The ISO code of Nicaragua is NI according to the ISO 3166 standard. The local name of the country is the same as its English name. Nicaragua capital city is Managua. People in Nicaragua speak the Spanish language. On 1 January 1933, Nicaragua emerged as a sovereign political entity. In the year 01/01/1933, Nicaragua emerged as a sovereign political entity. The largest city in Nicaragua is Managua.
Nicaragua is located in the UTC -06:00 time zone, which is also called Central Standard Time or CST. The internet country code top-level domain (ccTLD) for Nicaragua is .ni. The International dialing code for Nicaragua is 505. People in Nicaragua drive on the right side of the road. Total land area of Nicaragua is 130,370 km² (approx. 50,336 mi²). Nicaragua is not a landlocked country. It means that is is bordered by at least one major body of water.
Nicaragua is located in North America. Nicaragua 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 Nicaragua faces various issues, including deforestation, soil erosion, water pollution.
Doing business in Nicaragua
We offer various corporate services in Nicaragua jurisdiction. These services can serve both, people coming from Nicaragua and foreigners. If you plan on doing business in Nicaragua you might be interested in contacting us.
To find out about starting your business in Nicaragua click on company formation in Nicaragua.
To find out how to open a bank account in Nicaragua and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Nicaragua.
Choose preferred service below or continue reading to find out more about Nicaragua.
Demographics of Nicaragua
The total population of Nicaragua is 6,284,757 people. In Nicaragua, the population density is 50 people per square kilometer (130 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Nicaragua is 0.4844. Nicaragua has approximately 41482 foreign immigrants. The median age is approximately 24.2 years. In Nicaragua, 13.5 in every 100 people use internet. Nicaragua has a Human Development Index (HDI) of 0.614.
The majority religion of Nicaragua is Christianity, Nicaragua 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 Nicaragua.
Culture of Nicaragua
People in Nicaragua speak the Spanish language. According to data on inbound tourists in Nicaragua, 1,229,000 tourists arrive in the country each year. The first McDonalds in Nicaragua was opened on 11 July 1998, and it was located in Managua. One of the most popular national dishes of Nicaragua is gallo pinto. To read more click on culture of Nicaragua.
Geography of Nicaragua
Nicaragua is considered to be a large nation because of its total area. Its total land area is 130,370 km² (approx. 50,336 mi²). Nicaragua is located in North America. Its capital city is Managua. Nicaragua has 2 neighbouring countries. Its neighbours include Costa Rica, and Honduras. Total length of land borders of Nicaragua is 1253 kilometers (~484 miles).
The highest point of Nicaragua is Mogoton, with its official height being 2107 m (6,913 ft). Including land mass and EEZ, the total area of Nicaragua is approximately 254,251 km² (~98,166 mi²). The most notable natural resources found in Nicaragua are gold, silver, copper, tungsten, lead, zinc, timber, fish.To read more click on geography of Nicaragua.
Economy of Nicaragua
The currency of the country is Nicaraguan cordoba. The symbol used for this currency is C$, and it is abbreviated as NIO. 4.4% of population in the country are unemployed. The total number of unemployed people in Nicaragua is 276,529. Each year, Nicaragua exports around $2.4 billion and imports roughly $5.65 billion. The Gini Index of the country is 40.5. Nicaragua has a Human Development Index (HDI) of 0.614.The Global Peace Index (GPI) for Nicaragua is 1.947. Nicaragua has a government debt of 46.6% of the country's Gross Domestic Product (GDP), as assessed in 2012. Nicaragua 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, chemicals, machinery and metal products, knit and woven apparel, petroleum refining and distribution, beverages, footwear, wood, electric wire harness manufacturing, mining.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Nicaragua is $29,686 billion. Each year, consumers spend around $5,241 million. The ratio of consumer spending to GDP in Nicaragua is 0%, and the ratio of consumer spending to the world consumer market is 0.015. The corporate tax in Nicaragua is set at 30%. VAT in Nicaragua is 15%. In 2013, Nicaragua received 532.3 million USD in foreign aid.In 2014, the foreign aid amounted to 694.2 USD.To read more click on economy of Nicaragua.
Infrastructure of Nicaragua
Infrastructure quality in Nicaragua is rated to be at 2.2. 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 Nicaragua, 77.9% of the population has access to electricity. There are 296,068 internet hosts in Nicaragua. Nicaragua has 147 airports nationwide.
The logistics performance index of Nicaragua is 2.65. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.58. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Nicaragua is 7. To read more click on infrastructure of Nicaragua.
Politics of Nicaragua
Nicaragua, is a unitary presidential constitutional republic. With regard to political and civil freedoms, Nicaragua is 2. Citizens in Nicaragua experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Nicaragua, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Daniel Ortega.
According to the World Bank Group, the government effectiveness index of Nicaragua is -0.83. This indicates that the government of Nicaragua is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Nicaragua, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Nicaragua is 1.947. The strength of legal rights index for Nicaragua is 1. 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, Nicaragua received 532.3 million USD in foreign aid. In 2014, the foreign aid amounted to 694.2 USD. Nicaragua is a member of the United Nations (UN). On 24 October 1945, it joined the UN at it inception date as a full member state. Nicaragua is one of the original UN member states who founded the organization. Nicaragua is a member of the World Bank. To read more click on politics of Nicaragua.
Environment of Nicaragua
Nicaragua emits 0.8 metric tons per capita of CO2. 51890 km² of Nicaragua's territory is covered in forests. and forest land comprises 40% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Nicaragua is 7. To read more click on environment of Nicaragua.
Company formation in Nicaragua
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 Nicaragua.
When establishing a company in Nicaragua, 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 Nicaragua that will affect the establishment and growth of one's business. Contact us or click on company formation in Nicaragua to read additional information when setting up a business.
Bank account opening in Nicaragua
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Nicaragua. 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 Nicaragua, 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 Nicaragua or contact us.