General
The Maldives is at a strategic geographical location in the heart of the Indian Ocean and at the crossroads between the East and the West.
Maldives has tremendous potential to become the point where East meets West, by connecting to the Indian Ocean maritime transport routes and capitalizing on the growing transhipment traffic. Maldives has access to over 30 major cities of the world within 5 hours of flight time.
For much of the last three decades, Maldives has been a development success story.
With more territorial sea than land, marine resources have played a vital role in shaping the contours of economic development, with nature-based tourism and fishing being the main drivers for growth.
Maldives has enjoyed a long period of robust economic growth following the rapid growth of its tourism and fisheries sectors. Thanks to returns from tourism, Maldives made strong gains in human development and is now an upper middle-income country.
Male’ city
Male’ is the capital city of the Maldives and the seat of the executive, legislature and judicial branches of the government of the Maldives. Male’ is also the financial and commercial capital of the country. Accordingly, major government offices, banks and businesses are based in Male’.
Administratively neighbouring islands of Villingili and Hulhumale’ are considered as constituencies of Male’ City. Hulhumale’ is an artificially reclaimed island.
Useful links to Government’s websites
Why Invest In Maldives?
Foreign Direct Investments (FDI) has always played a crucial role in the economic development of the Maldives. The Government acknowledges the importance of foreign investment and recognizes its contribution to economic development and employment creation.
The success of foreign investments in the Maldives can be attributed to its open and liberal economic environment, relative political stability and the consistent growth of the economy, which has achieved an average annual growth rate of 7.5 percent over the last 15 years. Foreign investors are offered a simple and transparent policy environment and continuous efforts are being made to make the investing environment more predictable and transparent.
Literally, all sectors of the Maldives economy are open for foreign investors. These investments, irrespective of their size, are encouraged to enter and operate in the Maldives. Thus, capitalizing on the numerous benefits of investing in the Maldives, many reputed international brand names have already established their presence in the country.
Frequently Asked Questions on Foreign Investment
Where can I apply for the service?
You can apply in person at MED.
How long will the process take?
A maximum of 30 days from date of application. If there are no delays from other institutions, minimum completion time is 17 days.
What are the fees and charges involved?
Administration fee of USD 2,000 to MIRA.
Which documents do I need to submit?
Follow this user guide if you need to register a new foreign business or re-register an existing foreign business in the Maldives.
Did you know:
- You need to get the business name approved by the Registrar of Companies prior to registration or re-registration.
- Capital value should be of an acceptable value to the Maldivian Government, determined according to the investment.
- Proposed investment and related agreements should not contravene the Islamic principles or this Act or any other laws of the Country.
- If you are an entirely foreign business, the legal representative (with power of attorney) should be a resident in the Maldives.
- If you are looking to register or incorporate locally, you need to complete the evaluation at the Ministry of Housing and Infrastructure (MoHI) and submit the resulting no objection letter from MoHI.
- If you are looking to register or incorporate locally, follow User guide on transfer of shares
- A maximum of 60 days is allowed for the signing of the agreement.
- Seal will be registered within the 60 day period given for signing the agreement.
- Bring official seal for the signing of the agreement.
- Once registered, inform Ministry of the commencement date of business.
- Obtain any additional licenses required from any other authorities (if applicable).
References:
DOING BUSINESS IN MALDIVES
Law on Foreign Investments in the Republic of Maldives
THE COMPANIES ACT OF THE REPUBLIC OF MALDIVES
For more detailed information, visit the lead government agency for promoting and facilitating inward investments into the Maldives https://www.trade.gov.mv/page/investment-promotion
