The ISO code of Eritrea is ER according to the ISO 3166 standard. The local name of the country is Hagere Ertra. Eritrea capital city is Asmara. People in Eritrea speak the Tigrigna, Arabic, and English languages. In the year 980, Eritrea emerged as a sovereign political entity. The largest city in Eritrea is Asmara.
Eritrea is located in the UTC +03:00 time zone, which is also called Eastern Africa Time or EAT. The internet country code top-level domain (ccTLD) for Eritrea is .er. The International dialing code for Eritrea is 291. People in Eritrea drive on the right side of the road. Total land area of Eritrea is 117,600 km² (approx. 45,405 mi²). Eritrea is not a landlocked country. It means that is is bordered by at least one major body of water.
Eritrea is located in Africa. Eritrea 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 Eritrea faces various issues, including deforestation, desertification, soil erosion, overgrazing, loss of infrastructure from civil warfare.
Doing business in Eritrea
We offer various corporate services in Eritrea jurisdiction. These services can serve both, people coming from Eritrea and foreigners. If you plan on doing business in Eritrea you might be interested in contacting us.
To find out about starting your business in Eritrea click on company formation in Eritrea.
To find out how to open a bank account in Eritrea and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Eritrea.
Choose preferred service below or continue reading to find out more about Eritrea.
Demographics of Eritrea
The total population of Eritrea is 5,187,948 people. In Eritrea, the population density is 52 people per square kilometer (135 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 Eritrea is 0.6524. Eritrea has approximately 15798 foreign immigrants. The median age is approximately 19.1 years. In Eritrea, 0.8 in every 100 people use internet. Eritrea has a Human Development Index (HDI) of 0.381.
The majority religion of Eritrea is Christianity, Eritrea 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 Eritrea.
Culture of Eritrea
People in Eritrea speak the Tigrigna, Arabic, and English languages. According to data on inbound tourists in Eritrea, 95,000 tourists arrive in the country each year. One of the most popular national dishes of Eritrea is zigini with injera. To read more click on culture of Eritrea.
Geography of Eritrea
Eritrea is considered to be a large nation because of its total area. Its total land area is 117,600 km² (approx. 45,405 mi²). Eritrea is located in Africa. Its capital city is Asmara. Eritrea has 3 neighbouring countries. Its neighbours include Djibouti, Ethiopia, and Sudan. Total length of land borders of Eritrea is 1840 kilometers (~710 miles).
The highest point of Eritrea is Emba Soira, with its official height being 3018 m (9,902 ft). Including land mass and EEZ, the total area of Eritrea is approximately 195,328 km² (~75,416 mi²). The most notable natural resources found in Eritrea are gold, potash, zinc, copper, salt, possibly oil and natural gas, fish.To read more click on geography of Eritrea.
Economy of Eritrea
The currency of the country is Eritrean nakfa. The symbol used for this currency is Nfk, and it is abbreviated as ERN. 6.4% of population in the country are unemployed. The total number of unemployed people in Eritrea is 332,029. Each year, Eritrea exports around $0.5 billion and imports roughly $1.03 billion. The Gini Index of the country is 37.63. Eritrea has a Human Development Index (HDI) of 0.381.The Global Peace Index (GPI) for Eritrea is 2.309. Eritrea has a government debt of 35.4% of the country's Gross Domestic Product (GDP), as assessed in 2012. Eritrea 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 food processing, beverages, clothing and textiles, light manufacturing, salt, cement.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Eritrea is $7,842 billion. Each year, consumers spend around $1,627 million. The ratio of consumer spending to GDP in Eritrea is 0%, and the ratio of consumer spending to the world consumer market is 0.0047. The corporate tax in Eritrea is set at 30%. Personal income tax ranges from 2% to 30%, depending on your specific situation and income level. VAT in Eritrea is 5%, and it is known as Sales Tax. In 2013, Eritrea received 133.7 million USD in foreign aid.In 2014, the foreign aid amounted to 129.9 USD.To read more click on economy of Eritrea.
Infrastructure of Eritrea
Infrastructure quality in Eritrea is rated to be at 1.68. 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 Eritrea, 36.1% of the population has access to electricity. There are 701 internet hosts in Eritrea. Eritrea has 13 airports nationwide.
The logistics performance index of Eritrea is 2.08. 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 2.01. 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 Eritrea is 551. To read more click on infrastructure of Eritrea.
Politics of Eritrea
Eritrea, is a single-party presidential republic. With regard to political and civil freedoms, Eritrea is 3. Citizens in Eritrea 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 Isaias Afwerki.
According to the World Bank Group, the government effectiveness index of Eritrea is -1.62. This indicates that the government of Eritrea 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 Eritrea, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Eritrea is 2.309. The strength of legal rights index for Eritrea 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, Eritrea received 133.7 million USD in foreign aid. In 2014, the foreign aid amounted to 129.9 USD. Eritrea is a member of the United Nations (UN). On 28 May 1993, it joined the UN as a full member state. Eritrea is a member of the African Union (AU). On 24 May 1993, it joined the AU as a full member state. Eritrea is a member of the World Bank. To read more click on politics of Eritrea.
Environment of Eritrea
Eritrea emits 0.1 metric tons per capita of CO2. 15540 km² of Eritrea's territory is covered in forests. and forest land comprises 13% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Eritrea is 551. To read more click on environment of Eritrea.
Company formation in Eritrea
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 Eritrea.
When establishing a company in Eritrea, 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 Eritrea that will affect the establishment and growth of one's business. Contact us or click on company formation in Eritrea to read additional information when setting up a business.
Bank account opening in Eritrea
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Eritrea. 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 Eritrea, 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 Eritrea or contact us.