What are the most profitable businesses to start in Maldives? The Republic of Maldives is an independent Island country located in the North-central Indian Ocean. It is about 750 kilometers from the Asian continent’s mainland and lies southwest of Sri Lanka and India.
It’s the smallest country in Asia with over 500,000 inhabitants. Tourism is the major contributor to the economic growth of the country.
According to official reports, tourist arrivals to the Indian island nation were over 1.6 million in the year 2022. The Indians, followed by Russians remain the top market for the Maldives’ tourism industry. Other top markets include the U.K., Germany, Italy, USA, France, Spain, South Korea, and Switzerland respectively.
Maldivians also benefit so much from their ‘God-given asset’ – fishes. Maldives has one of the finest marine biodiversity in the world. The fishing sector is the second leading source of the country’s GDP as a significant amount is made through the export of fresh fish, and other fish/marine products.
There are many opportunities for businesses in Maldives. The country has a humid climate, liberal- pro-business policies, impressive economic performance, economic diversification, and ease of doing business.
Top 10 Most Profitable Small Business Ideas in Maldives
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There are several business ideas for entrepreneurs and investors seeking to invest in the country. The most profitable businesses you can start among them are the ones in high demand from locals, foreigners, and tourists who visit Maldives Island.
Here are the top 10 profitable business ideas in Maldives as they are hot spots for making daily earnings.
1. Start a Commercial Fishing Company
If there is anything Maldives is known for aside tourism is the unique fishing industry. Fishing was the predominant economic operation, source of export earnings, and employer before tourism got its special feature in the country.
Today, the fishing industry is still very relevant as the country is a major supplier of Skipjack and Yellowfin tuna alongside Bonito across nations. Interested foreigners can make inquiries on how to start their commercial fishing in the country.
2. Open a Fish Processing/ Canning Company
One best method of utilizing the fishing industry in the Island country is operating a fish processing company for export activities. Foreigners can target this line of business to make good money in the country. The raw material is easy to obtain. What may be challenging is setting up the plant and getting it equipped for fish processing and packaging.
Once you achieve this, all that is left will be maintenance, repurchase of raw materials, and employee salaries. The Maldivian government encourages locals and foreigners to invest in fish processing and canning plants in the country.
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3. Start a Fishing Boat Charter Business
A fishing boat charter is one of the most profitable businesses you can start whether you are a citizen or foreigner if you are in the Maldives. You can operate as a single boat owner, or invest in owning a fleet of vessels as a large operator in the fishing boat charter business. It all depends on your budget.
The business involves providing charter boat fishing to individuals, groups, parties, etc, and earning from each trip daily. You can start this business as an entrepreneur if you love the sea and meeting new people.
The fishing boat charter business is a lucrative one. If you have the necessary licenses and equipment, you can easily register one in the country. Research reveals that a fishing charter business, if well managed, can turn in profit at about 25 percent.
4. Start a Boat Cleaning Company
Residents make use of boats regularly and this offers a profitable business idea. As an entrepreneur, you can charge a good amount for getting other people’s boats cleaned. Setting up a boat cleaning business is easy and requires a little startup cost. Your earning depends on your marketing strategy and customer satisfaction. You can introduce other related operations in the business as your customer base grows.
5. Start a Solar Energy Company
A solar energy company is a profitable business in the Maldives. Many households and organizations are taking advantage of alternative energy supply for residential and commercial purposes. The market is increasing and there is room for more investors to come in.
Consider starting a travel agency in Maldives as it is a lucrative business for locals and foreigners in the country. A travel agency gives people the opportunity to secure visas, purchase flight tickets, book accommodation, and the like.
Many people would love to visit the Maldives but they don’t know their way to book flights and hotels. Hence, working with a travel agency based in the country bridges this challenge and generates good income for the travel agency.
7. Open a Coffee Café
A coffee cafe is another sure way for profiting big time in Maldives. Though it is a small business idea, you can organize your brand to meet your desire.
Tourists all over the world visit the Maldives regularly and one hot spot they patronize is coffee cafes. As long as you can manage the business in a good location in town, the business is bound to thrive. You can as well introduce a mobile coffee cafe to break location restrictions.
8. Start a Car Hire Services
Car hire service is another business that is targeted at tourists (and residents) who visit the Island. It is both a competitive and lucrative business. To start the business you must decide on a niche, whether to hire on a contract or hire out daily. You should also know how to market your business and win clients at a first impression.
9. Open a Fishing Kits and Accessories Store
Open a one-stop brick-and-mortar store where all fishing kits and accessories can be found on demand. Locate a strategic place to launch this business, especially in a fishing community or around a coastal region. You can open your business in a location where tourists can easily access it. A lot of tourists go fishing for the fun of it.
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10. Start the Rental of Speed Boats and Canoes
Water transport is the major means of movement in the Maldives. Residents and tourists need canoes and speed boats to navigate the place. Entrepreneurs can tap into this market to start a business for themselves.
Renting cables and speed boats is a unique business that will fetch you cool money. But seek safety measures before you start the business.