The ISO code of Laos is LA according to the ISO 3166 standard. The local name of the country is Lao. Laos capital city is Vientiane. People in Laos speak the Laotian language. On 2 December 1975, Laos emerged as a sovereign political entity. In the year 12/02/1975, Laos emerged as a sovereign political entity. The largest city in Laos is Vientiane.
Laos is located in the UTC +07:00 time zone, which is also called Indochina Time or ICT. The internet country code top-level domain (ccTLD) for Laos is .la. Other domains assigned to Laos are .asia. The International dialing code for Laos is 856. People in Laos drive on the right side of the road. Total land area of Laos is 236,800 km² (approx. 91,429 mi²). Laos is a landlocked country.
Laos is located in Asia. Laos is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Laos faces various issues, including unexploded ordnance, deforestation, soil erosion, most of the population does not have access to potable water.
Doing business in Laos
We offer various corporate services in Laos jurisdiction. These services can serve both, people coming from Laos and foreigners. If you plan on doing business in Laos you might be interested in contacting us.
To find out about starting your business in Laos click on company formation in Laos.
To find out how to open a bank account in Laos and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Laos.
Choose preferred service below or continue reading to find out more about Laos.
Demographics of Laos
The total population of Laos is 6,961,210 people. In Laos, the population density is 27.8 people per square kilometer (72 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is rather diverse according to a fractionalization scale which for Laos is 0.5139. Laos has approximately 21801 foreign immigrants. The median age is approximately 22 years. In Laos, 10.75 in every 100 people use internet. Laos has a Human Development Index (HDI) of 0.569.
The majority religion of Laos is Buddhism, Laos is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Laos.
Culture of Laos
People in Laos speak the Laotian language. According to data on inbound tourists in Laos, 2,510,000 tourists arrive in the country each year. One of the most popular national dishes of Laos is tum mak hoong. To read more click on culture of Laos.
Geography of Laos
Laos is considered to be a large nation because of its total area. Its total land area is 236,800 km² (approx. 91,429 mi²). Laos is located in Asia. Its capital city is Vientiane. Laos has 5 neighbouring countries. Its neighbours include Myanmar, Cambodia, People's Republic of China, Thailand, and Vietnam. Total length of land borders of Laos is 5274 kilometers (~2,036 miles).
The highest point of Laos is Phou Bia, with its official height being 2817 m (9,243 ft). Including land mass and EEZ, the total area of Laos is approximately 236,800 km² (~91,429 mi²). The most notable natural resources found in Laos are timber, hydropower, gypsum, tin, gold, gemstones.To read more click on geography of Laos.
Economy of Laos
The currency of the country is Lao kip. The symbol used for this currency is ₭, and it is abbreviated as LAK. 0.7% of population in the country are unemployed. The total number of unemployed people in Laos is 48,728. Each year, Laos exports around $2.31 billion and imports roughly $3.24 billion. The Gini Index of the country is 36.7. Laos has a Human Development Index (HDI) of 0.569.The Global Peace Index (GPI) for Laos is 1.7. Laos has a government debt of 38.6% of the country's Gross Domestic Product (GDP), as assessed in 2012. Laos is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are mining (copper, tin, gold, gypsum), timber, electric power, agricultural processing, rubber, construction, garments, cement, tourism.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Laos is $34,532 billion. Each year, consumers spend around $4,060 million. The ratio of consumer spending to GDP in Laos is 0%, and the ratio of consumer spending to the world consumer market is 0.0117. The corporate tax in Laos is set at 24%. Personal income tax ranges from 0% to 24%, depending on your specific situation and income level. VAT in Laos is 10%, and it is known as Sales Tax. In 2013, Laos received 408.9 million USD in foreign aid.In 2014, the foreign aid amounted to 392.4 USD.To read more click on economy of Laos.
Infrastructure of Laos
Infrastructure quality in Laos is rated to be at 2.21. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Laos, 70% of the population has access to electricity. There are 1,532 internet hosts in Laos. Laos has 41 airports nationwide.
The logistics performance index of Laos is 2.39. It indicates a mediocre performance - shipping procedures are relatively unreliable, timeliness and safety of transferred goods are often a problem, although such a system may function relatively well if traffic is no too dense.
Tracking possibilities for shipments are rated at 2.2. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.
The number of road motor vehicles per 1000 inhabitants in Laos is 4. To read more click on infrastructure of Laos.
Politics of Laos
Laos, is a marxist-leninist single-party state. With regard to political and civil freedoms, Laos is 3. Citizens in Laos experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Bounnhang Vorachith.
According to the World Bank Group, the government effectiveness index of Laos is -0.39. This indicates that the government of Laos is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Laos before considering any business maneuvers.In Laos, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Laos is 1.7. The strength of legal rights index for Laos is 6. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. In 2013, Laos received 408.9 million USD in foreign aid. In 2014, the foreign aid amounted to 392.4 USD. Laos is a member of the United Nations (UN). On 14 December 1955, it joined the UN as a full member state. Laos is a member of the World Bank. To read more click on politics of Laos.
Environment of Laos
Laos emits 0.2 metric tons per capita of CO2. 170000 km² of Laos's territory is covered in forests. and forest land comprises 72% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Laos is 4. To read more click on environment of Laos.
Company formation in Laos
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Laos.
When establishing a company in Laos, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Laos that will affect the establishment and growth of one's business. Contact us or click on company formation in Laos to read additional information when setting up a business.
Bank account opening in Laos
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Laos. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Laos, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Laos or contact us.