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The Investment Law in Malé, Maldives, is designed to regulate and facilitate both local and foreign investments in the region. This legal regime includes policies on land acquisition, foreign direct investments, taxes, partnerships, and more. In an effort to foster a business-friendly environment, the government provides incentives such as tax holidays and protection against expropriation under this law.
Engaging a lawyer when making an investment in Malé is key to successfully navigating the complexities of the local legal framework. Lawyers can provide counsel on business incorporation, contract negotiations, taxation, dispute resolution, regulatory compliance, and any necessary permits or licenses. This is particularly critical if you are not notably familiar with Maldives legal system or the business culture. Additionally, legal advisors can help identify potential investment risks and business opportunities.
The legal system in Malé, for investment, is bound primarily by the Companies Act, Business Registration Act, and Maldives Foreign Investment Act. These laws outline the rights and obligations of investors, regulatory bodies, and the registration and dissolution of businesses. In particular, the Maldives Foreign Investment Act provides protection for foreign investments and sets out the procedures for dispute resolution. Tax laws such as the Business Profit Tax Act determine the taxation rates and exemptions for investments in Malé.
The government encourages investments in areas such as tourism, fisheries, real estate, agriculture, renewable energy, and information and communication technology.
Starting a business involves registering the business with the Ministry of Economic Development, obtaining necessary permits from regulatory authorities, and adhering to tax regulations.
No, the Maldivian constitution prohibits foreigners from owning land. However, they can lease land for up to 99 years.
The government offers a range of incentives such as tax holidays, duty-free import of goods for hotel and resort projects, and guaranteed protection against expropriation.
Maldives law provides for dispute resolution through the court system or through arbitration. The Maldives Foreign Investment Act also provides protection to foreign investors concerning disputes.
The Ministry of Economic Development and Maldives Investment Authority provide assistance and guidance for investors. For legal advice, the Maldives Bar Association and various private law firms are valuable resources.
If you require legal assistance related to investments in Malé, consider hiring a local lawyer. They will guide you through the entire investment process, help understand your legal obligations and ensure your rights are protected under local laws. Additionally, keep abreast of any changes in the local investment climate by following updates from the Ministry of Economic Development and Maldives Investment Authority.
