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Registration of Company in Iceland - Hf

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Исландия
Registration of Company in Iceland - Hf
Number of Directors
3
Corporate income tax
20.0
Minimum authorized capital
4 000 000 EUR
Financial statements
Yes

Cost of registration

from 10870 EUR

The cost of the second year

from 1390 EUR

Company registration in Iceland

Scandinavian Republic of Iceland is located in the territory covering 103,000 m2 in Northern Europe. Eponymous island is the second in Europe due to its size. Iceland has points of contact with the Arctic Circle. The population is about 317 thousand people.

The administrative center, where one third of the country's population resides, is Reykjavik. Icelandic has the status of the state language.

Cold maritime climate of the country is slightly softened a bit by the impact of the North Atlantic Drift .

Iceland's economy is characterized by average development rate. It is based on fisheries, foreign investment in energy-consuming industries. Tourism is also developing here. Important export products are products made of wool. The largest quantities of imports are associated with oil procurements.

The currency is Icelandic krona (ISK).

If you decided to register company in Iceland, the following information will be useful for you.

Forms of doing business in Iceland

The most popular is registration of the company in Iceland in the following forms:

  • private limited company – Ehf;
  • joint stock company with limited liability – Hf.

The legislative framework in Iceland.

In Iceland, the Laws "On Companies" and "On ITC companies" regulate the activities of companies.

ITC is international trading company that can conduct activity in the forms of LLC and JSC. Company receives the status of ITC by obtaining special license.

Permitted types of activities are the following:

  • Intermediary services (non-resident companies participate), provision of services, trade;
  • Holding activities;
  • Disposition of marine and air vessels (for lease, sublease, possession, management), vehicles operated under the flags of other countries;

Sales of fish, seafood, and agricultural products of Icelandic origin are prohibited.

Features of company in Iceland:

  • For obtaining ITC status from 3 to 4 weeks are required.
  • You can not use the names of already existing companies or identical ones. Ending of the company name shall contain the abbreviation ITC, regardless of its organizational and legal form.
  • Company registration takes place in Iceland subject to the submission of the following documents:

- Charter;
- Memorandum of association;
- Minutes of the first (constituent) meeting of shareholders.

  • The address for receiving official correspondence sent by the public authorities to the company in Iceland is provided by incorporation agent. Address shall be all the time in the territory of jurisdiction.
  • Minimum authorized capital requirement for ITC is approximately € 7000.
  • Issuing registered shares with nominal value is only allowed.
  • Minimum number of shareholders is one. There are no requirements concerning status and country of residence.
  • Minimum number of directors is also one. There are no requirements concerning his status, but there is a feature in relation to the country of residence, namely: one of the directors shall be a citizen of Iceland or state member of the international organization OECD, which includes 30 states.
  • Meetings of Shareholders shall be held annually, anywhere in the world, and there is possibility of their organizing over the phone. Minutes of the meetings are stored in place of actual registration of the office.
  • Meetings of the Board of Directors of joint-stock companies shall be held only in Iceland.
  • Confidentiality of information about shareholders, directors, first founders, and official address of the company's office is not ensured.
  • Confidentiality of data on banking operations of the company is ensured. Selection of Bank and number of accounts are not limited.

Taxes in Iceland

  • For ITC company:

- income tax – 5%;

- tax on total capital – 0%;

- stamp duty – 0%;

- license fee (annual) – ISK 100 000.

  • For private entrepreneur:

- income tax – 38,58%.

  • For partnership:

- income tax – 26%.

  • For companies and branches:

- income tax – 18%;

- tax on shareholders’ profits – 10%.

If you need to register a company in Iceland, we are ready to provide comprehensive professional assistance for you. It is now simple and easy to buy company in Iceland.

Registration of companies, offshore companies in different countries of the world is one of the main directions of our activity.

General information

Population
313 183.00
Literacy rate
99.00%
National currency
Icelandic krona
Official language
Icelandic, English, Nordic languages, German widely spoken
Credit rating
BBB-

Corporate information

Opportunity to purchase ready-made companies
No
Legal system
Civil Law
Requirement for Local registered agent / secretary
Yes
Requirement for Local registered agent / secretary
Yes

Shares and share capital

The minimum amount of the issued capital
4000000
Bearer shares
No
Possibility to issue shares without par value
No

Taxation

VAT
No
Capital gains tax
No
Currency control
No

Company structure

Minimum number of directors
3
The requirement for residency of directors
No
Director of legal entities are allowed
No
Director's data are publicly disclosed
Yes
Nominee service possibility
0.00

Shareholder and beneficiary

Minimum number of shareholders
2
The requirement for residency of shareholders
Yes
Shareholders' data are publicly disclosed
Yes
Beneficiary's data are publicly disclosed
No
Beneficial ownership reporting requirement
Yes

Reporting

The requirement for filing reports
Yes
Open access to reports
No
Statutory audit
No
The requirement for filing Annual Return
No
Open access to the Annual Return
No
The requirement for reports
Yes

When taking into account the information on this page, please refer to limitation of liability

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