Company formation and registration in Iceland

Legal Framework:

• Company formation is primarily governed by the Icelandic Companies Act.
• Icelandic law is based on Nordic legal traditions.

Company Types:

• Common company types include:
• Limited Liability Company (Einkahlutafélag - ehf.).
• Public Limited Company (Hlutafélag - hf.).  
• Branches of foreign companies.

Registration Process:

• Company registration is conducted through the Companies Registry, which is part of the Icelandic Register of Enterprises (Fyrirtækjaskrá).
• Registration involves submitting required documents and paying applicable fees.

Required Documents:

• Required documents typically include:
• Articles of Association (Samþykktir).  
• Memorandum of Association (Stofnskrá).  
• Proof of director and shareholder identification.
• Proof of registered office address.

Registered Office:

• A registered office address in Iceland is mandatory.  

Minimum Capital Requirements:

• Minimum capital requirements vary depending on the company type.
• Limited Liability Companies (ehf.) have a minimum share capital requirement.
• Public Limited Companies (hf.) have a higher minimum share capital requirement.  

Tax Registration:

• Companies must obtain a tax identification number (kennitala) from the Icelandic Tax Administration (Skatturinn). Social Security Registration:
  • Companies must register with the Icelandic social security system.
  
  
  
  
  

  Licensing and Permits:

  • Specific licenses and permits may be required depending on the company's activities.  
  • These permits are issued by relevant Icelandic authorities.
  
  
  

  Accounting and Auditing:

  • Companies must maintain accounting records according to Icelandic accounting standards.  
  • Auditing requirements vary depending on the company's size.
  
  
  

  Language:

  • Official documents must be in Icelandic.
  
  
  

  Electronic registry:

  • The Icelandic register of enterprises is moving towards increased electronic filing.
  
  
  

  Where to find information:

  • The Icelandic Register of Enterprises (Fyrirtækjaskrá) is the main source for registration information.
  • The Icelandic Tax Administration (Skatturinn) provides tax registration information.
  • Legal and accounting professionals in Iceland can provide assistance.