The ISO code of Solomon Islands is SB according to the ISO 3166 standard. The local name of the country is the same as its English name. Solomon Islands capital city is Honiara. People in Solomon Islands speak the English language. On 7 July 1978, Solomon Islands emerged as a sovereign political entity. In the year 07/07/1978, Solomon Islands emerged as a sovereign political entity. The largest city in Solomon Islands is Honiara.
Solomon Islands is located in the UTC +11:00 time zone, which is also called Solomon Islands Time or SBT. The internet country code top-level domain (ccTLD) for Solomon Islands is .sb. The International dialing code for Solomon Islands is 677. People in Solomon Islands drive on the left side of the road. Total land area of Solomon Islands is 28,896 km² (approx. 11,157 mi²).
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Solomon Islands 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 Solomon Islands faces various issues, including deforestation, soil erosion, many of the surrounding coral reefs are dead or dying.
Doing business in Solomon Islands
We offer various corporate services in Solomon Islands jurisdiction. These services can serve both, people coming from Solomon Islands and foreigners. If you plan on doing business in Solomon Islands you might be interested in contacting us.
To find out about starting your business in Solomon Islands click on company formation in Solomon Islands.
To find out how to open a bank account in Solomon Islands and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Solomon Islands.
Choose preferred service below or continue reading to find out more about Solomon Islands.
Demographics of Solomon Islands
The total population of Solomon Islands is 623,281 people. In Solomon Islands, the population density is 18.2 people per square kilometer (47 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 Solomon Islands is 0.111. Solomon Islands has approximately 2585 foreign immigrants. The median age is approximately 21.6 years. In Solomon Islands, 7 in every 100 people use internet. Solomon Islands has a Human Development Index (HDI) of 0.491.
The majority religion of Solomon Islands is Christianity, Solomon Islands 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 Solomon Islands.
Culture of Solomon Islands
People in Solomon Islands speak the English language. According to data on inbound tourists in Solomon Islands, 24,400 tourists arrive in the country each year. One of the most popular national dishes of Solomon Islands is kibbe. To read more click on culture of Solomon Islands.
Geography of Solomon Islands
Solomon Islands is considered to be a large nation because of its total area. Its total land area is 28,896 km² (approx. 11,157 mi²).
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Its capital city is Honiara. Solomon Islands has no land borders.
The highest point of Solomon Islands is Mount Popomanaseu, with its official height being 2335 m (7,661 ft). Including land mass and EEZ, the total area of Solomon Islands is approximately 1,618,373 km² (~624,854 mi²). The most notable natural resources found in Solomon Islands are fish, forests, gold, bauxite, phosphates, lead, zinc, nickel.To read more click on geography of Solomon Islands.
Economy of Solomon Islands
The currency of the country is Solomon Islands dollar. The symbol used for this currency is $, and it is abbreviated as SBD. 2% of population in the country are unemployed. The total number of unemployed people in Solomon Islands is 12,466. Each year, Solomon Islands exports around $0.49 billion and imports roughly $0.45 billion. The Gini Index of the country is 46.1. Solomon Islands has a Human Development Index (HDI) of 0.491.Solomon Islands has a government debt of 17.5% of the country's Gross Domestic Product (GDP), as assessed in 2012. Solomon Islands 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 fish (tuna), mining, timber.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Solomon Islands is $1,094 billion. Each year, consumers spend around $528 million. The ratio of consumer spending to GDP in Solomon Islands is 0%, and the ratio of consumer spending to the world consumer market is 0.0015. The corporate tax in Solomon Islands is set at 30%. Personal income tax ranges from 11% to 40%, depending on your specific situation and income level. VAT in Solomon Islands is 10%, and it is known as Sales Tax. In 2013, Solomon Islands received 304.9 million USD in foreign aid.In 2014, the foreign aid amounted to 334 USD.To read more click on economy of Solomon Islands.
Infrastructure of Solomon Islands
Infrastructure quality in Solomon Islands is rated to be at 2.46. 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 Solomon Islands, 22.8% of the population has access to electricity. There are 4,370 internet hosts in Solomon Islands. Solomon Islands has 36 airports nationwide.
The logistics performance index of Solomon Islands is 2.59. 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 2.72. 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.
To read more click on infrastructure of Solomon Islands.
Politics of Solomon Islands
Solomon Islands, is a unitary parliamentary constitutional monarchy. With regard to political and civil freedoms, Solomon Islands is 2. Citizens in Solomon Islands experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Solomon Islands, 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 Solomon Islands is -1.07. This indicates that the government of Solomon Islands is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Solomon Islands, the legislative power is vested in a National Parliament. The strength of legal rights index for Solomon Islands is 10. Overall, it is considered to be rather strong - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible. In 2013, Solomon Islands received 304.9 million USD in foreign aid. In 2014, the foreign aid amounted to 334 USD. Solomon Islands is a member of the United Nations (UN). On 19 September 1978, it joined the UN as a full member state. Solomon Islands is a member of the World Bank. To read more click on politics of Solomon Islands.
Environment of Solomon Islands
Solomon Islands emits 0.4 metric tons per capita of CO2. 23117 km² of Solomon Islands's territory is covered in forests. and forest land comprises 80% of all the land in the country. To read more click on environment of Solomon Islands.
Company formation in Solomon 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 Solomon Islands.
When establishing a company in Solomon 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 Solomon Islands that will affect the establishment and growth of one's business. Contact us or click on company formation in Solomon Islands to read additional information when setting up a business.
Bank account opening in Solomon Islands
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Solomon 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 Solomon 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 Solomon Islands or contact us.