Doing Business with Maldives

A comprehensive guide to doing business, exporting, investing, and manufacturing in Maldives.

Foreign Direct Investment with the International Trade Council / Company Incorporation / Company Formation

Albanian Investment Development Agency

Tel: +355 42 251 001
Email: info@aida.gov.al
Web: www.aida.gov.al

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General Directorate of Customs

Albania General Directorate of Customs - International Trade Council

 

Tel: +355 42 253 820
Email: helpdesk.dpd@dogana.gov.al
Web: www.dogana.gov.al

National Chamber of Commerce

Albanian Chamber of Commerce and Industry

Albanian Chamber of Commerce and Industry - International Trade Council

Tel: +355 45 800 932
Email: cci.tirana@cci.al
Web: www.cci.al

Ministry of Economy Information from the International Trade Council - a Peak-body - international chamber of commerce

Ministry of Finance and Economy, Albania

  • Type of Government: Presidential republic
  • Population: Approximately 540,000
  • GDP: Around $5 billion USD
  • Corporate Tax Rate: 15%
  • Personal Income Tax Rate: Up to 15%
  • Major Exports: Fish, garments
  • Major Imports: Machinery, fuel, foodstuffs

 

Exporting to the Maldives involves several steps. Here’s a comprehensive guide:

  1. Research Market Requirements

    • Understand the Maldives’ import regulations and standards for your product.
  2. Identify Local Partners

    • Establish relationships with local distributors or agents.
  3. Prepare Export Documentation

    • Include commercial invoices, packing lists, and certificates of origin.
    • Ensure compliance with labeling and packaging requirements.
  4. Arrange Logistics and Shipping

    • Choose a reliable shipping company. Ensure accurate completion of shipping documents, such as bills of lading.
  5. Customs Declaration

    • Work with a customs broker to facilitate the clearance process.
    • Submit all required documentation to the Maldives Customs Service.
  6. Understand Duties and Taxes

    • Familiarize yourself with any applicable import duties and taxes.
  7. Distribution and Sales

    • Establish distribution channels within the Maldives.
    • Consider partnerships with local businesses for effective market penetration.

Key Contacts

Importing goods into the Maldives involves several steps. Here’s a comprehensive guide:

  1. Register as an Importer

    • Ensure your business is registered and compliant with Maldives regulations.
  2. Classify Your Goods

    • Determine the correct Harmonized System (HS) code for your products to identify applicable duties and taxes.
  3. Check Import Regulations

    • Ensure compliance with specific standards and obtain necessary permits or certifications for your goods.
  4. Find a Reliable Supplier

    • Establish a relationship with a trustworthy overseas supplier.
  5. Arrange Shipping and Logistics

    • Choose a reliable freight forwarder.
    • Ensure all shipping documents are in order, including the bill of lading and commercial invoice.
  6. Customs Declaration

    • Submit all required documentation to the Maldives Customs Service.
    • Work with a customs broker if necessary to facilitate the process.
  7. Pay Duties and Taxes

    • Calculate and pay applicable import duties and taxes through the customs system.
  8. Receive Your Goods

    • Arrange for the transportation of goods from the port to your warehouse or distribution center.

Key Contacts

Incorporating a company in the Maldives involves several steps. Here’s a comprehensive guide:

  1. Choose a Company Type

    • Decide on the legal structure (e.g., Private Limited Company).
  2. Reserve a Company Name

    • Check and reserve the desired company name with the Ministry of Economic Development.
  3. Prepare Incorporation Documents

    • Prepare necessary documents such as the Memorandum and Articles of Association.
  4. Submit Registration Application

    • File the application with the Ministry of Economic Development, including all required documents.
  5. Pay Registration Fees

    • Fees vary depending on company type. Check the Ministry’s website for current rates.
  6. Obtain Business Licenses

    • Apply for any necessary business licenses specific to your industry.
  7. Register for Taxes

    • Obtain a tax identification number from the Maldives Inland Revenue Authority (MIRA).
  8. Open a Bank Account

    • Open a corporate bank account in the company’s name.

Key Contacts

Setting up a manufacturing plant in the Maldives involves several steps. Here’s a comprehensive guide:

  1. Conduct Market Research

    • Analyze demand, competition, and location advantages in the Maldives.
  2. Choose a Suitable Location

    • Consider available infrastructure, proximity to resources, and zoning regulations.
  3. Incorporate Your Company

    • Register your business with the Ministry of Economic Development.
  4. Obtain Necessary Permits and Licenses

    • Apply for industrial and environmental permits from relevant authorities.
  5. Secure Financing

    • Explore options through banks or investment partners.
  6. Design and Construct the Facility

    • Hire architects and contractors for design and construction.
    • Ensure compliance with local building codes and safety regulations.
  7. Install Equipment and Machinery

    • Purchase and set up machinery necessary for production.
    • Ensure safety and operational standards are met.
  8. Hire and Train Workforce

    • Recruit skilled labor and provide necessary training.
  9. Set Up Supply Chain and Distribution

    • Establish relationships with suppliers and distributors.
  10. Begin Operations

    • Start production and monitor operations for efficiency and quality control.

Key Contacts

Registering a trademark in the Maldives involves several steps. Here’s a comprehensive guide:

  1. Conduct a Trademark Search

    • Ensure your trademark is unique and not already registered.
  2. Prepare Your Application

    • Include the trademark design, classification of goods/services, and applicant details.
  3. Submit the Application

    • File your application with the Ministry of Economic Development.
  4. Pay the Application Fee

    • Fees vary based on the type and number of classes. Check the Ministry’s website for current rates.
  5. Examination Process

    • The application undergoes examination for compliance and potential conflicts.
  6. Publication and Opposition

    • If approved, the trademark is published for opposition. A period is given for third parties to oppose.
  7. Registration and Certification

    • If no oppositions arise, the trademark is registered, and you receive a Certificate of Registration.
  8. Maintain and Renew the Trademark

    • Trademarks need periodic renewal to maintain protection.

Key Contacts

Resolving commercial disputes in the Maldives involves several steps. Here’s a guide on the process:

  1. Attempt Negotiation

    • Start by negotiating directly with the other party to reach an amicable solution.
  2. Mediation

    • Engage a mediator to facilitate discussions. This method is often quicker and less formal than court proceedings.
  3. Arbitration

    • Consider arbitration for a private and binding resolution. Both parties must agree to this method.
  4. Seek Legal Advice

    • Consult with a lawyer specializing in commercial law for guidance on your case.
  5. File a Lawsuit

    • If other methods fail, file a lawsuit with the Maldivian courts. Prepare necessary documentation and evidence.
  6. Court Proceedings

    • Attend hearings and present your case. Follow legal procedures as guided by your lawyer.
  7. Judgment and Enforcement

    • If a judgment is made, ensure its enforcement through legal channels.

Costs

  • Mediation and Arbitration Fees: Vary depending on the service provider.
  • Court Filing Fees: Depend on the jurisdiction and case type; consult local courts.
  • Legal Fees: Vary based on the lawyer and complexity of the case.

Key Contacts

When considering doing business in the Maldives, various social, cultural, political, and economic factors must be taken into account.

Social and Cultural Factors

  • Language: Dhivehi is the official language; English is commonly used in business.
  • Business Etiquette: Relationships and trust-building are important. Punctuality is valued.

Political Factors

  • Government Structure: Presidential republic with a stable political environment.
  • Regulations: Generally supportive of foreign investment, with clear business regulations.

Economic Factors

  • Economic Stability: Tourism is a major economic driver, alongside fisheries and construction.
  • Corporate Tax Rate: 15%.

Foreign Exchange

  • Currency: Maldivian Rufiyaa (MVR).
  • Exchange Rate: Subject to fluctuations; currency risk management is advisable.

Rule of Law

  • Legal Framework: Strong legal system with enforcement of contracts and property rights.
  • Judiciary: Independent judiciary focusing on transparency and efficiency.

Business Environment

  • Infrastructure: Developing infrastructure with ongoing projects to enhance connectivity.
  • Workforce: Educated and multilingual workforce, though skill levels can vary by industry.

Key Resources

Our Members Include Leading Organizations in Maldives

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