08. What are the local bank account opening considerations?

Upon completion of the FDI set up process, the investor may approach any of the local banks operating in the Maldives to open bank accounts. 

There are no specific regulatory requirements to have a particular type of bank account or to have the bank account in a particular currency. It is noted that it is usual practice for foreign parties to have both USD and MVR (Maldivian Rufiyaa) bank accounts – as these are the prevailing currencies from which local and foreign transactions are carried out in the Maldives.