When looking for a jurisdiction in which to incorporate, the first thing to look at is the legal code. The body of law in Iceland is civil law (german) law. You will want to get some local advice as to how to best structure a company in Iceland. E-signatures are allowed.
The country code IS is for Iceland and the most common legal entity structure in Iceland is a LLC.
The amount you'll have to wait is about 2 weeks to put together the paperwork and file a LLC in IS. The types of consideration you can use to setup your company is most commonly ISK, EUR, USD, and Any legal tender.
Yes, one is allowed to re-domicile a LLC from IS. You are usually allowed to change the jurisdiction of the company, pending certain procedures.
There must be at least 1 shareholder. This makes it possible for you to own a LLC in IS by yourself. Corporate Shareholders are allowed, meaning you could have a company as a shareholder. Foreign ownership is tolerated, up to 33% of the total shareholding.
A company is only required to have 1 director on the board. Moreover, corporate directors are permitted. Directors are disclosed publicly. There is a body of law which requires companies to hold an annual meetings of shareholders.
A registered legal firm must be retained for an address, paid by the company on an annual basis, for a legal services company which can receive litigation or other legal process on behalf of the registered legal entity. Furthermore, a company secretary is not a requirement.
There is an obligation to file yearly tax returns. However, there is oftentimes a requirement to have these accounts audited.
Thin capitalization rules are in effect. A company is thinly capitalised when there is a greater proportion of debt than equity. The minimum capitalization for a Iceland Civil Law (German) is 500,000.
A corporate director is permitted, meaning this country is a good option if you are setting up a structure where you want to protect director liability.
The directors are disclosed in the public registry of Iceland, Ministry of Foreign Affairs. Shareholders are disclosed in the Ministry of Foreign Affairs.
Typically companies take 2 weeks to setup and there are 1 director(s) required and 1 shareholder(s) required at the time of incorporation.
Overall we think Iceland is a ok option and have given it a score of 58 as an IO score, using the Incorporations.IO proprietary formula.
2 weeksto form