Eternity Law International News Company registration in Iceland

Company registration in Iceland

Published:
December 11, 2020

Icelandic jurisdiction offers to register a company in one of the following forms:

  • Private limited liability company
  • Public organization with limited liability
  • International Trade Company – ITC

International Trade Organizations are usually established for carrying out investment and trading activities outside Iceland. Such a company can be opened both as a private society and open. The following are prohibited for ITC:

  • Trade with local representatives on behalf of your firm
  • Trade food and raw materials produced in Iceland
  • Own shares in Icelandic businesses

ITC, which operates in accordance with the conditions provided for by law, receives certain privileges, in particular, the right to pay tax at a slightly lower rate of 5%.

Requirements for an Icelandic firm

The name of the company can be in any of the languages, however, it must be presented only in Latin letters and not coincide with any of the already registered ones. The notified body may require translation of the name into Icelandic in order to check it for contradictions with a number of restrictions. Banking-related words, such as trust, savings, investment fund, and others, may need separate agreement.

A company can obtain ITC status within 3-4 weeks. The statutory documents must be submitted to the Register. After the procedure is completed, the company will receive a special Certificate, which will indicate the date of the company’s establishment and a unique number.

The International Trade Organization will also need a license, which can be obtained by providing the following documents:

  • Application drawn up in the appropriate form
  • Certificate confirming registration
  • Company status
  • Shareholders register
  • Detailed and well-structured business plan
  • Information about shareholders, beneficiaries, directors and employees of the company, including their passport data, necessary certificates and addresses

You can purchase a ready-made ITC.

In most cases, ITC acts as a holding company. For such a company, it is necessary to acquire an office registered within the jurisdiction. The register of limited liability organizations is controlled by the Ministry of Statistics.

Capital

For ITC, a minimum share capital is set equal to 500 thousand in local currency equivalent (approximately 7 thousand in US dollars). The entire amount is paid in full immediately. You can open an Icelandic account and transfer this amount there, or transfer it directly to the company account. ITC may issue shares (excluding bearer shares).

If you need to register a company in Iceland, our specialists will help you register a company quickly and efficiently. Also, you can buy a ready-made company in Iceland. Write to us in the CRM form and we will help you register a company.

Eternity Law International specialists will provide you with qualified advice on the acquisition of an offshore company, opening a bank account in any jurisdiction, as well as further support of your company’s activities at any stage.

We offer ready-made European and offshore companies. It takes 2 days to reissue documents for new owners.

If you have any questions or need advice on registering or buying a company, call us at the phone numbers listed on the website, or write to us in the CRM form located at the bottom of the page. Our specialists will answer you online.

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