Corporate Maldives has opened up nominations for GOLD 100 which will be a list of leading 100 companies of the Maldives in 2017. The deadline for submission of forms is 31st December 2017. The companies will be announced at the GOLD 100 GALA which will be held in February 2018. CTL Strategies will be the advisory partner for GOLD 100.
The Gold 100 is a list of top 100 business entities in the Maldives, published by Corporate Maldives – a premium business and hospitality magazine. This selection criterion ensures that the selection process is transparent and unbiased so as to reflect that the entities on the list are indeed the Maldives’ “Gold 100”.
The Gold 100 is not intended to rank business entities, but is devised to be a selection of the top business entities. As such, the list would be published in alphabetical order.
The businesses must fulfil two levels of selection criteria:
- The first is a set of basic conditions that businesses must fulfil in order to qualify for the list. All businesses fulfilling these conditions are then evaluated for selection to the final list.
- The second is the criteria set out for the evaluation of businesses.
BASIC CRITERIA
Below is the basic checklist of requirements that businesses must fulfil.
- Must be a registered corporate entity
One of the essential features of The Gold 100 is that it is a selection of corporate entities. Therefore, individual business owners are excluded from the list regardless of their scale of operation.
- Must be a Maldivian business
All entities on the list will be registered in the Maldives. This does not include foreign companies and partnerships re-registered in the Maldives.
- Must be registered on or before 31 December 2012
This is to ensure that entities on the list are established and in the business for at least 5 years.
- Must have an annual revenue of more than MVR 10 million
In order to verify that the scale of operation of entities on the list, this criterion is set to enable the verification of their revenue through the audited financial statements. The entity must have revenue of MVR 10 million during the financial year 2016.
SELECTION CRITERIA
Businesses fulfilling the basic criteria set above would be evaluated based on the following:
- Scale of Business Operations
- Volume of sales
- Number of employees
- Number of business activities
- Business growth
- Success
- Growth and expansion of business
- History of business success
- Corporate Social Responsibility (CSR)
- Contribution of time and effort put by the business for the betterment of the community and the environment.
INDUSTRY REPRESENTATION
In order to have a fair representation of all business sectors on the list, businesses will feature on The Gold 100 as per the following:
- Tourist resorts
- Tourist hotels
- Tourist guesthouses
- Travel agents
- Spa
- Diving and water sports activities
- Wholesale and retail trade
- Construction
- Food service activities
- Information and communication
- Financial and insurance
- Real estate
- Education and healthcare
- Professional services
- Technical services
- Arts, entertainment and recreation
- Aviation
- Other
Other Considerations
Group Companies
- Should an applicant wish to apply as a group that includes a number of companies within the group, the Gross Revenue of the entire group will only be considered if audited consolidated financial statements are provided to the evaluators.
Transfer of Business
- Companies that has changed the business form from a sole proprietorship to company will only be considered to have a business continued from its initial form only if the then shareholder owns more than 50% of the shareholding in the new entity.
CRITERIA EVALUATION
CTL Strategies LLP, a leading tax advisory firm in the Maldives has been appointed as a consultant for criteria evaluation of “GOLD 100”. CTL Strategies offers a comprehensive range of tax and legal advisory services to a rapidly expanding client base including family run businesses, high net-worth individuals, SME’s to accounting and law firms, local and multinational companies.
Getting listed on “GOLD 100” is entirely FREE. Please visit http://gold100.corporatemaldives.com/ and fill in the details in order to be registered.
Deadline for application for nominations – 31st December 2017
For more details, email us at editor@corporate.mv or call us at +960 3011720
