Business

Nominations now open for the first edition of ‘NEXT 100’

Applications are now open for ‘NEXT 100’ nominations.

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”.

Nominations are open till December 31st, 2019. Interested companies can nominate themselves through next100.corporatemaldives.com

The businesses must fulfil two levels of selection criteria:

  1. 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.
  2. The second is the criteria set out for the evaluation of businesses.

BASIC CRITERIA
Below is the basic checklist of requirements that businesses must fulfill.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

SELECTION CRITERIA
Businesses fulfilling the criteria set above would be evaluated based on the following:

  1. The scale of Business Operations
    – Volume of sales
    – Number of employees
    – Number of business activities
    – Geographical spread
  2. Success
    – Growth and expansion of business
    – History of business success
  3. Innovativeness
    – Introduction of new products to their respective market
  4. Corporate Social Responsibility (CSR)
    – Contribution of time and effort put by the business for the betterment of the community and the environment
  5. Compliance with laws
    – The success of business within the requirements of the law

Full details are available at the link below:

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Source URL: Corporate Maldives

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