Small and medium-sized businesses in the Maldives will be able to receive US dollar payments from overseas through Bank of Maldives (BML) from 1 November, President Dr Mohamed Muizzu said, as he set out a package of relief measures for the sector.

Speaking as guest of honour at the Maldives Expo 2026 awards ceremony at Barceló Nasandhura on the night of 24 October, the President said the measures would be introduced over the next three months, running from November to January 2027.

Dollar payments through BML Gateway

Under the arrangement, Maldivian producers and small businesses selling goods and services in international markets will be able to accept US dollar payments from any country via the BML Gateway, the President said. It has been developed by BML with the Ministry of Economic Development, Transport and Trade and the Business Centre Corporation (BCC).

He said dollars earned this way could be used to buy goods and services from abroad by card and through remittances, and that a facility for businesses to pay subscription fees for services they use would also start on 1 November. Local producers and small businesses face many challenges in receiving money from abroad, he said, adding that work to remove those barriers was now ready.

Tax, GST and import duty relief

The President said arrangements had been finalised to let small businesses offset money the government owes them against taxes they owe the state. If the tax due is smaller than the government's dues, the state will pay the balance; if it is larger, the business pays only the difference.

The mandatory GST registration threshold will rise from MVR 1 million to MVR 1.5 million in annual turnover from 1 January, he said. Import duty on raw materials brought in by small businesses for production will be set at zero for five years from 1 January 2027, covering items on a list to be drawn up. The required changes to laws and regulations are under way, according to the President's Office.

Addu City will become the first SME zone under a three-year pilot starting on 1 January. Businesses physically based there will not pay rent on state-leased land in the first year, will be exempt from business profit or income tax, will get annual quota fee relief for up to 30 quotas instead of 20, and will not pay annual fees on vehicles imported for their business, the President said. The Economic Ministry will announce details, and the model is to be repeated in other regions.

The President also said MVR 795 million in loans had been issued this year through BML and SME Digital to more than 1,000 businesses. The Youth Entrepreneurship Financing Programme, launched on 15 July, has lent more than MVR 300 million to over 3,000 young people in its first phase, with the second phase due to begin on 1 November.

Maldives Expo 2026, organised by the Economic Ministry and BCC, was opened by the President on 25 October and runs for nine days at Hulhumalé Central Park.