The Faroe Islands offer a range of support structures designed to help entrepreneurs and innovative businesses launch, grow, and access funding and advice. These services are a key part of the business ecosystem and are intended to strengthen economic diversification and competitiveness. 

Vinnuframi – Business Development Foundation

A foundation under the Faroese Ministry of Foreign Affairs and Trade.

• Provides guidance, counseling, and financial support to commercial projects and growing businesses.
• Helps Faroese companies in innovation and business development. 

Íverksetarahúsið – House of Entrepreneurship (Klaksvík)

A dedicated entrepreneurial hub based in Klaksvík, serving entrepreneurs across the islands.

• Offers support, advice, and in-house office space to start-ups.
• Also teaches entrepreneurship to primary and lower secondary school teachers, who in turn train students. 

EU Funding Access (Horizon 2020 / H2020 SME Instrument)

As an associated member of the EU, the Faroe Islands allow Faroese SMEs to apply for financial support on the same terms as EU member states.

• Horizon 2020 (and associated successor programmes) provide innovation funding and SME instruments.
• Faroese institutions like Vinnuframi offer application support and guidance. 

Framtak 

A foundation that supplies financial support to Faroese businesses and corporations. 

Vestnorden Fonden

A Nordic foundation offering funding for Faroese and Greenlandic companies to encourage regional economic development.