MALDIVES AS TOURIST SPOT
The Maldives consists of 1190 islands grouped into 26 natural atolls scattered over an area of 90,000 sq. km straddling the equator between latitudes 7°6” north and 0°42” south and longitudes 72°32” and 73°46” east.. About 88 islands in Maldives are Luxury Resorts. BEST TIME TO VISIT is from December to April. The temperature rarely falls below 25°C (77°F).
NO. OF PEOPLE VISITING MALDIVES:
Tourism is also the country's biggest foreign currency earner and the single largest contributor to the GDP. The number of resorts has increased from 2 to 92 between 1972 and 2007. As of 2007, over 8,380,000 tourists had visited Maldives. Export earnings from international visitors and tourism goods are expected to generate 60.5% of total exports (MVR7,959.5mn or US$621.8mn) in 2010, growing (nominal terms) to MVR14,756.3mn or US$1,152.8mn (46.5% of total) in 2020. Real GDP growth for Travel & Tourism economy is expected to be 0.3% in 2010 and to average 3.9% per annum over the coming 10 years.
Travel & Tourism investment is estimated at MVR2,106.7mn, US$164.6mn or 28.1% of total investment in 2010. By 2020, this should reach MVR3,386.7mn, US$264.6mn or 30.3% of total investment.
The Maldives Travel & Tourism economy is ranked number:
134 in absolute size worldwide
4 in relative contribution to national economies
134 in long-term (10-year) growth
(181 countries are estimated by WTTC / OE)
* Dive facilities
* Dive site
* Water Sports
MALDIVES GOVERNMENT PLANS TO ‘GREEN TOURIST TAX’ OF $3 PER DAY The environment levy could be around $3 a day per tourist, the island group's president has said
TOURIST AWARDS WON BY MALDIVES
Maldives won the top islands awards at 2009 Condé Nast traveler awards Maldives was nominated in five categories in the 14th Annual World Travel Awards. The five categories that Maldives got nominated are World’s Leading Destination, World’s Leading Dive Destination, World’s Leading Honeymoon Destination, World’s Leading Romantic Destination and World’s Leading Travel Television Commercial. In addition Maldives Tourism Promotion Board has been nominated in the World’s Leading Tourist and Convention Bureau category.
POSSIBLE OPTIONS FOR ESTABLISHING
FOREIGN INVESTMENTS IN THE MALDIVES
Foreign investors may choose, either to set up an investment wholly owned by foreigners or form joint ventures with Maldivian Nationals or companies registered in the Maldives. As such foreign investments may enter the Maldives under the following OPTION 1
| OPTION 2
Registering a joint venture investments whose ownership of 51% or more is held by a Maldivian or wholly owned Maldivian entities incorporated in the Maldives
| Registering investments whose ownership of 51% or whole held by foreigners or entities incorporated outside of the Maldives.
| Decision will be communicated within 10 Days of submission of all Documents
| Decision will be communicated within 30 Days of submission of all Documents
| Royalty: royalty equivalent to 1.5 percent of Gross Turnover or 7.5 percent of Net Profit, whichever is greater
| Royalty: annual royalty equivalent to 3 percent of Gross Turnover or 15 percent of Net Profit, whichever is greater.
COST OF DOING BUSINESS
The following fees are to be paid to the Registrar of Companies at the time of incorporation of a Company in the Maldives. 1. Annual fee USD 156 (approx)
2. Stamp fee USD 39 (approx)
3. Company registration fee; depends on the authorized registration fee capital of the Company (Minimum authorized capital of USD 156 [approx.] is required by Law) 4. All foreign investments incur an administrative fee of USD 2,000. Cost of re-registering a Company in the Maldives - Re-registering a Company resident overseas in the Maldives is free. Source: http://investmaldives.org/mediacenter/promotion/Starting-a-business-maldivesJan10.pdf
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