Information and communication technology (ICT) is widely acknowledged as having the potential to be a potent weapon in the fight against global poverty. It will also aim at giving developing nations a previously unheard-of chance to achieve crucial development objectives like poverty reduction, access to basic healthcare, and education.
Over the past ten years, the Maldives’ communication services and infrastructure have quickly increased. The fundamental issues still revolve around expanding practical access and bringing down the comparatively high costs of internet access, cellular mobile costs, and local and long-distance phone use. The government has decided to move toward a more open competitive environment in the telecoms system in light of these circumstances and the country’s development aspirations. The World Trade Organization convention on the liberalization of telecom markets and the global trend toward contestability and competition both support this decision.
Opportunities for investment
The Fourth Industrial Revolution is quickly changing how we work, communicate, and live our lives, and the Maldives is eager to catch up with the rest of the globe. The government’s top strategic aim is to advance industries like Big Data, Data Centers, Artificial Intelligence, and the Internet of Things (IOT) to shape the economy for the future. Investment in these areas is encouraged.
IT parks and training centers
South Asia’s highest internet penetration rate is in the Maldives. Given the country’s young, tech-savvy population and the rapid adoption of new technology-based solutions in both the business and public sectors, IT training centers and hubs are viable investment opportunities.
Opportunities in the area include the creation of contemporary IT parks with a mix of infrastructure, support services, office spaces, and innovation hubs. Also, the establishment of STEM education centers and modern technology-education providers.
IT average salaries in Maldives
For those working in information technology, the usual gross income range is 16,565 MVR (minimum salary) to 57,346 MVR (highest average, the actual maximum salary is higher).
This is the total monthly salary, including bonuses. Different employment positions can pay significantly different amounts.
Advantages of starting a business in Maldives
Although the Maldives are well-known throughout the world for their natural beauty and tourism, doing business there has several advantages as well. The following are a few benefits of conducting business in the Maldives:
Easy property and construction strategy
When compared to the price of labor and raw materials, establishing an estate for one’s business might result in significant financial benefits for the owner of that business. In addition, the necessary papers can be found online, which saves both time and effort.
Stable economy and transparent legal system
It is common knowledge that the Maldives has become one of the best places in the world for foreign investment. This is especially true considering that the government of the Maldives has been making numerous opportunities for foreigners to profit from the country’s economy ever since the late 1980s.
Incentives for investment
The Maldives is still working hard to attract as much foreign investment as possible, particularly capital-intensive enterprises that advance technology transfer, introduce new skills, and protect the environment. In actuality, the government encourages foreign investors from all industries, no matter how large or small, to establish and run their businesses there.
Entry visa made easy
One can travel there, conduct research on the country, and return home with a free tourist visa allowing them to stay in the country for a total of thirty days. Furthermore, any foreign laborers interested in moving forward with the project must follow the standard procedure for obtaining a work permit with government authorization. This is a requirement for progress.
Tax benefit
Tax treaties with other countries have been negotiated to eliminate tax hurdles and avoid the imposition of a second tax on the same income.
