign individuals who want to do business in the Maldives must register a company or a partnership instead. Foreign investment also has its own approval process. If a foreign national is involved, we help you plan the right structure from the start.
Can I register an SP online in the Maldives?
Yes. Sole proprietorship applications are made online through the government Business Portal. You sign in with your eFaas account, and your national ID card is required. We prepare the details in advance so the submission itself is straightforward.
Can I change my sole proprietorship into a company later?
Many owners start as an SP and later set up a company as the business grows or takes on partners. The steps depend on your circumstances. We look at what you have registered today and set out the cleanest path before you commit.
Does a sole proprietorship need GST registration?
It depends on what you sell. Businesses supplying tourism goods and services must register for GST regardless of turnover, while others must register once taxable supplies pass the threshold set by MIRA. We check where your SP stands.
How do I update or renew a sole proprietorship in the Maldives?
Changes to a sole proprietorship are made online through oneGov's Sole Proprietorship Registration & Changes service, signed in with eFaas. We check what your registration needs, prepare the update and follow it through so your details stay current.
How much does it cost to register a sole proprietorship in the Maldives?
The registration fee is calculated on the Business Portal when you apply, so we confirm the current amount with you before submitting. See our Government fees page for the official fees that commonly apply, each linked to its source.
Last reviewed 6 October 2026. Requirements change; we confirm the current rules with you before any application.