If You Have The Budget, Why Not Set Up Business in Maldives?
One country that has been powered strong mainly by tourism for several years is Maldives, otherwise known as an island paradise. Tourism has been the main stronghold of the country, although there are other sectors such as communication, transportation and construction which have also played a major role in this. What benefits do you get when you set up business in Maldives? Of course, there a lot! It’s because of the multiple incentives which the government has made for foreign investors to operate a business in the country. Want to know why you should set up business in Maldives?
Here is why:
Opportunities for Investors
As an investor, opportunity is what you seek out and Maldives is one of the places you should be. Especially since the government has opened plenty of opportunities for foreigners to benefit from since the late 1980s. Most of the foreign investments in Maldives currently focus on telecommunications, resort management, accounting and banking related sectors, and to spur an even bigger boost of investment into the country, Invest Maldives Division and the Licensing and Regulations Division within the Ministry of Economic Development are working jointly to encourage even more entrepreneurs to expand their horizons and look towards Maldives as a potential hotspot.
Stable Economy and Transparent Legal System
Maldives has always been blessed with a stable economy and a transparent (also stable) legal system. Thanks to the country’s liberal trade environment, dynamic private sector and development-oriented legal structure, Maldives is a country that is conducive to trade and investment.
Foreign investors especially get to enjoy a simple policy environment where foreign investment law guarantees the security of both foreign and domestic investments, and efforts are continually being made to make the investment climate in Maldives one that is predictable and transparent for the peace of mind of all who are invested in the country.
Maldives continues its aim of attracting as much foreign investment into the country as possible, especially investments which are capital intensive, enhance the transfer of technology and introduce new skills, all the while remaining environmentally friendly in the process. The government actually encourages foreign investors from all sectors, big or small, to enter and operate in the Maldives.
Among the incentives that encourage these investments are:
- the right to 100% foreign ownership
- legally backed investment guarantee
- no restrictions on the repatriations of earnings or profits
- provisions for overseas arbitration of disputes
- freedom to use foreign managerial
- technical and unskilled workers
- long-term contractual agreements
- lease of land
Entry Visa Made Easy
If you intend to set up a business in Maldives, the government has made it easy for you. With a free 30-day tourist visa to visit the country, you can conduct research related to investing in the country. All foreign employees who wish to proceed should go through the regular procedure of obtaining a work permit. As usual, you’ll be needing approval from the Government,