What Are the Best Business Opportunities in Maldives?

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What Are best business opportunities in Maldives? Maldives is the smallest country in Asia. It is officially known as the Republic of Maldives and is located in the north-central Indian Ocean. It is around 750 kilometers from the Asian continent mainland and lies southwest of Sri Lanka and India nation.

Maldives is popularly known for its tourism sector which is the major contributor to the economic development of the small country. In 2022, over 1.6 million tourists arrive the country. According to reports, an average of 5,810 tourists arrive in the country every day.

Maldives island is such a wonder, that its tourism industry keeps beaming with the market from several countries like the Indians, Russians, the U.K. France, Spain, South Korea, Switzerland, and many other countries.

Another thriving aspect of the Maldivians is the marine sector. The county has a significant benefit and that is fish. They benefit immensely from this God-given asset which is one way they catch the world’s attention to the small island nation.

A significant amount is made through the export of fish and other marine products. The fishery sector consequently is the second leading source of the Maldives’ Gross Domestic Product (GDP).

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What Are the Best Business Opportunities in Maldives

There are different business opportunities in Maldives especially in the tourism and fishing sector for entrepreneurs and investors seeking to invest in the country. These are the same ones in high demand from locals, foreigners, and tourists who visit the island.

Here are the top business opportunities in Maldives as they are hot spots for making daily earnings as a main business or side hustle.

1. Start a Travel Agency

Starting a travel agency is one of the best business opportunities in Maldives for locals or foreigners living on the island. It is considered one of the most lucrative businesses to start as a result of travel demand to and fro the country. With the number of tourist visits to the country per day, a travel agency that knows its onions well will flourish in Maldives.

The country is a place many more will love to visit. Having a travel agency that allows them to secure visas, access tour packages, book flight tickets, and accommodation offering will be good rewards for the travel company. Currently, the travel market is not saturated yet, hence there is still opportunity for the business idea to thrive in Maldives.

2. Start a Fish Canning Company

This business idea requires a huge capital to achieve but it is very lucrative and open to many employment opportunities in the country. Investors who have the finances should consider starting a fish canning company in the Maldives.

Acquiring the plant, equipment, and skilled labor force is the priority. Once these three factors are on ground, a canning company is off the way. As you know fish, the raw material is abundant in the country, other needed materials can be imported from the neighboring Asia or Europe market.

Foreign investors who have the experience of starting a business from scratch and have good material abilities can start and make good profits operating a fish canning plant in the Maldives. The major activities that go on in a fish processing or canning plant are the procurement of materials, production, packaging, maintenance, and supervision.

Government policies to this end are favorable for business owners as the Maldivian government encourages locals and foreigners to invest in fish processing and canning plants in the country.

3. Open a Coffee Café

As busy tourists seek holiday attraction and satisfaction, one good refreshing product most of them uses is coffee. Coffee cafes are a profitable business to start in the Maldives. The nature of the business is one that you can set up to any standard or to suit your budget.

There are mobile coffee cafes that move the beverage around to search for tourists who are willing to get the product for themselves. What a coffee café needs is a good location in busy areas of the country like Male’, the capital. As long as you can manage the business, it is bound to thrive.

4. Start a Fishing Company

A commercial fishing company is generally in the business of trading fish locally and maybe for export as well. The fishing industry of Maldives is a productive resource for individuals who may consider this a good business to start.

Fishing was what used to be the Maldives leading economic product before tourism took over. However, the sector is a strong earning factor as it is still relevant for the major supply of Skipjack, Yellowfin Tuna, and Bonito across nations.

5. Start a Smart Energy Company

The power sector is a business opportunity for foreigners seeking where to invest in the country. The citizens rely on generators, so there is a big market for energy companies that can provide alternative sources of power.

Interested investors can invest in smart energy like solar energy. There are renewable energy systems to invest in which include smart grids, energy-efficient buildings, virtual power plants, and energy storage appliances.

6. Start a- Fishing – Accessories Store

One of the major attractions in the Maldives is fishing. Having a one-stop brick-and-mortar store where all fishing kits and accessories can be found on demand is one of the best businesses to start in the country.

Provided the location is strategic, more so, in a fishing community or around a coastal region, many visitors would be able to easily access and be attracted to go fishing for the fun of it.

7. Start the Rental of Speed Boats and Canoes

The major means of transport for residents and tourists is water transportation. Consequently, there is a constant demand for speed boats, canoes, and other water transport means to move around. This makes the business of renting boats and canoes a lucrative opportunity to start whether as a foreigner or a resident.

To start, it is advisable to put safety measures in place such as business insurance, divers, lifesaving water gadgets, etc. Examples of boat rental companies in the Maldives are Island Divers, Let’s Go Excursions, and Delightful Travel.

8. Start a Tourist Guide Business

A tour guide business is one of the best businesses you can easily start in the country. If you are fluent in French, German, Mandarin, and other international languages, a tour guide business might just be what you should consider either as a foreigner or a resident living in the country.

Being a tour guide, you have to be hospitable, social, and have a knack for the business. Since you are new, you may need to learn what tour companies are doing and not doing well to crave a closer niche for your business.

If you are knowledgeable about the locality, experience around the beaches, and other thrilling activities that attract visitors, then the business is just right for you to start.

9. Start a Bed and Breakfast Business

The lodging industry is not business as usual. You don’t have to invest so much to start your lodging business. Starting a typical bed and breakfast lodge is an easy way to break into the hospitality market.

A bed and breakfast business is a lodging arrangement that offers overnight accommodation and a complete breakfast meal. If you have a private home with up to 6 rooms to spare, you can start the business.

10. Start a Car Rental Business

The car rental business is both competitive and lucrative. To start the business, you must decide on a niche- daily hire or contract hire. Contract hire is generally for customers who hire the vehicles for some time, while daily hire is for customers who hire the vehicle for a shorter time.

Another aspect you should look out for before starting this business is how to market your business and win clients at a first impression. Hence you need to do thorough feasibility and market research.

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