Papua New Guinea
The ISO code of Papua New Guinea is PG according to the ISO 3166 standard. The local name of the country is Papua Niu Gini. Papua New Guinea capital city is Port Moresby. People in Papua New Guinea speak the English, Tok Pisin, and Hiri Motu languages. On 16 September 1975, Papua New Guinea emerged as a sovereign political entity. In the year 09/16/1975, Papua New Guinea emerged as a sovereign political entity. The largest city in Papua New Guinea is Port Moresby.
Papua New Guinea is located in the UTC +10:00 time zone, which is also called Australian Eastern Standard Time or AEST. The internet country code top-level domain (ccTLD) for Papua New Guinea is .pg. The International dialing code for Papua New Guinea is 675. People in Papua New Guinea drive on the left side of the road. Total land area of Papua New Guinea is 462,840 km² (approx. 178,703 mi²). Papua New Guinea is not a landlocked country. It means that is is bordered by at least one major body of water.
Papua New Guinea is located in Oceania. Papua New Guinea 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 Papua New Guinea faces various issues, including rain forest subject to deforestation as a result of growing commercial demand for tropical timber, pollution from mining projects, severe drought.
Doing business in Papua New Guinea
We offer various corporate services in Papua New Guinea jurisdiction. These services can serve both, people coming from Papua New Guinea and foreigners. If you plan on doing business in Papua New Guinea you might be interested in contacting us.
To find out about starting your business in Papua New Guinea click on company formation in Papua New Guinea.
To find out how to open a bank account in Papua New Guinea and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Papua New Guinea.
Choose preferred service below or continue reading to find out more about Papua New Guinea.
Demographics of Papua New Guinea
The total population of Papua New Guinea is 8,418,346 people. In Papua New Guinea, the population density is 16 people per square kilometer (42 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 Papua New Guinea is 0.2718. Papua New Guinea has approximately 25782 foreign immigrants. The median age is approximately 22.4 years. In Papua New Guinea, 2.3 in every 100 people use internet. Papua New Guinea has a Human Development Index (HDI) of 0.491.
The majority religion of Papua New Guinea is Christianity, Papua New Guinea 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 Papua New Guinea.
Culture of Papua New Guinea
People in Papua New Guinea speak the English, Tok Pisin, and Hiri Motu languages. According to data on inbound tourists in Papua New Guinea, 174,000 tourists arrive in the country each year. One of the most popular national dishes of Papua New Guinea is mumu. To read more click on culture of Papua New Guinea.
Geography of Papua New Guinea
Papua New Guinea is considered to be a large nation because of its total area. Its total land area is 462,840 km² (approx. 178,703 mi²). Papua New Guinea is located in Oceania. Its capital city is Port Moresby. The length of said border is 820 km (510 mi).Total length of land borders of Papua New Guinea is 824 kilometers (~318 miles).
The highest point of Papua New Guinea is Mount Wilhelm, with its official height being 4509 m (14,794 ft). Including land mass and EEZ, the total area of Papua New Guinea is approximately 2,865,128 km² (~1,106,227 mi²). The most notable natural resources found in Papua New Guinea are gold, copper, silver, natural gas, timber, oil, fisheries.To read more click on geography of Papua New Guinea.
Economy of Papua New Guinea
The currency of the country is Papua New Guinean kina. The symbol used for this currency is K, and it is abbreviated as PGK. 2.7% of population in the country are unemployed. The total number of unemployed people in Papua New Guinea is 227,295. Each year, Papua New Guinea exports around $5.39 billion and imports roughly $4.59 billion. The Gini Index of the country is 50.9. Papua New Guinea has a Human Development Index (HDI) of 0.491.The Global Peace Index (GPI) for Papua New Guinea is 2.064. Papua New Guinea has a government debt of 16.2% of the country's Gross Domestic Product (GDP), as assessed in 2013. Papua New Guinea 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 copra crushing, palm oil processing, plywood production, wood chip production, mining (gold, silver, copper), crude oil and petroleum products, construction, tourism.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Papua New Guinea is $18,595 billion. Each year, consumers spend around $5,252 million. The ratio of consumer spending to GDP in Papua New Guinea is 0%, and the ratio of consumer spending to the world consumer market is 0.0151. The corporate tax in Papua New Guinea is set at 30%. Personal income tax ranges from 22% to 42%, depending on your specific situation and income level. VAT in Papua New Guinea is 10%. In 2013, Papua New Guinea received 664.8 million USD in foreign aid.In 2014, the foreign aid amounted to 610.9 USD.To read more click on economy of Papua New Guinea.
Infrastructure of Papua New Guinea
Infrastructure quality in Papua New Guinea is rated to be at 2.23. 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 Papua New Guinea, 18.1% of the population has access to electricity. There are 5,006 internet hosts in Papua New Guinea. Papua New Guinea has 561 airports nationwide.
The logistics performance index of Papua New Guinea is 2.43. 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 2.27. 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 Papua New Guinea is 54. To read more click on infrastructure of Papua New Guinea.
Politics of Papua New Guinea
Papua New Guinea, is a unitary parliamentary constitutional monarchy. With regard to political and civil freedoms, Papua New Guinea is 2. Citizens in Papua New Guinea experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Papua New Guinea, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Elizabeth II.
According to the World Bank Group, the government effectiveness index of Papua New Guinea is -0.63. This indicates that the government of Papua New Guinea is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Papua New Guinea, the legislative power is vested in a National Parliament. The Global Peace Index (GPI) for Papua New Guinea is 2.064. The strength of legal rights index for Papua New Guinea is 3. Overall, it is considered to be rather inadequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient. In 2013, Papua New Guinea received 664.8 million USD in foreign aid. In 2014, the foreign aid amounted to 610.9 USD. Papua New Guinea is a member of the United Nations (UN). On 10 October 1975, it joined the UN as a full member state. Papua New Guinea is a member of the World Bank. To read more click on politics of Papua New Guinea.
Environment of Papua New Guinea
Papua New Guinea emits 0.7 metric tons per capita of CO2. 294370 km² of Papua New Guinea's territory is covered in forests. and forest land comprises 64% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Papua New Guinea is 54. To read more click on environment of Papua New Guinea.
Company formation in Papua New Guinea
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 Papua New Guinea.
When establishing a company in Papua New Guinea, 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 Papua New Guinea that will affect the establishment and growth of one's business. Contact us or click on company formation in Papua New Guinea to read additional information when setting up a business.
Bank account opening in Papua New Guinea
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Papua New Guinea. 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 Papua New Guinea, 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 Papua New Guinea or contact us.