The Faroe Islands is a sovereign territory with own government and several areas of indepencence. Their maritime authorities can rely on highly educated staff at both managerial and administrative level.
Furthermore, there are several obvious benefits in terms of sheer concentration of knowledge in a country this size.
Government administration of the national and international ship register is both efficient and multilingual (as is the majority of the population).
Moreover, highly qualified legal advisers are easily accessible, and there are several financial institutes on the Islands with a great deal of experience in the field of international ship financing and brokering.