The ISO code of East Timor is TL according to the ISO 3166 standard. The local name of the country is Timor. East Timor capital city is Dili. People in East Timor speak the Portuguese language. In the year 1702, East Timor emerged as a sovereign political entity. The largest city in East Timor is Dili.
East Timor is located in the UTC +09:00 time zone, which is also called Timor Leste time or TLT. The internet country code top-level domain (ccTLD) for East Timor is .tl. Other domains assigned to East Timor are .tp. The International dialing code for East Timor is 670. People in East Timor drive on the left side of the road. Total land area of East Timor is 14,919 km² (approx. 5,760 mi²). East Timor is not a landlocked country. It means that is is bordered by at least one major body of water.
East Timor is located in Asia. East Timor 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 East Timor faces various issues, including widespread use of slash and burn agriculture that has led to deforestation and soil erosion.
Doing business in East Timor
We offer various corporate services in East Timor jurisdiction. These services can serve both, people coming from East Timor and foreigners. If you plan on doing business in East Timor you might be interested in contacting us.
To find out about starting your business in East Timor click on company formation in East Timor.
To find out how to open a bank account in East Timor and moreover what type of account Confidus Solutions suggests to create, please click on bank account in East Timor.
Choose preferred service below or continue reading to find out more about East Timor.
Demographics of East Timor
The total population of East Timor is 1,324,094 people. In East Timor, the population density is 71 people per square kilometer (185 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is almost uniform according to a fractionalization scale which for East Timor is 0. East Timor has approximately 11565 foreign immigrants. The median age is approximately 18.5 years. In East Timor, 0.92 in every 100 people use internet.
The majority religion of East Timor is Christianity, East Timor 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 East Timor.
Culture of East Timor
People in East Timor speak the Portuguese language. One of the most popular national dishes of East Timor is ikan pepes. To read more click on culture of East Timor.
Geography of East Timor
East Timor is considered to be a large nation because of its total area. Its total land area is 14,919 km² (approx. 5,760 mi²). East Timor is located in Asia. Its capital city is Dili. The length of said border is 228 km (142 mi).Total length of land borders of East Timor is 253 kilometers (~98 miles).
The highest point of East Timor is Mount Ramelau, with its official height being 2963 m (9,722 ft). Including land mass and EEZ, the total area of East Timor is approximately 85,245 km² (~32,913 mi²). The most notable natural resources found in East Timor are gold, petroleum, natural gas, manganese, marble.To read more click on geography of East Timor.
Economy of East Timor
The currency of the country is United States dollar. The symbol used for this currency is $, and it is abbreviated as USD. 3.4% of population in the country are unemployed. The total number of unemployed people in East Timor is 45,019. Each year, East Timor exports around $0.03 billion and imports roughly $0.69 billion. The Gini Index of the country is 31.9. The Global Peace Index (GPI) for East Timor is 1.86. East Timor has a government debt of 61.8% of the country's Gross Domestic Product (GDP), as assessed in 2012. East Timor 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 printing, soap manufacturing, handicrafts, woven cloth.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in East Timor is $6,745 billion. Each year, consumers spend around $616 million. The ratio of consumer spending to GDP in East Timor is 0%, and the ratio of consumer spending to the world consumer market is 0.0016. The corporate tax in East Timor is set at 0.5%. Personal income tax ranges from 0% to 10%, depending on your specific situation and income level. VAT in East Timor is 5%. In 2013, East Timor received 283 million USD in foreign aid.In 2014, the foreign aid amounted to 279.2 USD.To read more click on economy of East Timor.
Infrastructure of East Timor
In East Timor, 41.6% of the population has access to electricity. There are 252 internet hosts in East Timor. East Timor has 6 airports nationwide.
The number of road motor vehicles per 1000 inhabitants in East Timor is 71. To read more click on infrastructure of East Timor.
Politics of East Timor
East Timor, is a unitary semi-presidential republic. With regard to political and civil freedoms, East Timor is 2. Citizens in East Timor experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in East Timor, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Francisco Guterres.
According to the World Bank Group, the government effectiveness index of East Timor is -1.16. This indicates that the government of East Timor is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In East Timor, the legislative power is vested in a National Parliament. The Global Peace Index (GPI) for East Timor is 1.86. The strength of legal rights index for East Timor is 0. Overall, it is considered to be rather weak - bankruptcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible. In 2013, East Timor received 283 million USD in foreign aid. In 2014, the foreign aid amounted to 279.2 USD. East Timor is a member of the United Nations (UN). On 27 September 2002, it joined the UN as a full member state. East Timor is a member of the World Bank. To read more click on politics of East Timor.
Environment of East Timor
East Timor emits 0.2 metric tons per capita of CO2. 7980 km² of East Timor's territory is covered in forests. and forest land comprises 53% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in East Timor is 71. To read more click on environment of East Timor.
Company formation in East Timor
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 East Timor.
When establishing a company in East Timor, 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 East Timor that will affect the establishment and growth of one's business. Contact us or click on company formation in East Timor to read additional information when setting up a business.
Bank account opening in East Timor
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in East Timor. 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 East Timor, 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 East Timor or contact us.