If you are looking for a full range of Banking Solutions, our Business Current Account is the right solution for you. Designed to be customizable for your business banking requirements, we offer an array of payment services and platforms for our business customers to bank conveniently and facilitate seamless local and international transactions.
Who can Open Business Accounts with BML?
Any business entity registered in the Maldives can open an account with BML including sole proprietors, partnerships, companies as well as foreign investment companies.
Who should be physically present to open the account?
Any official representative of the company will be able to submit an account opening request to the Bank. However, all proposed signatories of the account shall be present to provide specimen signatures, on the appointment date/time confirmed by the Bank. Signatories for companies will be established with a duly passed board resolution.
Step 1
Complete application forms and the required checklist of documents.
Step 2
Once all documentation is complete as per provided checklists, you can proceed to book an appointment from the appointment portal. Appointment slots are available for next 10 working days. If appointments are full, please try again for the next working day.
Once an appointment is successfully made, you will receive an SMS and email with your appointment time to visit the Bank. For business account opening customers, we will send you an email detailing the documents required when visiting us.
All signatories shall be present at a convenient branch or Service Centre to provide specimen ink signatures.
Step 3
If all documents are in order the account will be activated in 5 working days
*based on the findings of submitted documents, if enhanced due diligence need to be conducted, an additional 5 working days may be required.
Any official representative of the company will be able to submit an account opening request to the Bank. However, all proposed signatories of the account shall be present to provide specimen signatures, on the appointment date.
For Sole Proprietors, the owner will be required to be present.
All businesses other than Sole Proprietors, shall Submit a Resolution duly passed according to templates shared by the Bank, to appoint person(s) on behalf of the business to operate the account, as a part of account opening documentation. For Sole Proprietors, the Authorized Signatory would be the owner. However, Sole Proprietors can give mandate to sign cheques to a third person.
The business shall submit a Board resolution in the provided template, to a Branch or Service Centre providing account opening services convenient to you. Once the request is submitted, if a signatory is removed a debit restriction will be applied on the account until the new signatory appointment is complete.
As per the information form submitted to the bank, businesses should ensure that their transactions align with the declared income and business profile. This means the account should ONLY be used to route transactions related to the business and the income sources disclosed to the bank.
The bank may request information on the source of funds and purpose of payment for any transactions routed through the Business Account. This request could occur at various times, including during the account opening process, periodic reviews, or when specific transactions are routed. This helps protect your account integrity and maintain a healthy banking relationship.
Customer shall update the information form based on the profile on request of the Bank during periodical reviews that is conducted annually, every two or five years. In addition should there be any changes to the business, its owners and directors, its operations including significant growth in income, changes to locations/addresses/employees/nature of assets etc.
Inactive Accounts: Accounts opened at bank will be classified as Inactive Accounts if no transaction is conducted for 24 months. Monthly maintenance fee will be charged as per schedule of charges.
Dormant Accounts: Accounts opened at bank will be classified as Dormant if an account holder has not conducted a transaction from the account or had not had any correspondence in writing with the bank for consecutive five (5) years. These accounts will be treated as per policies and procedures for Dormant Accounts
List of documents you need for your account opening appointment:
NOTE:
List of documents required for your account opening appointment:
Note: please be informed the exercise for Ultimate Beneficial Owner (UBO) identification (up to the natural persons) is mandated by Banking Laws and Regulations in the Maldives and International Banking best practices.
Please also note:
Transaction limit
On the Nominee form, please indicate a transaction limit which is appropriate for your business based on the table below. All limits are set in MVR and transactions in other currencies will be subject to equivalent MVR limits. When assigning a transaction limit for your business, we will consider your account turnover and details submitted in the Business Information Form.
| Level 1 | Level 2 | Level 3 | Level 4 | Level 5 | Level 6 | Level 7 | Level 8 | Level 9 |
| 10,000 | 50,000 | 100,000 | 150,000 | 200,000 | 500,000 | 700,000 | 1,000,000 |
List of documents you need for your account opening appointment:
Other businesses can submit Management accounts
Transaction limit
On the Nominee form, please indicate a transaction limit which is appropriate for your business based on the table below. All limits are set in MVR and transactions in other currencies will be subject to equivalent MVR limits. When assigning a transaction limit for your business, we will consider your account turnover and details submitted in the Business Information Form.
| Level 1 | Level 2 | Level 3 | Level 4 | Level 5 | Level 6 | Level 7 | Level 8 |
| 10,000 | 50,000 | 100,000 | 150,000 | 200,000 | 500,000 | 700,000 | 1,000,000 |
NOTE:
List of documents you need for your account opening appointment:
1. Address of the Head office (if company does not operate at its registered address in its country of incorporation)
2. List of Trading Names used overseas (if the company conducts business in a name other than its registered name anywhere in the world)
3. List of Countries and main office address where company conducts business (where applicable)
a. Registration Certificate
b. Shareholding confirmation issued by Registrar of Companies or a government body
Note: please be informed the exercise for Ultimate Beneficial Owner (UBO) identification (up to the natural persons) is mandated by Banking Laws and Regulations in the Maldives and International Banking best practices.
| Level 1 | Level 2 | Level 3 | Level 4 | Level 5 | Level 6 | Level 7 | Level 8 |
| 10,000 | 50,000 | 100,000 | 150,000 | 200,000 | 500,000 | 700,000 | 1,000,000 |
Please also note:
List of documents required for your account opening appointment:
Please be present at the scheduled time and do allow up to 1 hour for the appointment.
a. Registration Certificate
b. Shareholding confirmation issued by registrar of company or government body
Note: please be informed the exercise for Ultimate Beneficial Owner (UBO) identification (up to the natural persons) is mandated by Banking Laws and Regulations in the Maldives and International Banking best practices.
Transaction limit
On the Nominee form, please indicate a transaction limit which is appropriate for your business based on the table below. All limits are set in MVR and transactions in other currencies will be subject to equivalent MVR limits. When assigning a transaction limit for your business, we will consider your account turnover and details submitted in the Business Information Form.
| Level 1 | Level 2 | Level 3 | Level 4 | Level 5 | Level 6 | Level 7 | Level 8 |
| 10,000 | 50,000 | 100,000 | 150,000 | 200,000 | 500,000 | 700,000 | 1,000,000 |
NOTE:
List of documents you need for your account opening appointment:
Please also note:
Note: please be informed the exercise for Ultimate Beneficial Owner (UBO) identification (up to the natural persons) is mandated by Banking Laws and Regulations in the Maldives and International Banking best practices.
Transaction limit
On the Nominee form, please indicate a transaction limit which is appropriate for your business based on the table below. All limits are set in MVR and transactions in other currencies will be subject to equivalent MVR limits. When assigning a transaction limit for your business, we will consider your account turnover and details submitted in the Business Information Form.
| Level 1 | Level 2 | Level 3 | Level 4 | Level 5 | Level 6 | Level 7 | Level 8 |
| 10,000 | 50,000 | 100,000 | 150,000 | 200,000 | 500,000 | 700,000 | 1,000,000 |
| Account Opening Form - Business and Institutions | English / Dhivehi |
| Information Form - Business & Institutions | English |
| Account Opening T&C | English / Dhivehi |
| Checklist for account opening - Account Opening & Information Form - Business & Institutions | English |
| Business Internet Banking Application Form | English / Dhivehi |
| FAQ - Current Account (Business) | English / Dhivehi |
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