Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Maldives
When people hear of Maldives, they often think of a small island country surrounded by the Indian Ocean. It is one of the most sought after tourist destinations in Asia for its crystal blue oceans, white beaches, and clean air.
But the Maldives is more than just its beautiful natural treasures. It is also a well-developed country with a GDP per capita of USD 10,330, as recorded in 2018. Its economic growth is mostly associated with its tourism and fishing sector.
It is because of these advantages that business personalities from all over the world are eyeing the Maldives to start a business. Are you planning on setting up and registering a business abroad? Here are the reasons why you should register the company in the Maldives.
Why Register Company in the Maldives?
As a business owner, your topmost priority will always be knowing whether your potential business will flourish. And the Maldives gives investors just that economic environment. Thanks to their liberal trade environment, dynamic private sector, and very oriented legal structure, the Maldives is very conducive to trade and investment.
As the country is very well known for its tourism sector, this will be the best place to invest if you want to grow in that sector. Most traders invest in the Maldives through resort development and tourist spots. Moreover, foreign investments in the Maldives are also now focusing on telecommunications, accounting, and banking.
With Maldive’s natural beauty, the country has several tourists coming in and out every year. Some are even coming to settle for good. If you are a business owner venturing on the advantages of a country’s tourism, then the Maldives is the perfect place to invest in. You can compete with the other already established resorts and hotels around the country and sell out with an edge of your own.
Moreover, because of the country’s strength in tourism, the flood also boosts the other sectors related to tourism. These industries include photography, restaurants, airlines, etc. If you want to scale smaller, these business ideas are also very feasible.
Business Friendly Policies
The government of the Maldives is constantly taking steps to make its country business-friendly. Steadily, Maldives is growing to be a perfect destination to start a new business venture. And these steps are seen to be very effective with the country’s increase in foreign investments over the years.
Approvals and processings of business licenses in the Maldives are not very difficult. Furthermore, their tax rules are also healthy and not very imposing for business owners. Business profit tax is fixed at 15%. General goods and service tax is at 6%, and tourism goods and services are levied at 12%.
Easy Visa Access
If you already have planned out your business, you can easily access the country for 30 days with a free tourist visa. At this time, you can already work on your business model and strategies. Moreover, registering your trade name and getting your business permit will require you to get a work permit license.
With the Maldives’ different agencies pushing to make the country an investment Hubspot, more and more opportunities are available to local and foreign traders. The Maldives government is offering incentives to encourage investors from all sectors, big or small, to operate in the Maldives.
Few of these investor incentives include no restrictions on repatriation of earnings and profits, freedom to use foreign managerial, and long-term contractual agreements. These incentives are more for the benefit of foreign investors to entice more foreign traders in the country.
How to Set Up Business in the Maldives
To register a company in the Maldives, one would undergo any normal business processing. You would need to pick a unique trade name and register that trade name. Next, you have to fill in the standard application forms for the incorporation of a business. That is if you plan to establish your business as a corporation.
The Registrar of Companies gives investors a standard memorandum and articles of association to make the process much easier. You can even obtain these forms online for easier access.
Once you have everything filled in and the documents ready, you have to pay the necessary fees. The fees are based on a sliding scale of authorized share capital. Therefore, how big or small your company will determine the fees you will pay.
Company Formation Assistant
Do you need professional consultation and assistance on your plan to register a company in the Maldives? 3E Accounting can assist you with all the process and legalities of setting up a business abroad. Contact us today to know how we can help you with your company formation.