The Maldives Sports Corporation Ltd (Reg No: C-0280/2016) was established by the President of Maldives under the Maldives Sports Act (Law No: 30/2015) and was duly incorporated under the Act no.10/96 on 15th day of March 2016. According to the Act, the Sports Corporation is a 100% government owned separate legal entity, with basic financing for the 1st 3 years of operation provided by the Government of Maldives. From the conclusion of the third fiscal year, the Sports Corporation is obliged to be self-financed, by income generated from investing sports assets transferred to the Sports Corporation in accordance with Article 25 and Article 28 of Maldives Sports Act (law No: 30/2015).
The objectives of the Sports Corporation are as follows:
- Development of sports infrastructure in the country
- Development of sports assets transferred to the Sports Corporation pursuant to Article 25 and development of the Sports Channel of Maldives, conceived under Article 27 of the Maldives Sports Act
- Paving equal opportunity and access to sports assets belonging to Sports Corporation for all registered sports clubs and associations in the country and transact with others for income generation
- Development of the sports sector in the country and encourage/create opportunities for youth to venture into and engage in sports
- Conducting various programs for capacity development and facilitate training opportunities for the development of sports entities and personnel
- Developing sports in the country through collaborations with the National Sports Council and initiating any actions necessary for the implementation of the aforementioned objectives