Firms wishing to apply for the Practising Certificate to offer statutory audit and assurance services shall meet the following conditions;
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a. No partner of the firm applying for the Practising Certificate shall have been convicted by a court of law of a criminal offence under the Law of the Republic of Maldives or that of any other jurisdiction; and
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b. The firm applying for the Practising Certificate shall have been registered with the Ministry of Economic Development as a partnership; and
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c. The firm applying for the Practising Certificate shall not be a limited liability company; and
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d. The firm shall not be engaged in any business other than audit, assurance, accountancy or financial or tax consultancy; and
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e. The firm shall have technical and financial resources to carry out its work.
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f. At least one of the partners of the firm shall hold a Practising Certificate issued under this Regulation.
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g. At least one of the partners of the firm shall be a resident of the Maldives.
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h. For the purpose of this Regulation, a person who resides in Maldives for at least 183 days of a financial year will be considered a resident of the Maldives.