The Maldives consists of 1190 islands grouped into 26 natural atolls scattered over an area of 90,000 sq. km straddling the equator between latitudes 7°6” north and 0°42” south and longitudes 72°32” and 73°46” east.. About 88 islands in Maldives are Luxury Resorts. BEST TIME TO VISIT is from December to April. The temperature rarely falls below 25°C (77°F). NO. OF PEOPLE VISITING MALDIVES: Tourism is also the country’s biggest foreign currency earner and the single largest contributor to the GDP. The number of resorts has increased from 2 to 92 between 1972 and 2007.
As of 2007, over 8,380,000 tourists had visited Maldives. Export earnings from international visitors and tourism goods are expected to generate 60. 5% of total exports (MVR7,959. 5mn or US$621. 8mn) in 2010, growing (nominal terms) to MVR14,756. 3mn or US$1,152. 8mn (46. 5% of total) in 2020. Real GDP growth for Travel ; Tourism economy is expected to be 0. 3% in 2010 and to average 3. 9% per annum over the coming 10 years. Travel ; Tourism investment is estimated at MVR2,106. 7mn, US$164. 6mn or 28. 1% of total investment in 2010. By 2020, this should reach MVR3,386. mn, US$264. 6mn or 30. 3% of total investment. WORLD RANKING The Maldives Travel ; Tourism economy is ranked number: 134 in absolute size worldwide 4 in relative contribution to national economies 134 in long-term (10-year) growth (181 countries are estimated by WTTC / OE) FACILITIES PROVIDED: * Dive facilities * Dive site * Water Sports * Surfing MALDIVES GOVERNMENT PLANS TO ‘GREEN TOURIST TAX’ OF $3 PER DAY The environment levy could be around $3 a day per tourist, the island group’s president has said TOURIST AWARDS WON BY MALDIVES
Maldives won the top islands awards at 2009 Conde Nast traveler awards Maldives was nominated in five categories in the 14th Annual World Travel Awards. The five categories that Maldives got nominated are World’s Leading Destination, World’s Leading Dive Destination, World’s Leading Honeymoon Destination, World’s Leading Romantic Destination and World’s Leading Travel Television Commercial. In addition Maldives Tourism Promotion Board has been nominated in the World’s Leading Tourist and Convention Bureau category. Investment Options: POSSIBLE OPTIONS FOR ESTABLISHING
FOREIGN INVESTMENTS IN THE MALDIVES Foreign investors may choose, either to set up an investment wholly owned by foreigners or form joint ventures with Maldivian Nationals or companies registered in the Maldives. As such foreign investments may enter the Maldives under the following OPTION 1| OPTION 2| Registering a joint venture investments whose ownership of 51% or more is held by a Maldivian or wholly owned Maldivian entities incorporated in the Maldives| Registering investments whose ownership of 51% or whole held by foreigners or entities incorporated outside of the Maldives. Decision will be communicated within 10 Days of submission of all Documents| Decision will be communicated within 30 Days of submission of all Documents| Royalty: royalty equivalent to 1. 5 percent of Gross Turnover or 7. 5 percent of Net Profit, whichever is greater| Royalty: annual royalty equivalent to 3 percent of Gross Turnover or 15 percent of Net Profit, whichever is greater. | COST OF DOING BUSINESS The following fees are to be paid to the Registrar of Companies at the time of incorporation of a Company in the Maldives. 1. Annual fee USD 156 (approx) 2.
Stamp fee USD 39 (approx) 3. Company registration fee; depends on the authorized registration fee capital of the Company (Minimum authorized capital of USD 156 [approx. ] is required by Law) 4. All foreign investments incur an administrative fee of USD 2,000. Cost of re-registering a Company in the Maldives – Re-registering a Company resident overseas in the Maldives is free. Source: http://investmaldives. org/mediacenter/promotion/Starting-a-business-maldivesJan10. pdf The Project envisages up gradation and modernization of GAN International Airport at Maldives.
The above noted proposal will include mentioning that the estimated investment the investor proposes to invest is as follows – (Please note all amounts stated in US$ Million) ? Extending the present Runway(highly excessive in our opinion) – US$ 36 to 50 ? Building a New Airport Terminal Building – US$ 17 to 21 ? Setting up a New Fuel Tank farm – US$ 9 ? Building a new Up market 7 star Resort jointly with a tour Operator – US$ 20 to 30 The total investment will vary between US$ 82 to 110 Million (iii) An upfront fee of US$ 1 million would be paid to GOM on signing of the concession agreement. iv) In the event the deal is delivered a success of fee of US$ ???? will be payable AFTER signing of the agreement with GOM. An agreement for same has to be signed once you agree to proceed with the opportunity. The investor pays 10% of the turnover to GOM for the first 7 years and then 15% for the balance 23 years. This payment excludes sale of Fuel. The present revenue sources are – ? Sale of Jet A -1 Fuel ? Aircraft Landing Fees ? Aircraft Parking Fees ? Ground handling fees ? Duty Free Sales ? Property Leases Airport and Air Traffic Control (ATC) Charges|
Charges are fees paid by airlines for services and facilities provided by airports and Air Navigation Service Providers (ANSPs). IATA’s role is to drive cost reductions and continuous improvements in cost efficiency. Some fast facts regarding charges are provided below. | Airport and ATC charges| Charges are fees paid by airlines for services and facilities provided by airports and ANSPs such as:| Use of the runway (landing charges)| Use of the airport infrastructure (parking and boarding bridge charges)| Use of the terminal building (passenger charges)| Airport security (security charges)|
Protection of the environment (noise charges)| Air traffic control (en route navigation and terminal charges)| Other air navigation services (Meteorological and Aeronautical Information Services)| Parking and Hangar Charges| ————————————————- Dive Facilities Maldives is home to some of the most diverse marine fauna and flora in the world. Tens of thousands of reefs, a thousand recorded species of fish, over two hundred species of coral and hundreds more species of other marine life; no wonder many see this as one of the greatest dive destinations on earth.
The dive center is one of the most important facilities in any resort. Each resort has a dive center and are staffed by qualified dive instructors. Divers may, if they wish, bring along their own dive gear, however the centers carry a wide range of rental equipment. At resorts diving is conducted daily all year round. Even in Male there are some dive centers, mainly serving the residents of Male. There are two decompression chambers in the Maldives located in Kaafu Atoll and Ari Atoll. ————————————————- Dive Sites There are thousands of dive sites; so numerous that you can literally swim ver from one to the other. Only a small percentage of the Maldives reefs have ever been dived. Each dive site has its unique characteristics in form, fauna and flora, the currents and other elements that shape and mould them. Resorts concentrate on dive sites within a one or two-hour radius, while cruise boats cover more ocean and therefore a greater variety of sites. ————————————————- Water sports All resorts without exception have water sports centers that provide a range of water sports and fun activities. The most popular among these are snorkeling, windsurfing and catamaran sailing.
The water sports centers are equipped with boards and sails of different sizes and some offer courses for beginners and advanced windsurfers and sailors. Among other popular water sports activities are parasailing, kayaking, kite-surfing, water-skiing and jet skiing. Some resorts even offer you the opportunity to try out your sailing skills on a local dhoni. ————————————————- Surfing in Maldives Today surfing is the fastest growing water sport in the country, with several surf breaks that are documented and well-known by surf enthusiasts.
The most important surf event is the annual ONeill Deep Blue Contest which has placed Maldives firmly on the world’s surf map. ————————————————- Maldives Surfing Season The best season to surf in the Maldives is the Southwest Monsoon from April to October. Surfers are most likely to enjoy the biggest swells from June to September. The surf generally ranges in size from 3-8 feet. ————————————————- Surf Breaks The best known surf breaks are in the North and South Male’ Atoll and most surfers stay in resorts close to these breaks.
However cruise operators offer specialized surfing cruises, that give you the opportunity to test some of the less known surf breaks in the atolls further away from Male’ Atoll. MALDIVES GOVERNMENT PLANS TO ‘GREEN TOURIST TAX’ OF $3 PER DAY The environment levy could be around $3 a day per tourist, the island group’s president has said Ecological damage caused by tourists flying to the Maldives could be offset by a proposed daily “green tax”, an expert has said. John Buckley, managing director of environmental advice firm Carbon Footprint, said that a proposal from the Maldives government to introduce a $3 (? 1. 0) per day green tax on tourists is “probably enough” to offset ecological damage caused by their flights. He went on to comment that many operators are making an effort to differentiate themselves and take advantage of consumer demand by offering greener travel. President of the Maldives, Mohammed Nasheed, proposed the green tourist tax and said proceeds would go towards funding the country’s climate change projects. Mr Nasheed’s vice president, Dr Mohamed Waheed, said the government believed that responsible leadership required “that we leave to our children a legacy that is better than the one we inherited”.
He added we should do everything possible to stop global warming, not for political or economic reasons, but because it is the right thing to do. Of course, the Maldives is so low-lying it will be one of the first to be affected by rising sea levels. One does have to wonder whether the $3 a day tax is really going to help them if all the Arctic ice melts. ECONOMY The past two years’ records show a 10% average annual growth of the 8Maldives economy. Tourism is the main industry, contributing close to 20% of the GDP. Fisheries and trade follow close behind.
The Maldivian economy is regarded as exemplary in the region and welcomes foreign investment. Industries:| Boat Building| | Coconut processing (toddy making, sugar making …)| | Fishing (mostly pole and Line)| | Fish processing| | Garment manufacturing| | Handicraft making| | Mat Weaving| | Rope Making| | Shipping| | Thatch Weaving| | Tourism| Currency:| Rufiyaa (MRf) and Laari (L) (1 Rufiyaa – 100 Laaris) Rufiyaa bank notes come in denominations of 5, 10, 20, 50, 100 and 500 Coins are in the denominations of MRf 2, MRf 1 and 50 L
Payments of most hard cash currencies are accepted at all resorts and hotels| Commonly Used Credit Cards| | America Express Visa Master Card Diners Club JCB Euro Card| | Official Exchange Rates:The Maldives Rufiyaa is the currency in Maldives (MV, MDV). The symbol for MVR can be written Rf. The Maldives Rufiyaa is divided into 100 lari. The exchange rate for the Maldives Rufiyaa was last updated on December 28, 2010 from Yahoo Finance| | US$ 1 = MRF 12. 81 | |