Search for company name
Agency: Register of Enterprises (Directorate of Internal Revenue)
The company name database can be accessed at the Internal Revenue’s website (www.rsk.is).
Time and cost: Less than 1 day (online procedure), no charge
Deposit initial capital in bank account
Agency: Commercial Bank
The initial capital can be deposited in any commercial bank.
Time and cost: 1 day, no charge
Apply for registration with Register of Enterprises
Agency: Register of Enterprises
To apply for registration with the Register of Enterprises, the company must provide five documents:
- Notification of incorporation form;
- Agreement of incorporation;
- Record of the meeting of incorporation;
- Articles of Association;
- Affidavit on payment of share capital, issued by a certified public account.
The register is also in charge of advertising the incorporation notice in the Official Gazette, the official journal. The total registration fee is ISK 130,500, which includes the company identification number (ISK 5,000), and the fee for publishing the notification in the Official Gazette (ISK 1,000)
Model incorporation documents and forms (in Icelandic) can be found on the Ministry of Industries and Innovation’s website (www.atvinnuvegaraduneyti.is). The notification of incorporation form can be downloaded at no cost from the Internal Revenue Office website (www.rsk.is).
Time and cost: between 7 – 10 days, ISK 130,800
Obtain a VAT number
Agency: Directorate of Internal Revenue
Taxable parties must report their activities to the Director of Internal Revenue no later than 8 days after the activity begins. Companies that plan to sell goods or services valued at more than ISK 1,000,000 are required to collect and report VAT.
Applicants can fill out form 5.02 which can be submitted online (https://www.rsk.is/atvinnurekstur/ad-hefja-rekstur/virdisaukaskattsskra/nr/160). The signed form and notification can also be sent via email to the Register of Enterprises and/or by visiting the offices of the Director of Internal Revenue. The Director of Internal Revenue will subsequently assign the applicant company with a VAT number which the company shall use in it’s economical activities. The notification can also be filed at www.skattur.is with a web key.
Time and cost: Less than 1 day (online procedure), no charge
Notify tax authorities of employment of workers
Agency: Tax authorities
The notification can be filed at www.skattur.is with a web key. The signed form and notification can also be sent via email to the Register of Enterprises.
Time and cost: Less than 1 day (online procedure), no charge
