How to Open a Corporate Bank Account in Maldives Online (2026): Documents, Signatories & Compliance

Last updated: May 27, 2026

Understanding how to open a corporate bank account in Maldives online has become significantly easier since the country’s major banks launched digital onboarding channels between 2023 and 2025. Bank of Maldives (BML), Maldives Islamic Bank (MIB) and several other licensed institutions now accept applications, KYC documents and board resolutions through web portals, reducing the need for founders and company secretaries to appear in person at a Malé branch. At the same time, the Foreign Currency Act No. 32/2024 and MMA Regulation 2024/R-91 have introduced new reporting and deposit obligations for every business bank account that handles foreign currency, making compliance awareness an essential part of the onboarding process.

This guide walks through eligibility, step-by-step procedures, bank-specific differences, document checklists and regulatory touchpoints so that domestic and foreign-owned entities can open and operate a business bank account in the Maldives with confidence.

Quick Answer, Can You Open a Corporate Account Online in the Maldives?

Yes. Eligible Maldivian-registered entities can now open a corporate bank account online through digital onboarding services offered by BML (via its “Business Onboard” portal) and MIB (via its digital banking platform with eFaas integration). The process involves uploading corporate documents, submitting a board resolution, completing eKYC checks and, in some cases, attending a short in-person verification (IPV) session. Turnaround times typically range from three to ten business days depending on the bank’s internal risk review and the completeness of the submitted documents. Businesses that receive foreign currency must also factor in Foreign Currency Act declaration requirements at the point of account activation.

Who Can Open a Corporate Account, Eligibility & Entity Types

Banks in the Maldives accept corporate account applications from a range of entity types. The core eligibility requirement is that the entity must be duly registered with the Registrar of Companies or the relevant Maldivian authority and must hold a valid operating licence where one is required by law.

• Private limited companies. The most common corporate applicant, requires Certificate of Incorporation, Memorandum and Articles of Association (MOA/AOA) and a directors’ register extract.
• Public limited companies. Same core documents, plus annual returns and audited financial statements where requested.
• Branches of foreign companies. Must provide the parent company’s Certificate of Incorporation (apostilled or legalised), a branch registration certificate issued in the Maldives, and a power of attorney from the parent company authorising the branch manager to operate the account.
• Representative offices. Require registration confirmation from the Ministry of Economic Development and limited operating documentation.
• Sole proprietorships and partnerships. Business registration certificate plus identity documents of all partners or the sole proprietor.

Foreign Shareholders & Non-Resident Directors, Required Proofs

Foreign-owned entities face additional documentary layers. Banks will request certified passport copies for every non-resident director and shareholder, along with proof of residential address (utility bill or bank statement from the home jurisdiction, typically not older than three months). Documents in languages other than Dhivehi or English must be accompanied by certified translations. UBO (Ultimate Beneficial Owner) evidence must trace ultimate ownership through every holding layer, a point where many applications stall. Where foreign documents require authentication, apostille under the Hague Convention or consular legalisation is standard practice.

Step-by-Step Online Onboarding Process for a Corporate Bank Account in Maldives

While each bank’s portal differs slightly, the general workflow for opening a business bank account in the Maldives follows a consistent pattern. The twelve steps below are bank-agnostic and represent the combined requirements observed across BML, MIB and other licensed banks.

1. Pre-registration and company records. Gather the Certificate of Incorporation, MOA/AOA, and the most recent annual return or registrar extract confirming current directors and shareholders.
2. Authorised signatories list. Prepare a list of persons authorised to operate the account, with specimen signatures for each.
3. Registrar or BOI confirmation of directors. Obtain a current extract confirming the identity and appointment dates of all directors.
4. UBO declaration. Complete the bank’s UBO declaration form, identifying every individual who directly or indirectly holds a qualifying ownership interest.
5. Business profile and proof of operations. Provide a brief company profile, copies of key contracts or invoices, and an explanation of expected transaction volumes.
6. Tax registration. Upload the company’s tax identification number (TIN) or GST/VAT registration certificate issued by MIRA, where applicable.
7. eKYC, video IPV or eFaas verification. Complete the bank’s electronic identity verification step, this may involve eFaas digital ID (used by MIB), a video call, or scheduling a brief in-branch visit.
8. Bank verification and risk review. The bank’s compliance team screens the application against AML/CFT watchlists and conducts an internal risk assessment.
9. Internet and corporate banking activation. Once approved, the bank issues online banking credentials and configures user roles (maker, checker, authoriser).
10. FX declaration obligations. For accounts expected to receive foreign currency, declare the anticipated inflow volumes and acknowledge Foreign Currency Act reporting requirements.
11. Final account activation and limits. The bank confirms account number, transaction limits and access channels (mobile, internet banking, SWIFT).
12. Post-opening compliance. Ongoing transaction monitoring obligations begin immediately, maintain records and respond to bank inquiries promptly.

What Is IPV (In-Person Verification) and When Is It Required?

In-Person Verification is a face-to-face identity check conducted at a bank branch or via a supervised video call. BML’s Business Onboard FAQ notes that IPV may be required for initial signatories where eKYC alone cannot fully verify identity, for example, when the signatory’s national ID card has expired or the uploaded documents are unclear. MIB has progressively reduced IPV requirements by integrating the national eFaas digital identity system, which allows real-time electronic verification. Industry observers expect IPV to become the exception rather than the rule as eFaas adoption widens, though banks retain discretion to require it on a case-by-case basis.

Bank-by-Bank Walkthrough: How to Open a Corporate Account at BML vs MIB vs MCB

The three banks most commonly used by corporate clients in the Maldives each handle BML business account opening online and equivalent processes somewhat differently. Below is a brief profile of each, followed by a comparison table covering the features that matter most to applicants.

Bank of Maldives (BML) is the largest commercial bank in the Maldives and offers its “Business Onboard” digital portal. BML provides detailed onboarding PDFs including a sample board resolution template that applicants can download and adapt. The BML account opening documents list is the most granular of any Maldivian bank, and the bank’s FAQ addresses common onboarding questions in both Dhivehi and English.

Maldives Islamic Bank (MIB) operates under Shariah-compliant principles and has invested heavily in digital banking. MIB’s online account opening service supports eFaas-based digital identity verification, enabling faster activation for entities whose signatories hold valid Maldivian digital IDs.

MCB (Mauritius Commercial Bank, Maldives) provides corporate current accounts with a focus on trade finance and international transfers. MCB’s onboarding process involves online form submission backed by physical document submission, and the bank may request audited financials for established businesses.

Required Maldives KYC Requirements & Corporate Documents, Detailed Checklist

The exact Maldives KYC requirements vary by entity type. The table below consolidates the documents typically requested across BML, MIB and other licensed banks. Applicants should prepare certified copies and, where required, notarised or apostilled originals.

UBO (Ultimate Beneficial Owner), Thresholds and Acceptable Evidence

Maldivian banks follow MMA anti-money-laundering guidance requiring identification of every individual who directly or indirectly owns or controls a qualifying percentage of the entity. In practice, most banks apply a threshold at or around 10–25 per cent of shares or voting rights. Acceptable evidence includes share registers, trust deeds, nominee agreements, and statutory declarations identifying the ultimate natural person. Where ownership chains pass through multiple corporate layers, each intermediate entity’s registration and ownership documents must be provided, a common source of delay for complex holding structures.

Board Resolution, Sample Template Wording

Every corporate account application must be accompanied by a board resolution authorising the account opening and designating the authorised signatories. BML provides a downloadable sample board resolution template on its Business Onboard portal. A compliant resolution typically includes the following elements:

• Preamble. Date of board meeting, quorum confirmation and names of directors present.
• Resolution text. “RESOLVED THAT the Company hereby authorises the opening of a [current / savings / foreign currency] account with [Bank Name] and designates the following persons as authorised signatories…”
• Signatory mandate. Specify whether signatories operate singly, jointly, or with a transaction-value threshold (e.g., single signatory up to MVR 50,000; dual signatures above).
• Certification. Signed by the chairperson and company secretary, with the company seal affixed where the AOA requires it.

Authorised Signatories, POAs & Corporate Access

Structuring the signatory mandate correctly at the outset prevents operational friction later. Banks require specimen signature cards for each authorised signatory, and changes to the signatory list generally require a fresh board resolution and updated specimen cards.

A Power of Attorney (POA) is accepted where a director or authorised person cannot attend in person. The POA should be notarised and, if executed abroad, apostilled or consularly legalised. A well-drafted limited POA for banking purposes will specify the exact acts the attorney may perform, opening the account, depositing and withdrawing funds, operating internet banking, and will state its duration and revocation terms. Banks typically do not accept general or unlimited POAs for corporate account operations.

Business internet banking in the Maldives usually supports role-based access: a “maker” initiates transactions, a “checker” reviews them, and an “authoriser” approves execution. Configuring these roles at the point of account activation, rather than after, avoids delays in day-to-day operations. Banks accept digital signatures for routine internet banking transactions, but physical wet-ink signatures remain the norm for account-opening documents and board resolutions.

Foreign Currency Act No. 32/2024 & MMA Regulation R-91, What Businesses Must Do

The Foreign Currency Act (Law No. 32/2024), ratified by the President and published in the Government Gazette, fundamentally changed how businesses in the Maldives handle foreign currency receipts. MMA Regulation 2024/R-91, issued under the Act, provides the implementing framework. Together, these instruments impose mandatory deposit, conversion and reporting obligations on every business that earns or receives foreign currency, a category that captures tourism operators, e-commerce platforms, exporters and foreign-invested entities.

The practical effect on corporate bank account holders is threefold. First, businesses must deposit foreign currency receipts into accounts held with licensed banks within prescribed timeframes. Second, a portion of those receipts must be sold to the bank (or to MMA through the bank) at the applicable exchange rate. Third, businesses must submit periodic reports to MMA, through their bank, disclosing foreign currency inflows, outflows and balances.

Industry observers expect MMA to refine the reporting templates and conversion percentages periodically. Businesses should treat Foreign Currency Act compliance as an ongoing obligation, not a one-time onboarding checkbox. For a deeper analysis of how these rules affect tourism and e-commerce businesses, see our forthcoming guide on Foreign Currency Act 32/2024 business compliance.

Common Problems & How to Avoid Delays When Opening a Corporate Account Online

Even with digital onboarding, applications frequently stall. The following issues account for the majority of delays, addressing them before submission can cut turnaround times significantly.

• Incomplete UBO chain. If ownership passes through multiple entities, provide documents for every layer. Missing a single intermediate entity will trigger a bank query.
• Board resolution errors. Omitting the signatory mandate, failing to name the specific bank, or lacking the company seal where the AOA requires one are all common rejection reasons.
• Mismatched names. Ensure the entity name on the Certificate of Incorporation matches the name on the tax registration, operating licence and board resolution exactly, including punctuation and abbreviations.
• Un-legalised foreign documents. Passports and corporate documents issued abroad must be apostilled or consularly legalised. Uncertified copies will be rejected.
• Expired identification. National ID cards or passports that expire within 30 days of submission are typically not accepted.
• IPV scheduling delays. If IPV is required, book the appointment as soon as the bank requests it, delays of even a few days can push the entire application into the next review cycle.
• eFaas / digital ID mismatch. Where eFaas is used, ensure the signatory’s digital ID profile is active and matches the name on the application documents.

After the Account Is Open, Internet Banking, Limits & Ongoing Compliance

Once your corporate bank account is active, activating business internet banking in the Maldives is the immediate next step. Both BML and MIB offer corporate internet banking platforms with role-based access, bulk payment capabilities and real-time account monitoring. Request activation during the onboarding process to avoid a second round of paperwork.

Transaction limits, daily transfer caps, international wire thresholds and cash-handling limits, are set during onboarding and can be adjusted by submitting a written request (often requiring a fresh board resolution for material increases). For international transfers, ensure your bank has your SWIFT details and correspondent banking information correctly configured.

Ongoing compliance obligations include responding to the bank’s periodic KYC refresh requests (typically every one to three years), notifying the bank of changes to directors, signatories or UBO structure, and maintaining Foreign Currency Act reporting. Failure to update the bank on material changes can result in account restrictions. For related guidance on enforcing a debt through Maldivian banking channels, see our dedicated article.

Sources

1. Bank of Maldives, Open Your Business Account (Business Onboard)
2. Bank of Maldives, Online Onboarding FAQ (PDF)
3. Bank of Maldives, Sample Board Resolution (PDF)
4. Maldives Islamic Bank, Digital Account Opening Announcement
5. Maldives Monetary Authority, Foreign Currency Act No. 32/2024 (English Translation)
6. Maldives Monetary Authority, Annual Report 2024
7. Presidency of the Maldives, Foreign Currency Act Ratification Notice
8. Crowe Maldives, Introduction of the Foreign Currency Act in the Maldives
9. PSM News, eFaas Digital ID Integration
10. Maldives Financial Review, MMA Foreign Exchange Policy Changes