Entrepreneurial spirit still running high

The past couple of years have been marked by great uncertainty in the business environment.

However, this has not held Faroese entrepreneurs back. In fact, the number of new businesses is increasing, the House of Industry reports.

Last year, 367 new limited companies (partafeløg), private limited companies (smápartafeløg) and entrepreneurial businesses (íverksetarafeløg) registered with the Faroese Company Registration Authority. This figure was 293 in 2020 and 269 in 2019.

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The law on entrepreneurial businesses was introduced in 2017. An entrepreneurial business is a special type of private limited company which can be founded with a seed capital of DKK 1.

In 2017, 97 entrepreneurial businesses were registered, and this number has been on a steady increase since then.

Fifty entrepreneurial businesses have been removed from the register since 2018. This figure is now declining.

Read the Faroese version of this article here.

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