Foreign investors are permitted to invest only in areas specified by law, and they must obtain a special license for it. The Act also outlines areas open to investment and those where investment may be subject to specific conditions.
President Dr Mohamed Muizzu has ratified the new Foreign Investment Bill, which outlines the procedures for foreign investment in the Maldives.
This bill amends the 45-year-old Foreign Investment Act, aiming to provide more opportunities for investors under the law.
Under the new Act, the government is responsible for identifying, studying, and preparing feasibility reports on business opportunities in the Maldives.
Foreign investors are permitted to invest only in areas specified by law, and they must obtain a special license for it. The Act also outlines areas open to investment and those where investment may be subject to specific conditions.
Determining areas of investment will be made in consultation with the Cabinet. The Act mandates that investors in the Maldives obtain a special license for their operations. If an application for an investment permit meets all regulatory requirements, the Ministry of Economic Development and Trade will decide on the application within 30 days of its submission.
Penalties under the new law include fines of up to 30 percent of the total business value for conducting business other than what is permitted under the license.
Submitting incorrect information when applying for a foreign investment license could result in fines ranging from MVR 100,000 to MVR 1 million.
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