Tentmaker Reports

Solomon Islands Report

Entrepreneurial Missions Index

23.1

General Information

Population

561,231 (156th most populous country in the world)

RELIGIONS
Church of Melanesia32.8%
Roman Catholic19.0%
South Seas Evangelical17.0%
Seventh Day Adventist11.2%
United Church10.3%
Christian Fellowship2.4%
Other Christian4.4%
Other2.4%
Unspecified0.3%
None0.2%
LANGUAGES
Melanesian Pidgin
English
120 Indigenous Languages

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 97 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.

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/.

 

 

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

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