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Solomon Islands Report

Entrepreneurial Missions Index

33.1

General Information

Population

538,148 (156th most populous country in the world)

Religions

Languages

Church of Melanesia   32.8% Melanesian Pidgin     
Roman Catholic 19.0% English
South Seas Evangelical   17.0% 120 Indigenous Languages
Seventh Day Adventist 11.2%
United Church 10.3%
Christian Fellowship   2.4%
Other Christian   4.4%
Other   2.4%
Unspecified   0.3%
None   0.2%

Industries

Cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit, timber, cattle, pigs, fish

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Solomon Islands, visit https://www.cia.gov/library/publications/the-world-factbook/geos/sb.html.

Business Information

The World Bank ranks Solomon Islands as 0 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Solomon Islands.

The World Bank ranks Solomon Islands as 104th out of 183 economies in terms of ease of doing business.  The country ranks as 111th (of 183) in terms of ease of starting a business.

It requires 7 procedures, takes 57 days, and costs 52.7% of income per capita to start a business in Solomon Islands.

In order to start a business in Solomon Islands, one must follow these procedures:

  1. Obtain approval of the company name from the Ministry of Commerce
  2. Pay stamp duty at the Ministry of Finance
  3. Register the company with the Registrar of Companies
  4. Register for income tax, goods tax, and sales tax
  5. Register as an employer with the National Provident Fund
  6. Make a company seal
  7. Pay a business license fee at the Honiara Council

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Solomon Islands, visit http://www.doingbusiness.org/.

 

The World Economic Forum (WEF) was founded in 1971 by Klaus Martin Schwab at the University of Geneva in Switzerland.  It is a non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss both economic and social issues facing the world.  The WEF also serves as a think tank, and publishes a wide range of reports focusing on issues of concern and importance to Forum communities. In particular, Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness, global risks and scenario thinking.  The Global Competitiveness Report measures competitiveness of countries and economic competitiveness among a wide range of factors such as corruption, tax rates, work ethic, and many others.

 

Solomon Islands Economic Freedom

The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period

Their measure of economic freedom is based on that the following standards:

  • Personal choice rather than collective choice,
  • Voluntary exchange coordinated by markets rather than allocation via the political process,
  • Freedom to enter and compete in markets, and
  • Protection of persons and their property from aggression by others.

A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.   

 

Solomon Islands Summary

 

1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project