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Faroe Islands

Faroe Islands Flag

Country: Faroe Islands
Region: Europe
Currency: Faroese króna (kr)
Languages: Faroese, Danish
Time Zone: UTC 0

Phone Code: +298

Communications: OK

Formation Cost: 400 - 600 USD$
Formation Time: 7 - 13 days
Maintenance cost: 100 - 300 USD$

Executive Summary: An island group between the Norwegian Sea and the North Atlantic Ocean, the Faroe Islands lie half way between Norway and Iceland with a land area of 1,400 sq km. In 2014 the population is estimated at just under 50,000 and the main languages are Faroese (derived from Old Norse) and Danish. The Faroese economy is dependent on fishing which accounts for about 95% of exports and nearly half of GDP. Other industries include fish processing and boat repair, but initial discoveries of oil in the Faroese area give hope for eventual oil production, which may provide a foundation for a more diversified economy. Assisted by an annual subsidy from Denmark amounting to about 3% of Faroese GDP, the Faroese have a standard of living almost equal to that of Denmark.

Suitable for: Yachting
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Vehicle Types: Limited companies, public limited companies, sole proprietorships, general partnerships and limited partnerships

Capital primary business districts: Tórshavn

Good Relationships: Denmark, Sweden, United Kingdom

Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

Tax Burden - Business: Light

Tax Burden - Individual: Moderate

Headline tax rates: CIT 18%, PIT 35%, VAT 25%

Treaty Jurisdictions: Denmark, Finland, Iceland, Isle of Man, Norway, Sweden, United Kingdom

TIEA Jurisdictions: Andorra, Anguilla, Antigua and Barbuda, Aruba, Bahamas, Bahrain, Barbados, Belize, Bermuda, British Virgin Islands, Brunei, Cayman Islands, Cook Islands, Costa Rica, Dominica, Gibraltar, Grenada, Guatemala, Guernsey, Hong Kong, Isle of Man, Jamaica, Jersey, Liberia, Liechtenstein, Macau, Marshall Islands, Mauritius, Monaco, Montserrat, Netherlands Antilles, Niue, Panama, Qatar, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Seychelles, Turks and Caicos Islands, Uruguay, Vanuatu

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