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Get to Know About Greenland
Greenland is an autonomous territory of Denmark located between the Arctic and Atlantic ocean, even though it officially is an Arctic island. Covering a total area of 2,166,086 square kilometers, Greenland is the largest island in the world, which is not a continent. The region is home to about 56,000 people.
Greenland doesn’t have a huge population, mainly since the climate is frigid in most of the parts. However, for the places where people live, there’s a lot of development. It is mostly because of the ever-growing fishing industry and the abundance of minerals such as aluminum and copper. The public sector has also played a significant role in Greenland’s high Human Development Index (0.786). Anyway, the government has been proposing to trim the number of public businesses through the privatization of enterprises. Thus, this could be a good sign for those who are thinking of doing business in Greenland.
The Greenland Corporate tax rate is 30 percent. There are no VAT and sales tax. It is not so hard to get a local workforce, and even if you don’t get the right fit, you can hire foreign workers depending on your investment amount. With the government raising bans of various mineral resources and bringing incentives to develop the tourism and fishery industries, you have a lot of opportunities. However, there still can be some challenges; for example, the decrease of certain species of fishes due to climate change.