The Faroe Islands are located between Norway and Iceland and are connected to the sea, so the maritime orientation of local businesses is the main economic direction.
Throughout their existence, the Faroes have developed the skills necessary to maximize the use of the valuable resources of the North Atlantic, and the Faroes today export seafood to six continents.
It is a good decision to register a commercial organization in the Faroe Islands, because the environment and the marine ecosystems around the islands represent prospects for the development of your business.
Many Faroese fish products have become known for their high quality, such as Faroese cod, spiny lobsters and a farm salmon.
At the same time, the Faroe economy is among the highest in the world in terms of GDP per capita
The Faroese business sector is gradually becoming more and more diversified. The establishment of a company in the Faroe Islands is promising in an important local industry, such as financial services, oil extraction and refining, and tourism. A win-win option is to set up IT/telecommunication organizations in the Faroe Islands.
By ordering professional advice from our experts with subsequent support at all stages of business registration in Faroe Islands, you will be able to open a company in the Faroes in a few days.
- Private Enterprises
This jurisdiction offers a ssimplified procedure for registering an individual entrepreneurship in Farrera. The manager must be registered to pay taxes. You must create an account. Private Enterprises has certain advantages and disadvantages. This legal form is most suitable for individual entrepreneurship.
- Entrepreneurial Companies
Since 2017, it is possible to register an entrepreneurial company in Faroe Islands, that acts as a legal entity, which is managed by both 1 person or the group of owners. Investments range 1-49,999 DKK (7,5 USD). The authorized capital is equal to the amount, that the constitutor originally invested. You lose only invested finances in bankruptcy.
- Private Companies
If you decide to start an entrepreneurship by registering a private company in Faroe Islands, you should know, that this type requires large investments. Starting Jan 1, 2017, an investment amount is 50,000 DKK (8 USD).
- LLC
The investment contribution is 500,000 DKK, such firms is similar to the above, well suited for large firms.
- Partnerships
To set up a partnership in the Faroe Islands, 2 or more representatives (individuals or legal entities) are required. All founders are directly responsible for the total assets in relation to creditors.
If you want to open a commercial firm in Faroe Islands, YB Case specialists will provide you with full support and with professional advice on opening a bank account in the Faroe Islands.
