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North Korea

The ISO code of North Korea is KP according to the ISO 3166 standard. The local name of the country is Choson. North Korea capital city is Pyongyang. People in North Korea speak the Korean language. On 9 September 1948, North Korea emerged as a sovereign political entity. In the year 09/09/1948, North Korea emerged as a sovereign political entity. The largest city in North Korea is Pyongyang.

North Korea is located in the UTC +08:30 time zone, which is also called Pyongyang Time or PYT. The internet country code top-level domain (ccTLD) for North Korea is .kp. Other domains assigned to North Korea are .asia. The International dialing code for North Korea is 850. People in North Korea drive on the right side of the road. Total land area of North Korea is 120,540 km² (approx. 46,541 mi²). North Korea is not a landlocked country. It means that is is bordered by at least one major body of water.

A view in North Korea

North Korea is located in Asia. North Korea 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 North Korea faces various issues, including water pollution, inadequate supplies of potable water, waterborne disease, deforestation, soil erosion and degradation.

Doing business in North Korea

We offer various corporate services in North Korea jurisdiction. These services can serve both, people coming from North Korea and foreigners. If you plan on doing business in North Korea you might be interested in contacting us.

To find out about starting your business in North Korea click on company formation in North Korea.

To find out how to open a bank account in North Korea and moreover what type of account Confidus Solutions suggests to create, please click on bank account in North Korea.

Choose preferred service below or continue reading to find out more about North Korea.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of North Korea

The total population of North Korea is 25,610,672 people. In North Korea, the population density is 196 people per square kilometer (510 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is almost uniform according to a fractionalization scale which for North Korea is 0.0392. North Korea has approximately 46813 foreign immigrants. The median age is approximately 33.4 years.

The majority religion of North Korea is folk religions, North Korea 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 North Korea.

Culture of North Korea

People in North Korea speak the Korean language. One of the most popular national dishes of North Korea is kimchi. To read more click on culture of North Korea.

Geography of North Korea

North Korea is considered to be a large nation because of its total area. Its total land area is 120,540 km² (approx. 46,541 mi²). North Korea is located in Asia. Its capital city is Pyongyang. North Korea has 3 neighbouring countries. Its neighbours include People's Republic of China, South Korea, and Russia. Total length of land borders of North Korea is 1607 kilometers (~620 miles).

The highest point of North Korea is Paektu-san, with its official height being 2744 m (9,003 ft). Including land mass and EEZ, the total area of North Korea is approximately 253,366 km² (~97,825 mi²). The most notable natural resources found in North Korea are coal, lead, tungsten, zinc, graphite, magnesite, iron ore, copper, gold, pyrites, salt, fluorspar, hydropower.To read more click on geography of North Korea.

Economy of North Korea

The currency of the country is North Korean won. The symbol used for this currency is ₩, and it is abbreviated as KPW. 4.8% of population in the country are unemployed. The total number of unemployed people in North Korea is 1,229,312. Each year, North Korea exports around $3.95 billion and imports roughly $4.83 billion. The Gini Index of the country is 31. The Global Peace Index (GPI) for North Korea is 2.977. North Korea has a government debt of 144% of the country's Gross Domestic Product (GDP), as assessed in 2012. North Korea 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 military products, machine building, electric power, chemicals, mining (coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metals), metallurgy, textiles, food processing, tourism.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in North Korea is $40 billion. The corporate tax in North Korea is set at 25%. Personal income tax ranges from 0% to 20%, depending on your specific situation and income level. VAT in North Korea is 4%, and it is known as Korea VAT. In 2013, North Korea received 98.1 million USD in foreign aid.In 2014, the foreign aid amounted to 118.5 USD.To read more click on economy of North Korea.

Infrastructure of North Korea

In North Korea, 29.6% of the population has access to electricity. There are 8 internet hosts in North Korea. North Korea has 82 airports nationwide.

The number of road motor vehicles per 1000 inhabitants in North Korea is 319. To read more click on infrastructure of North Korea.

Politics of North Korea

North Korea, is a juche single-party state (various interpretations). With regard to political and civil freedoms, North Korea is 3. Citizens in North Korea 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 Kim Jong-un.

According to the World Bank Group, the government effectiveness index of North Korea is -1.65. This indicates that the government of North Korea is very ineffective. The government is unable to provide civil and public services for its citizens and has fostered a situation contributing to political and social unrest.In North Korea, the legislative power is vested in a Supreme People's Assembly. The Global Peace Index (GPI) for North Korea is 2.977. In 2013, North Korea received 98.1 million USD in foreign aid. In 2014, the foreign aid amounted to 118.5 USD. North Korea is a member of the United Nations (UN). On 17 September 1991, it joined the UN as a full member state. To read more click on politics of North Korea.

Environment of North Korea

North Korea emits 3 metric tons per capita of CO2. 76240 km² of North Korea's territory is covered in forests. and forest land comprises 63% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in North Korea is 319. To read more click on environment of North Korea.

Company formation in North Korea

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 North Korea.

When establishing a company in North Korea, 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 North Korea that will affect the establishment and growth of one's business. Contact us or click on company formation in North Korea to read additional information when setting up a business.

Bank account opening in North Korea

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in North Korea. 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 North Korea, 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 North Korea or contact us.