Start a business in Maldives - Maldives Guide

Environment Known worldwide for its natural beauty and white sandy beaches framed with turquoise waters, the Maldives is a prime tourist destination. Thus, tourism and hospitality are the two primary sectors where business opportunities exist. In fact, most foreign businesses in the country are either hotels, resorts, restaurants or travel and recreational services.

Read also How to find a job in maldives. While Dhivehi is the official language in the region, English is widely spoken and understood and is the main language of business. The same goes for currency. The country's national currency is the Maldivian rufiyaa but US dollars are widely used across the country as well. This makes communication and negotiations in the country much easier for foreigners.

On top of that, there are several incentives that encourage foreign investment in the country:

foreigners have the right to 100% company ownership legal disputes can be arbitrated abroad limited liability: a shareholder's liability is limited to their contribution low minimum capital requirements: around $130 land can be leased for long-term foreign companies are free to hire managerial and other talents from abroad there are no limits on profits repatriation Read also Internship in the Maldives There is a variety of companies you can set up in the Maldives including a private ownership company, a partnership, a cooperative society, a sole proprietorship company, and others.

Procedures The first step of setting up your company in the Maldives will be choosing and registering the name, which has to be unique. Then, you will need to fill in and submit the application for company incorporation as well the article of association, which will need to include the following information:

approved company name a statement of whether you are opening a private or public company registered full address of the company business objectives authorised company capital and how it will be produced shareholder details (if applicable), etc. Read also Work in Male You will then need to pay the relevant fees calculated based on the registered shared capital ' this part of the process is handled by the Ministry of Economic Development.

Once you've been approved and fees have been paid, you will need to register your business at the Registrar of Companies and apply for a Tax Identification Number (TIN). You will then need to create a register a company seal. This is the final step.

Read also Work in the Maldives Note that fees apply throughout the process: you will need to pay MVR 2,000 (about $130) as Annual Company Fee, a variable registration fee as well as MVR 500 (about $32) for stamps.

The final decision about whether your application is successful or not is made by the Ministry of Economic Development. The application review process includes police screening of all investors, determining the investors' financial standing, background checks, and more.

Read also Driving in the Maldives Useful links:

Company registration guide Taxation for foreign companies in the Maldives