A Faroese company must be registered as the ship owner.
However, there are no restrictions on share capital which can be owned 100 % by non-residents.
SETTING UP A COMPANY
What is the cost of setting up a Faroese company?
The cost of setting up a limited company in the Faroes is DKK 50.000 (approx. 7550 USD).
The cost of setting up a private limited company in the Faroes is DKK 500.000 (approx 76000 USD).
Additionally, you pay a registration fee and a small annual fee.
How long does is take to set up a company in the Faroes?
Provided that all the papers given to the company registration authority are in order, the registration process only takes a day or two.
Are there any demands as to the nationality of the board members or managers?
There is no demand for a Faroese board, shareholders or a Faroese manager, but a Faroese address is required.
Reed more about ownership and dividend here.