The Faroe Islands
The ISO code of The Faroe Islands is FO according to the ISO 3166 standard. The local name of the country is Foroyar. The Faroe Islands capital city is Tórshavn. People in The Faroe Islands speak the Danish, and Faroese languages. In the year 1035, The Faroe Islands emerged as a sovereign political entity.
The Faroe Islands is located in the UTC +00:00 time zone, which is also called Western European Time or WET. The internet country code top-level domain (ccTLD) for The Faroe Islands is .fo. The International dialing code for The Faroe Islands is 298. People in The Faroe Islands drive on the right side of the road. Total land area of The Faroe Islands is 1,393 km² (approx. 538 mi²). The Faroe Islands is not a landlocked country. It means that is is bordered by at least one major body of water.
The Faroe Islands is located in Europe. The Faroe Islands is considered to be a developed 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.
Doing business in The Faroe Islands
We offer various corporate services in The Faroe Islands jurisdiction. These services can serve both, people coming from The Faroe Islands and foreigners. If you plan on doing business in The Faroe Islands you might be interested in contacting us.
To find out about starting your business in The Faroe Islands click on company formation in The Faroe Islands.
To find out how to open a bank account in The Faroe Islands and moreover what type of account Confidus Solutions suggests to create, please click on bank account in The Faroe Islands.
Choose preferred service below or continue reading to find out more about The Faroe Islands.
Demographics of The Faroe Islands
The total population of The Faroe Islands is 49,489 people. In The Faroe Islands, the population density is 34 people per square kilometer (88 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 The Faroe Islands is 0. The Faroe Islands has approximately 5517 foreign immigrants. The median age is approximately 37.7 years. In The Faroe Islands, 85.34 in every 100 people use internet.
The majority religion of The Faroe Islands is Christianity, The Faroe Islands is considered to be a developed 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 The Faroe Islands.
Culture of The Faroe Islands
People in The Faroe Islands speak the Danish, and Faroese languages. One of the most popular national dishes of The Faroe Islands is skerpikjøt. To read more click on culture of The Faroe Islands.
Geography of The Faroe Islands
The Faroe Islands is considered to be a large nation because of its total area. Its total land area is 1,393 km² (approx. 538 mi²). The Faroe Islands is located in Europe. Its capital city is Tórshavn. The Faroe Islands has no land borders.
The highest point of The Faroe Islands is Slættaratindur, with its official height being 882 m (2,894 ft). Including land mass and EEZ, the total area of The Faroe Islands is approximately 1,393 km² (~538 mi²). The most notable natural resources found in The Faroe Islands are fish, whales, hydropower, oil and gas.To read more click on geography of The Faroe Islands.
Economy of The Faroe Islands
The currency of the country is Faroese krona. The symbol used for this currency is kr, and it is abbreviated as DKK. 2.5% of population in the country are unemployed. The total number of unemployed people in The Faroe Islands is 1,237. Each year, The Faroe Islands exports around $0.82 billion and imports roughly $0.78 billion. The Gini Index of the country is 29.08. The Faroe Islands has a government debt of 47.1% of the country's Gross Domestic Product (GDP), as assessed in 2012. The Faroe Islands is considered to be a developed 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 fishing, fish processing, small ship repair and refurbishment, handicrafts.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in The Faroe Islands is $1 billion. The corporate tax in The Faroe Islands is set at 18%. VAT in The Faroe Islands is 25%. To read more click on economy of The Faroe Islands.
Infrastructure of The Faroe Islands
In The Faroe Islands, 100% of the population has access to electricity. There are 7,575 internet hosts in The Faroe Islands. The Faroe Islands has 1 airports nationwide.
The number of road motor vehicles per 1000 inhabitants in The Faroe Islands is 179. To read more click on infrastructure of The Faroe Islands.
Politics of The Faroe Islands
The Faroe Islands, is a devolved government within parliamentary constitutional monarchy. The head of the government is Margrethe II.
In The Faroe Islands, the legislative power is vested in a Løgting. To read more click on politics of The Faroe Islands.
Environment of The Faroe Islands
The Faroe Islands emits 11.7 metric tons per capita of CO2. The number of road motor vehicles per 1000 inhabitants in The Faroe Islands is 179. To read more click on environment of The Faroe Islands.
Company formation in The Faroe Islands
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 The Faroe Islands.
When establishing a company in The Faroe Islands, 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 The Faroe Islands that will affect the establishment and growth of one's business. Contact us or click on company formation in The Faroe Islands to read additional information when setting up a business.
Bank account opening in The Faroe Islands
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in The Faroe Islands. 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 The Faroe Islands, 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 The Faroe Islands or contact us.