Maldives Foreign Investment Application Form

This application will be complete only with the following additional documents:

A.                    If any of the shareholders of the investing company is an individual, please submit a photocopy of the passport data page, and the permanent address.

B.                    If any of the shareholding of the investing company is a legal entity, other than a public company, please submit the photocopy of the passport data page and the permanent address, of each of the share holders of the legal entity.

C.                     Photocopy of passport of each of the shareholders of the proposed investing company.

D.                   Separate declaration from all shareholders of the proposed investing company stating that they have no objection to FISB seeking a Police Clearance Report for each individual shareholder. If one or more of the shareholders of the proposed investing company is a legal entity, declaration from individual shareholders of the company shall be submitted as well.

E.                    Bank Reference or a Reference letter from a reputable bank for each of the shareholders of the proposed investing company.

F.                    If the investing entity is a company, a Resolution of the Board of Directors of the Company, confirming their decision to invest in the proposed project.

G.                   Project feasibility report including:

•       Details of the main components/ activities of the proposed project.

•       Projected financial statements including the Balance Sheet, Profit and Loss Account and the Cash Flow Statements for the first 5 years of operations.

•       Feasibility indicators, including NPV, IRR, Payback period.

•       The main assumptions underlying the financial projections, including cost, revenue, market and other non‐ financial assumptions, if any.

•       Phasing plan for the investment detailing the phasing of the main capital/ infrastructure investments.

•       Financing plan for the investment including details of debt & equity financing

•       HR Plan including:

o    Labour requirement for commencing operations under the investment with the breakdown of local and foreign labour classified by occupation and the details of wages and benefits accruing to labour;

o    Localization plan detailing proposed training for local labour and a replacement schedule for foreign labour.

H.                   Draft of the Articles of Association and the Memorandum of Association of the entity proposing to undertake the investment.

I.                     Letter of Authority or Power of Attorney for Contact Person (if applicable).