The owner of the vessel must be a company registered in the Faroe Islands.

 

There are two different types of limited liability companies in the Faroe Islands, the Sp/f and the P/F. These are regulated by two different Company Acts and the main difference between them is the size of the equity capital, being a minimum of DKK 50.000 for an Sp/f

and DKK 500.000 for a P/F.

 

An Sp/f is not obliged to have a board.