SEZ Maldives

The Special Economic Zones Act (Act Number: 24/2014), passed by the Maldivian Parliament on August 1, 2014, and ratified on August 7, 2014, establishes a robust legal framework for the creation and management of SEZs in the Maldives.

This pioneering legislation is designed to attract private investments in the delivery of priority projects of the Government. Investments sought through the framework will focus on creating strategic infrastructure assets critical for economic diversification and long-term growth.

Towards this objective, the SEZ law strives to provide a globally competitive incentive regime and seamless doing business procedures to attract global developers and financiers to establish their presence in the Maldives.

What is an SEZ?

An SEZ is a strategically designated area within a country where business and trade regulations differ from the broader national framework.

In the Maldives, as defined under the Special Economic Zones Act (Act Number: 24/2014), an SEZ is a distinct geographical zone marked by specific boundaries or coordinates, managed by a designated Developer. This Developer is responsible for overseeing and implementing economic activities within the zone. SEZs are designed to foster a conducive environment for economic growth by offering streamlined regulatory processes, attractive tax incentives, and enhanced infrastructure.

These zones operate as special customs areas, separate from the general jurisdiction, specifically concerning the levy of export and import duties. This setup ensures that businesses within SEZs benefit from favorable conditions tailored to their needs, promoting both foreign and domestic investments. By providing specialized facilities and support, SEZs drive industrial growth and economic development, creating an ideal environment for business success.