Please submit all necessary documentation (listed below) to the Invest Maldives Office, located on the fourth floor of Velaanaage, in order to request approval for foreign investment.

For applications filed via the “Automatic” method, the application review procedure takes two working days; for those submitted via the “Government” route, it takes five to fourteen working days.

The applicant will get an acceptance letter from the Ministry following the approval of the foreign investment. The next thing you need to do is register your company using one of the three options below.

• Re-registering a business with the registrar of companies in a foreign jurisdiction
• Adding a New Company or Partnership
• Purchasing Stock from a locally incorporated business

In one business day, your company will be registered. You must sign a Foreign Investment Agreement (FIA) with the Ministry of Economic Development & Trade after the business entity has been registered.

What paperwork is needed to request clearance for a foreign investment?

• Application for Registration of Foreign Investment
• Clear, comprehensive, and current copies of the directors’, shareholders’, and secretary’s/legal representative’s passports or National Identity Cards
• Certificate of Company Registration and Constitutional Documents of the Entity, notarized as authentic copies by appropriate authorities in the nation of registration. All non-English documents must have notarized translations submitted by the investor.
• For every shareholder (person and legal entity), a financial institution licensed by the relevant jurisdiction’s central bank issues a letter of financial credibility.
• investor and shareholder profiles. For individual investors or stockholders, a resume will do.
• Contract Award Letter from Public or Private Entities (if relevant)
• An agreement or award letter from the relevant organization is required if the candidate wants to work in the construction industry.
• Feasibility study and projected business plan (upon request by MED)

What paperwork is needed to re-register a business?

• Application for Business Registration
• Certificate of Company Registration and Entity Constitutional Documents notarized as true copies (by the appropriate authorities of the registered nation). Note: All non-English documents must have notarized translations supplied.
• Board Decision of the Business
  to reapply in the Maldives
  To designate a Legal Representative to act on the company’s behalf in any legal actions taken against the company
• Acceptance Letter and copy of the designated Representative’s NIC or passport Note: The representative should be a resident of the Maldives or a recognized organization; legal expertise is not required.
• Proper, comprehensive, and legitimate copies of PP and ID for individuals with tax obligations

Which paperwork is needed in order to incorporate a new business?

• Please refer to Company Registration for further information on how to register a company.
• The business registration certificate and the entity’s constitutional documents notarized as true copies (by the appropriate authorities of the registered nation) if the foreign shareholder is an entity. Note: All non-English documents must have notarized translations supplied.
  Board Decision of the Business
  Information on how many shares, and in what proportion, the company will own in the new venture
  Information on the directors (if any) chosen to represent the entity in the new venture
• Copy of the directors’ and company secretary’s valid, complete, and PP/ID; the tax-responsible person or people

Which paperwork is needed to register a partnership?

• Application for Business Registration Form.
• Partnership Contract (2 Originals)
• PP / ID copies that are clear, full, and valid for the Partners’ tax-responsible person or people
• Constitutional documents of the foreign partner, notarized as true copies by the appropriate authorities of the registered nation, if the foreign partner is an entity with a business registration certificate. Note: All non-English documents must have notarized translations supplied.
  Board Decision of the Business
  Information on how many shares, and in what proportion, the company will own in the new venture
  Information on the directors (if any) chosen to represent the entity in the new venture

Which paperwork is needed in order to purchase stock in an established local business?

• Transfer Form for Sharing (2 originals)
• The entity planning to make the investment has revised its articles of association and memorandum of association (2 Originals).
• A board resolution authorizing the share transfer (as in step 1)
• The new directors and shareholders’ NIC/passport copies must be clear, comprehensive, and valid.
• The transferee’s board resolution (if an entity)
  Information on the quantity and percentage of shares the business will purchase
  Information on the directors (if any) chosen to represent the entity in the new venture

What is the price of this?

• Administration of Foreign Investments Amount equal to $5,000 USD. The Maldives Inland Revenue Authority (MIRA) must receive payment of this amount. You must provide the Ministry of Economic Development & Trade with a copy of the receipt.

Moreover, depending on the kind of business you register in the Maldives, you must pay an entity registration charge. Please go to the company registration process for information on fees.

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The island was first put up for sale in September 2019, with an initial price of USD 29.5 million.

In its sales note, BML detailed that it granted banking facilities to Huravee International Pvt. Ltd, of which a large share is held by Hussain Manik Dhonmanik, former MP of Thaa Guraidhoo constituency, via a facility agreement in 2016.

The bank had to ask the court for help because the borrower defaulted. In February 2019, the Civil Court gave BML the right to sell the mortgaged assets and collect the money owed to the bank.

The Maldives Marketing and Public Relations Corporation (MMPRC) initially leased the island for resort development.

The agreement to develop Kalhudhiyafushi as a tourist resort was signed between the Ministry of Tourism and Huravee International on August 24, 2015, with the former tourism minister Ahmed Adeeb signing on behalf of the ministry.

The island, situated near Gaadhiffushi island of Thaa Atoll, was originally planned to open in 2017. It will feature 97 private villas, 100 rooms, and three restaurants and is being developed in partnership with the international hotel chain Meliá Hotels International.

However, as of now, only about 78 percent of the resort’s construction has been completed.

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The code-F runway officially opened on October 6th and at 65m wide, it will accommodate the largest aircrafts in operation, such as the Airbus A380 – the world’s largest commercial aircraft.

Work started on the runway in 2018, as part of a huge $1bn development project to upgrade the airport for modern tourism needs. The existing runway is now a parallel taxiway, allowing for smoother operations and increased capacity.

The runway opened alongside a new seaplane terminal, which has increased seaplane capacity by 50%.

The Maldives has the biggest seaplane operation in the world, connecting Velana International Airport to resorts across the country’s 26 atolls.

The airport development project also includes a new passenger terminal, a 45 million litre fuel farm and a 120,000 tonne cargo facility.

The new international passenger terminal building, now under construction, will have an increased area of more than 78,000 square meters and will boast aero boarding bridges, state-of-the-art baggage handling systems and a wide range of food and beverage outlets, retail spaces, lounges and other services.

A new VIP/CIP building has already opened, providing high-end facilities for discerning travellers.

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