Setting Up

Submission: Prospective developers submit completed application form along with required documents to the Board of Investments (BoI) via email at [email protected]. A non-refundable application processing fee of US$25,000 (twenty five thousand) is payable for the processing of the application.
Initial Permit: The BoI reviews the application to assess its technical feasibility and the Applicant’s financial viability. If the review is successful, the BoI issues an Initial Permit, requesting the Applicant to submit the detailed proposal and studies related to the investment. The Applicant is required to submit a bank guarantee of US$1,000,000 (one million) as per the terms stipulated in the permit, within 15 (fifteen) days of the permit being issued.
Detailed Proposal: The Applicant submits comprehensive documents, including the master plan for the zone, feasibility studies, engineering reports, Environmental Impact Assessment (EIA), business plan, and any other required documentation as specified in the Initial Permit.
Developer Permit: Upon successful review of the detailed proposal, the BoI issues a Developer Permit for zone management.
Investment Agreement: The Developer signs an Investment Agreement with BoI to formalize the investment and operational terms.

Max duration for the above process is 328 days.

Incentives Regime

Import Duty is exempted for importation of Capital Goods for development management and operation of the Zone;
Exemption from Business Profit Tax;
Exemption of Goods and Services Tax for first 10 years;
Exemption of Business Profit Tax from Shareholder Dividends;
Tax Relief available under specific guidelines;
Tax Credit available under specific guidelines;
Exemption from payment of Withholding Tax for first 10 years period; and
Relaxed rules to bring and recruit expats for employment.

Exemption from Business Profit Tax for an extended period.
Exemption from Goods and Services Tax for an extended period.
Exemption from Withholding Tax for an extended period.
Leasing of Land to Foreign Companies for 66 years; and a further lease for 33 years under a supplementary agreement signed along with the first agreement.
Opportunity to own Land by Maldivians and locally registered companies fifty one percent of whose shareholding is owned by Maldivian Nationals.
Exemption from any tax in purchase of Land.
Exemption from Goods and Services Tax for an extended period.
Tax Credit under specific guidelines.
Tax Relief under specific guidelines.
Exemption from Land Rent due under Tourism Act.

Exemption from Goods and Services Tax for a period exceeding first 10 years;
Exemption from Withholding Tax for a period exceeding 10 years;
Leasing of Land to Foreign Companies for 66 years; and a further lease for 33 years under a supplementary agreement signed along with the first agreement;
Ability to own Land by any company that is not a Foreign Company; and
Exemption from any tax with regard to purchase or ownership of Land.

Ability to control inward and outward remittance of money without being subjected to any permission from any authority.
Single window clearance and grant of Government approvals in respect of permitted undertakings inside a Zone