Pandemic has not dampened entrepreneurial spirit

The Covid-19 pandemic and the uncertainties surrounding Brexit do not appear to have discouraged Faroese entrepreneurs.

So far this year, the average number of new private companies has exceeded last year’s average, reports the House of Industry.

Last year saw a total of 269 new limited companies and entrepreneurial startups. By mid-November this year, the equivalent total was around 260, bringing this year’s average monthly number of new companies up to almost 24 from just over 22 last year.

The new law on entrepreneurial startups from 2017 sparked an almost immediate spike in new businesses, with the annual number of new companies going from 145-160 before the law was passed to 265-275 after 2017.

Translated by prosa.fo