Maldives (MV)
The Maldives is the world's most geographically dispersed country — a chain of 26 coral atolls and 1,192 islands stretching 900km across the Indian Ocean, of which only about 185 are inhabited.
Capital: Malé
Region: Asia
Language: Dhivehi
Currency: MVR (Rf)
Cost of living: Affordable (index 55)
Emergency: 119
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Business Setup
Start a business or go freelance in Maldives.
🧑💻 Freelancer / Self-Employed Guide
Steps to register:
- 1 Obtain a business licence from the Ministry of Economic Development (required even for freelance services)
- 2 Register with MIRA for GST if expected annual turnover exceeds MVR 1,000,000
- 3 Open a business bank account at BML or HSBC
- 4 Obtain relevant professional licences if applicable (architecture, engineering, healthcare)
- 5 For foreign freelancers: obtain Employment Approval or use the "Work From Maldives" programme if working for foreign clients only
Tax registration
Register with MIRA (mira.gov.mv) for a Tax Identification Number (TIN). Personal income tax: ZERO — not applicable. Business activities may attract Business Profit Tax (BPT) at 15% on profits above MVR 500,000/year.
VAT threshold
GST registration required if taxable supplies exceed MVR 1,000,000 per year. GST rate: 8%. Tourist services: TGST 16%.
Invoicing
Invoices must include: your business name and TIN, customer name and address, date, unique invoice number, description of services, amounts, and GST if applicable.
Social security
Self-employed individuals are encouraged but not always legally required to contribute to MPAO. Recommended to voluntarily contribute 7% of income to your MPAO account for retirement savings.
💡 Foreign nationals operating independently in the Maldives face significant restrictions. The "Work From Maldives" scheme (USD 840/year) is the cleanest option for those working remotely for non-Maldivian clients. For those servicing Maldivian clients, a local business partner or sponsor company is typically required. MIRA tax advisory services are available free in Malé.
🏢 Business Structures
Private Company (Pvt Ltd) · Private Limited Liability Company
Private Limited Company (Ltd)
MVR 1,000 minimum (can be as low as Rf 1,000 but USD equivalent often required)
Min. capital
2–6 weeks at Ministry of Economic Development
Setup time
Liability: Limited to share capital
Setup cost: MVR 3,000–8,000 (registration fees + legal costs)
Best for: Most common structure for foreign-owned or jointly owned businesses in the Maldives. Tourism-related businesses, consulting, and services.
Sole Trader / Sole Proprietorship · Sole Proprietorship (Infiraadhi Kuri)
Sole Trader
No minimum
Min. capital
1–2 weeks
Setup time
Liability: Unlimited personal liability
Setup cost: MVR 500–1,500 (business registration)
Best for: Maldivian nationals only. Foreign nationals cannot operate as sole traders in the Maldives without specific approval. Used by local craftspeople, small traders, and service providers.
Branch Office · Branch of a Foreign Company
Branch Office
MVR 500,000 guarantee (varies by sector)
Min. capital
4–12 weeks
Setup time
Liability: Parent company liable
Setup cost: MVR 15,000–30,000 (registration + annual fees)
Best for: International companies wishing to conduct business in the Maldives without full incorporation. Requires parent company documents, apostilled and legalised.
Resort / Hotel Operator · Tourism Lease Agreement Company
Resort Operator (Leasehold)
USD 1,000,000+ (resort lease deposits vary)
Min. capital
6–24 months (including bid process)
Setup time
Liability: Limited (company structure)
Setup cost: USD 50,000–500,000+ (resort bid, legal, and setup)
Best for: Only viable structure for operating a resort island. Land is owned by the government and leased — typically 50-year leases. Foreign companies can participate in resort tenders but must comply with Maldives Tourism Act.
Special Economic Zone (SEZ) Entity · Maldives SEZ Company
Special Economic Zone Company
USD 100,000 (sector-dependent)
Min. capital
4–16 weeks
Setup time
Liability: Limited
Setup cost: USD 5,000–20,000
Best for: Businesses that qualify for SEZ benefits: 0% corporate tax for 10 years, 0% customs duty on equipment, free repatriation of profits. Available in Hulhumalé and other designated zones. Target sectors: technology, financial services, healthcare hubs.
Business Setup
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