Private Limited Companies

Private limited companies' registration (paper)

Private limited companies are registered in the Directorate of Internal Revenue's Registers of Enterprises and Annual Accounts (company register). The company registration documents are submitted to the company register office or by mail/email. The registration fee can be paid by card or deposit to an account (see tariff).

Processing time for an application for registration of a private limited company is generally about 2-3 weeks from the date of submission to the company register, if satisfactory and payment (or payment receipt) is included with the submission. Scanned copies of the original forms and documents can be sent via email to fyrirtaekjaskra@skatturinn.is It is not necessary to submit originals.

Share Capital

The minimum share capital is ISK 500,000. All capital shall be paid upon the establishment of the company. If the capital is paid in other valuables than cash, the applicant will need to provide a declaration by a lawyer or a certified accountant that the relevant assets are present. Shares are generally issued by share certificates.

Foundation forms

The company's identification number is created at the time of registration. The ISAT number (Icelandic NACE) is registered at the time of establishment according to the information of the founders on the company's main activities.

The initial documents that must be submitted for registration are:

  • The notice form RSK 17.21 
  • the Memorandum of Association (Charter/Agreement)
  • the Minutes of the Meeting
  • the Articles of Association (Bylaws/Statutes)
  • Notification of the Beneficial Owners of the company

See Templates for the founding forms below under one founder or two or more founders.

According to the Act on Private Limited Companies, all company documents must be in Icelandic. Many accountants, auditors or lawyers offer professional help with the formation of companies.

If directors/CEOs/ procuration holders do not have an Icelandic ID number, the company register may apply for a system ID number to Registers Iceland. See application form RSK 17.62.

Electronic registration

Private limited companies can be registered electronically. The general processing time for electronic applications is 3-5 working days. To complete electronic registration all parties must have Icelandic Electronic ID (rafræn skilríki).

To begin electronic registration of a private limited company, the person concerned must login with an electronic ID on the Tax Administration's service portal. The electronic registration process is under general pages and company register. If the registrant is a legal person, the person concerned must register on the website of the company in which he is the holder of the power of attorney, procuration or the board member and begin the registration through the service page of that company.

Payment of registration and notification fees

Requests for payment of registration fees are sent directly to the personal online bank of the registrant and payment of registration fees is made only in this way. If the registrant does not have a personal online bank, another payer can be selected during the last stages of the registration. 

One founder

When a private limited company is established by one party, it is necessary to submit a notification form, the statute, the charter, the formation and the notification of the beneficial owners.

Samples of the necessary basic documents are available here below. You can edit and adapt to your own needs, print out and sign.

Please pay special attention that:

  • The notification form for registering a new company is completed according to founding documents.
  • Writing samples are correct.
  • All signatures are correct.

Two or more founders

When two or more parties establish a private limited company, it is necessary to submit a notification form, the statute, the founding agreement, the minutes of the meeting and the notification of the beneficial owners.

Samples of the necessary basic documents are available here below. You can edit and adapt to your own needs, print out and sign.

Please pay special attention that:

  • The notification form for registering a new company is completed according to founding documents.
  • Writing samples are correct.
  • All signatures are correct.