Fishery Act (No. 18 of 1996).

The Act applies to commercial and leisure fishing in Greenland. By establishing annual total allowable catch for certain species, the Act ensures an appropriate and biologically sound exploitation of fish stocks. Individuals authorized to fish are subject to residence and tax paying status in Greenland, as well as having been engaged in commercial fishing in the preceeding two calendar years with at least 2/3 of their gross income derived from commercial fishing. For commercial companies, at least 2/3 of their capital must derive from shrimp fishery: the entire share capital must be owned by individuals who meet the above-mentioned conditions and more than half of company capital must be owned by tax paying commercial fishermen. These restrictions may however change on the basis of authorities’ discretion. Nationals from countries other than Denmark but who reside in Greenland for 2 consecutive years, enjoy same rights as Danish citizens.
Fishing outside of Greenland fishing territory may be regulated by establishing fishing quotas in regards to time, geographic areas and fleet/vessel components. The government sets rules for the distribution of total allowable catch (TAC) quotas for industry groups, vessel components and fishing gear by allowance of number of landings and duty of data registration and reporting of catch as well as suspension and/or cessation of fishing and landing. Processing on board of Greenland ships may only take place with the authorities' permission and Greenland fishing license are granted with the option of: (1) Time limited licenses subject to a maximum allowable catch. (2) Time unlimited licenses subject to a maximum allowable catch. (3) Temporary licenses for which there is a maximum allowable catch. (4) Unlimited license licenses for which there is a maximum allowable catch.
All quotas are hereditary but must be approved by local authorities and must not surpass 33.3% in deep-sea fishing and 10% in coastal-fishing. Shipping companies may sell their yearly quota in case of accident or lengthy permanence at sea, in the case of ice obstacles at sea or similar circumstances. The government may set regulations aimed to the protection of resources (conservation seasons, fishing methods and gear, limitation of fishing of certain species or/and size thereof) and to fishery biological studies and experimental fishing which may be carried out by the national Institute of Natural Resources and National Environmental Research Institute.