Empowered Horizons: Unveiling Government Support for Women Entrepreneurs in the Faroe Islands

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In focus: Some government initiatives for women entrepreneurs in Faroe Islands

#FaroeIslandsBusiness #WomenEntrepreneurs #EmpoweringDiversity

The Faroe Islands business culture is very different from that in other countries. In the unique business landscape of the Faroe Islands, a distinctive paradigm shift challenges the traditional gender roles observed in mainland Europe.

Here, women actively engage in entrepreneurial pursuits, marking a departure from the conventional narrative where businesses are predominantly led by men. This shift is a testament to the evolving dynamics in the Faroese business sector, where women entrepreneurs contribute significantly to the economic tapestry. The island’s economic diversity is gradually expanding, with the ocean and related expertise remaining pivotal.

As Faroe Islands assert their autonomy, the government, operating under the Home Rule Act of 1948, has the authority to negotiate internationally. Against this backdrop, exploring the government schemes and initiatives supporting women entrepreneurs in the Faroe Islands unveils a compelling narrative of empowerment and economic contribution.

Here are some initiatives that supports women entrepreneurship in the Faroe Islands.

> How is starting a business in the Faroe Islands?

If you want to start a business in the Faroe Islands, you can obtain information about setting up, recruiting and running a business from various authorities. You can obtain information on many specific details such as – how to plan and get started with your business & how to choose a company form and company name, create a business plan and register your business.

For general information on starting your own business in the Faroe Islands, anyone can check out the official information site of the government of the Faroe Islands. For more detailed information about starting a company, contact the relevant authorities: the tax authority TAKS and the company registration authority Skráseting Føroya.

-Faroe Islands Official Information Page

-The Faroese tax authority TAKS

-Company Registration, Skráseting Føroya

https://www.norden.org/en/info-norden/running-business-faroe-islands

> Information for Faroese companies starting up in the Nordic region

In Faroe Islands, any companies looking at establishing themselves in or trade with other countries can obtain information and help from the following authorities –

-Ministry of Foreign Affairs and Trade

-TAKS

-Company Registration, Skráseting Føroya

-Vinnuhúsið (The House of Industry)

-Íverksetarahúsið – House of Entrepreneurship

https://www.norden.org/en/info-norden/running-business-faroe-islands

> The Innovation and Entrepreneurship Support System

There are different bodies that can help anyone wanting to set up their business. Here are some of them:

– Vinnuframi

Vinnuframi is a foundation under the jurisdiction of the Faroese Ministry of Foreign Affairs and Trade. The foundation provides help, counselling and financial support to Faroese commercial projects. Contact: www.vinnuframi.fo

> Íverksetarahúsið

Íverksetarahúsið is an entrepreneurial house located in Klaksvík, and its activity spans across the entire Faroe Islands. In addition to rendering help and counsel to Faroese entrepreneurs and businesses, Íverksetarahúsið is also responsible for instructing primary and lower secondary school teachers in entrepreneurship, which they in turn can teach their students. Íverksetarahúsið further offers entrepreneurs in-house office
spaces in Klaksvík. Contact: www.iverksetan.fo

> Hugskotið

Hugskotið is an entrepreneurial house located in the Faroese capital of Tórshavn. The purpose of the house is to render help and counsel to entrepreneurs and firms. Hugskotið is home to 20-30 start-up businesses and falls under the jurisdiction of the municipality of Tórshavn (Tórshavnar Kommuna). Contact: www.hugskotid.fo

> H2020 SME Instrument

The Faroe Islands is an associated member of the EU, which provides Faroese SME (small medium enterprises) with the opportunity to apply for financial support on the same basis as other EU member states. Horizon 2020 is administered by The Faroese Research Council (Granskingarráðið), and Vinnuframi provides counselling and instructions when it comes to applications. More information here.

> Framtak

Framtak is a foundation which provides financial support to Faroese businesses and corporations. Contact: www.framtak.fo

> Vestnorden Fonden

Vestnorden is a Nordic foundation which provides financial support to Faroese and Greenlandic businesses and corporations. Contact: www.vestnorden.is

https://www.faroeislands.fo/economy-business/invest-in-the-faroe-islands/innovation-
and-entrepreneurship-support-
system#:~:text=Innovation%20and%20Entrepreneurship%20Support%20System%20%
2D%20Faroe%20Islands&text=The%20Faroe%20Islands%20is%20an,as%20other%20
EU%20member%20states
.

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