11 steps to incorporating in Iceland in 2022

1. Before incorporating a company in Iceland, our Client i) settles our Firm’s engagement fee ii) signs our engagement letter and iii) provides us with the required due diligence documents and iv) agrees the final corporate structure, including the preferred business entity v) cash flow considerations for the new business and vi) visa requirements, if any;
2. We supply our Client with a detailed project plan, mapping out week-by-week deliverables to engagement completion, optimising transparency and setting Client expectations;
3. Bejarano ADF Consultants i) obtains the company name with the Director of Internal Revenue and ii) prepares the company’s statutes, also known as the constitution, for directors to sign in front of a notary public;
4. We assist our Client to open a local capital account within four weeks. Our Client is required to deposit the initial paid-up capital of €3,500 into the account. Our Client supplies us with a certificate of deposit and bank statement confirming this;
5. Bejarano ADF Consultants Group PLC prepares an application for the company’s entry into the Commercial Register . Within one week of receiving incorporation notification, the company enters the register. Following Iceland company incorporation, Bejarano ADF Consultants immediately emails our Client an extract from the register. Icelandic companies do not have certificates of incorporation;
6. Once the Iceland company is incorporated, Bejarano ADF Consultants Group PLC assists our Client to convert the capital account into an operational corporate bank account, with Internet banking. Some Icelandic banks may require our Client to travel to a local branch for a face-to-face interview. In this case, we will immediately action this travel policy;
7. Bejarano ADF Consultants Group PLC registers our Client for VAT, tax and a trade licence (if required) within two weeks;
8. The company is issued with a tax number, after which Bejarano ADF Consultants Group PLC accounting and tax team assists in filing monthly VAT returns;
9. Bejarano ADF Consultants Group PLC sends i) proof of Iceland business incorporation ii) a business plan iii) the lease agreement iv) the Client’s resume v) proof of paid-up capital and vi) an application for an Iceland employment visa to the Directorate of Immigration;
10. We obtain employment visas for foreign employees and register them for social and health insurance. We also register the Iceland company for occupational accident insurance;
11. Bejarano ADF Consultants Group PLC sends our Client the Iceland company incorporation kit, including i) original corporate documents ii) unopened bank correspondence and iii) our firm’s feedback forms regarding the quality of our incorporation services.