Ministry of Economic Development

Trade Policy Formulation
Trade policy formulation is mandated to Ministry of Economic Development. The trade policy of the country is formulated, in coordination and consultation with the relevant Government Ministries and in compliance with international obligations, agreements, treaties and conventions that Maldives is signatory to.
Labour and employment policy
Transport policy
Investment Promotion
Invest Maldives is the government agency entrusted with promoting, regulating and licensing foreign investments in the country. It is the first port of call for all foreigners keen on investing in the Maldives.
SME Development
The potential of the SME sector in creating a more resilient and diversified economy as well as creating more employment opportunities, particularly in the outer atolls is ever increasing. The Ministry envisages establishing the requisite institutional and organizational mechanisms to restructure and consolidate all SME Development activities in order to achieve economies of scale and efficiency of operations.
IPR
Invest Maldives is the government agency entrusted with promoting, regulating and licensing foreign investments in the country. It is the first port of call for all foreigners keen on investing in the Maldives.
Consumer Protections
The Consumer Protection Act enables the consumers to protect their basic rights in buying goods and services. It includes the right for basic product information such as price, product labeling, and terms and conditions in the sale of goods and services.
Standards
Standards make products and services more reliable and it helps to improve the organizational performance and minimize the risks. As the National Standards Body we work towards formulating national standards and adopting international standards to facilitate industry needs.

Publications
Publications
Laws and Regulations
Laws and Regulations
Policy Documents
Policy Documents
Forms
Forms
Annual Reports
Annual Reports

Bilateral
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- Agreements
- Trading Partners
  - Statistics
Regional
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- SAFTA
- SATIS
  - Agreements
Multilateral
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- WTO
- OIC

Business Permits

Business Permit for Pharmacies Business Permits Business Permit for Shops Business Permit for Restaurants, Cafe and Canteens Business Permit for Carnivals, Fun Fairs and Night Markets Business Permit for Trading Online Business Permit for Workshops, Factories, Vehicle Garages, Carpentries and Tailor Shops Business Permit for Vehicles Business Permit for Bonded Warehouse Re-export Registration

Service:

Permit for operating Pharmacies

Why do I need to do this?

Permit for operating Pharmacies need to be obtained from MED.

Where can I apply for the service?

You may apply online or in person at MED

How long will the process take?

Within the same day of application

What are the fees and charges involved?

Fees:

• If the Pharmacy is located in an island with a population more than 10,000, the fee per month is MVR 200. If the business is located in an island with a population less than 10,000, the fee per month is MVR 50. Businesses located at places outside of inhabited islands, the fee per month is MVR 200.

• Revenue Stamp: MRF 10/-

(cheques are acceptable only with bank guarantee)

Which documents do I need to submit?

	Document	Check for:
1	Application form	• All required fields filled correctly • Signature / Seal – List of items attached – ensure that any items prohibited by the Maldivian law, or allowed only with special permit are not included in list – Signature (If applicant is an individual, his/her signature. If applicant is a business/government organisation, signature of an authorised person) – Seal (If applicant is a government entity or company registered for more than 15 days • Signature of the Building owner, giving consent: – If the owner of the building is deceased, consent signature should be provided by the inherent – Check the report by the Court stating the inherent of the building – If the court has not decided on the inherent of the building, a letter by a son/daughter/next to kin, stating the relationship with the owner, is required – If the court has not decided on the inherent, a letter from the customer(applicant) is required stating that: 1. they don’t have any objection to cancel the permit if an inherent submit a complaint 2. And that the decision will be left to the ministry to make – If there is an inherent below 18 years, the signature on behalf of the inherent should be provided by the guardian of the inherent.
	Original/Copy of National Identification Cards of inherent of the building (if applicable)	• Confirm the ages of the inherent
	National Identification Card of the applicant (if the customer is an individual)	• Clear and complete NIC original and copy • NIC original and copy of individual who receives the trade permit (upon collection) • Applicant should be above 18 years old • permit cannot be issued: – to people below 18 years – in the name of more than one person
	Approval for the Building by the City Council	• A copy of the approval document should be submitted.
	Receipt of the Annual Payment	• If the customer is a Company, Partnership, Corporative Society.
	Letter from Building Owner (if applicable)	• If the Building has been provided a permit previously, new permit will only be provided after cancelling the previous permit. • If a business was running at the building previously and has stopped now, request the customer to provide a letter/document (with signature) from the owner of the Building that the previous business has stopped and the goods have been cleared
	Revenue Stamp	• A Revenue stamp of MVR 10.

How do I apply for the service?

Day 1:

1. Lodge application and documents at counter.

2. Receive the Invoice

3. Make the payment

What would I receive at the end of the process?

• Permit

• Payment Slip

Did you know:

• The company’s objectives should include selling or trade of imported goods. If this isn’t included permit for operating pharmacies will not be issued.

• If the company’s shareholders comprise of any foreign individual/company, the permit will not be issued.

• Fees Payment has to be made the same day or else the form and invoice will be cancelled.

• At least one month fee should be paid. If the customer wants to pay for more than one month, the invoice will be made as per their request.

References:

• Import, Export and Re-export Regulation

• Companies Act of the Maldives

• Companies Regulation

• Regulation on approval and registration of business names

• Revenue Stamp Law

• SOP Business name approval

Ministry ofEconomic Development Republic of Maldives

Business Permits

Ministry of Economic Development