Maldives is a popular for world class tourism, resorts, water sports and tuna fish. There are about 200+ resorts in Maldives, most of which are run by foreign companies. The economy of Maldives depends on tourism and fishing exports.
How can a foreigner start a business in Maldives?
Registering a Foreign Investment Company
As a foreigner to start a business in Maldives, you will have to register your business under foreign investment category. The process of registering a company would take about 30 days and the minimum investment would be USD 1 million.
Now are you ready to invest so much for a business in Maldives as an individual looking to start some small business in Maldives. A minimum investment of 1 million investment and getting formally registered as a company would be ideal for big business like resorts, construction company, etc.
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Having an informal local partner
If you are looking for starting something small, then the options are very lean. I see many foreigners doing small business in Maldives, but that would be with the help of local partner.
This option would have some risks, but there are many successful small businesses running successfully for years. You will have to partner with a local person who would be legally registering the business and everything would be done under his name. You will have to get into an agreement with him to run the business for him. Everything would go fine as long as there are no conflicts between you and your partner, but if your local parter would want to take over the business, you could end up in trouble.
This option comes with serious risks, but again there are many businesses running in this model for long time and we do see such models failing in many cases. The success would depend on your understanding with your local partner.
Hope this information is helpful
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