Business
2023 Companies Act and investment concentrated in resort leases
The Companies Act 2023 replaced the 1996 law. Foreign investment is governed by the Foreign Investment Act and, in tourism, by island lease arrangements under the Tourism Act rather than land ownership.
Governing law
- Companies ActLaw 7/2023
- Foreign Investment ActLaw 25/79
- Maldives Tourism ActLaw 2/99
- Business Registration ActLaw 18/2014
In practice
Resort development runs on leases of uninhabited islands granted by the state, historically up to fifty years and extendable to ninety-nine for qualifying investments. Foreign investors need approval and a registered agreement with the state. Sole proprietorship is reserved to Maldivians. The 2023 Act modernised director duties and introduced clearer rules on shareholder remedies.