Corporate Maldives has launched the “Next 100” which is an annual award to celebrate and recognize the achievements of micro, small & medium enterprises of Maldives.
“Next 100” is a list of growing micro, small and medium business entities in the Maldives, published by Corporate Maldives at the end of every year. The 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’ “Next 100”.
The backbone of an economy is its micro, small and medium enterprises. Quietly and away from the limelight, the work done by the MSMEs allows the engine rooms at big corporations to keep firing.
As such, the list would be published in alphabetical order. The businesses must fulfill two levels of selection criteria:
- The first is a set of basic conditions that businesses must fulfill 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.
Below is the basic checklist of requirements that businesses must fulfill.
- 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 a registered corporate entity.
Despite the size of the business, all types of business entities including individual business owners are eligible to participate regardless of their scale of operation.
- Must be registered on or before 31st December 2018
This is to ensure that entities on the list are established and in the business for at least one year.
- Must have annual revenue between MVR 100,000-MVR 15 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 a minimum annual revenue of MVR 100,000 and less than MVR 15 million during the financial year 2018.
Businesses fulfilling the criteria set above would be evaluated based on the following:
- The scale of Business Operations
– Volume of sales
– Number of employees
– Number of business activities
– Geographical spread
– Growth and expansion of business
– History of business success
– Introduction of new products to their respective market
- Corporate Social Responsibility (CSR)
– Contribution of time and effort put by the business for the betterment of the community and the environment
- Compliance with laws
– The success of business within the requirements of the law
In order to have a fair representation of all business sectors on the list, businesses will feature on “Next 100” as per the following:
– Tourist resorts
– Tourist hotels
– Tourist guesthouses
– Travel agents
– Diving and water sports activities
– Wholesale and retail trade
– Foodservice activities
– Information and communication
– Financial and insurance
– Real estate
– Education and healthcare
– Professional services
– Technical services
– Arts, entertainment, and recreation
For more information please contact 3011720 or email to email@example.com