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Company Formation Iceland

Updated on Tuesday 22nd May 2018

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BridgeWest provides company formation services in Iceland. Our assistance includes:

> drafting the Articles of Association (necessary for the company incorporation in Iceland);
The Articles of Association of the Icelandic company can be signed through Power of Attorney (the same applies to Public Notary proceedings, a step required by Icelandic Law).

> drafting all other documents required for the incorporation of the Icelandic company;
These documents include: Specimen Signatures, Special Forms provided by the Company Registration Office in Iceland, passport copies etc.

> arranging Public Notary procedures (The procedures for incorporating a company in Iceland have to be done through an Icelandic Public Notary);

> offering a Registered Office in Iceland for your company (if required);
The registered office may be any address where the Icelandic company declares to have its headquarters. The registered office will be public.

> setting up a bank account for your Icelandic company.
This refers both to an initial share capital account needed when you open a company in Iceland, as well as a current bank account after the company is formed.

> recommending an accountant in Iceland;
Accountancy services are recommended for any new business registration in Iceland.

BridgeWest provides formation of the following types of companies in Iceland:

Icelandic Public Limited Liability Company – The company may be set up by two or more persons, or legal entities providing a minimum capital of 4 million ISK (25,000 EUR). This business entity must have at least two shareholders who provide a part of the capital, receiving shares with a nominal value and at least three members in the Board of Directors. The member's liability for the company's debts and obligations is limited to the amount invested in the company opened in Iceland. The Icelandic public limited liability company has the possibility of offering its shares publicly and enlisting on the stock market.

Icelandic Private Limited Liability Company – This company type differs from the public limited company in the sense that it cannot sell its shares to the public and full consent of other members is needed in case one shareholder wishes to back out from the business. Apart from this, the private limited liability companies are the most common form of business used in Iceland. They can be formed by one or more persons and the minimum requested capital is of 500.000 ISK (approximately 3000 EUR). If the company has more than one shareholder, the board and shareholder meetings are required. The liability of the members of Icelandic private limited liability companies relies on the amount invested by each of them in the company.

BridgeWest is also able to offer ready-made Icelandic companies and VAT registration.

Please contact us for more information regarding how to open a company in Iceland and prices.


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