Frequently Asked Questions
A Special Economic Zone (SEZ) is a specific geographic area within the Maldives that operates under different economic regulations and policies compared to other areas. It is designed to promote trade and investment by offering specific incentives and benefits to businesses, such as tax breaks, relaxed labor laws, and streamlined customs procedures. The purpose of SEZs is to attract foreign investment, create jobs, and increase economic growth by providing a business-friendly environment and infrastructure.
SEZs are designed to attract significantly larger investments and promote trade. They are suitable for businesses looking to expand to new markets or seeking to take advantage of specific incentives or benefits.
Key benefits include tax incentives, streamlined regulatory processes, advanced infrastructure, political stability, and a focus on sustainability. SEZs also offer access to a skilled workforce and opportunities in various strategic sectors.
Priority sectors include export-focused manufacturing, transshipment and logistics, advanced healthcare and research facilities, ICT parks, international financial services, renewable energy, new technologies, food security, and gas exploration.
Yes. The SEZ Law was passed on August 1, 2014, and ratified on August 7, 2014.
The BoI manages the establishment, operation, and development of SEZs, including granting approvals, reviewing applications, and ensuring compliance with regulations.
As per the latest Presidential Decree issued on 31 January 2024, the minimum investment is US$100 million.
Prospective developers can submit the completed application form and required documents to the BoI via email at [email protected].
The BoI reviews the application. If deemed feasible, the BoI issues an Initial Permit and requests detailed documents. Upon satisfactory review of these documents, the BoI issues a developer permit, upon which the developer signs an Investment Agreement with the Government.
Yes. A non-refundable application processing fee of US$ 25,000 is charged upon an application being accepted for review and consideration of the BoI.
- The project proposal,
- Copies of Articles and Memorandum of Association of the Applicant,
- Letter from a bank or financial institution concerning the credibility towards funding the proposed project,
- Copies of the three most recent audited financial statements of the applicant,
- Supporting documents and/or statements showing applicant’s most recent business profit tax payments (if applicable), and
- The non-refundable application processing fee of US$ 25,000.
No. At least 50 percent of the investment value must be designated for the strategic area of investment, while 40 percent of the total investment can be allocated to resorts and tourism-related investments.
Responsibilities include granting approvals, reviewing applications, formulating policies, issuing permits, monitoring investments, and ensuring compliance with SEZ regulations.
The President, with advice from the BoI, issues the minimum investment value and strategic areas before February of each year.
Yes, the government can review and revise the Presidential Decree to accommodate new investment opportunities.