Branches of foreign companies are registered with the company register. The necessary data must be submitted to the business register and the registration fee paid. Cash, debit card or deposit can be paid (see tariff).
The turnaround time for filing a foreign company’s branch is generally about ten to twelve business days from the date the data is submitted to the business register if it is satisfactory and a payment (or payment receipt) is included with the data. You can send a scanned copy of basic data to the email address email@example.com It is not necessary to submit original copies of the data.
A foreign company wishing to establish a branch in Iceland must submit a notification to the corporate register of the Director of Internal Revenue with the following information:
|1. Branch name||The name of the branch shall be the name of the foreign company plus: a branch in Iceland. Example: If a company is called Hydro Pro Ltd. , the name of the branch will be: Hydro Pro Ltd., a branch in Iceland.|
|2. Address in Iceland|
|3. Purpose of the branch|
|4. Branch Manager||Name, social security number and address.|
|5. Corporate Writing / Procurement Authorities||The branch manager commits the company according to Art. Act (see Article 140, paragraph 2), but the Board of Directors may also grant a procuration mandate.|
|The following information must be disclosed about the foreign company which is the founder:|
|6. Founder||Name, domicile, registration number and date of registration.|
|7. Legal form||Foreign operations of the company, ie whether the company is a public limited company or a private limited company.|
|8. Date of approval|
|9. Share capital|
A notification shall be sent to the corporate register of the Director of Internal Revenue and signed by the branch manager.
The following accompanying documents must accompany the notification. The data must be in Icelandic, English, Danish, Swedish or Norwegian, or translated into any of these languages:
- Registration certificate, ie confirmation of registration of the foreign company in its home country. It must not be older than three months.
- Mandate. The overseas board of directors provides a commission for branch managers as well as a procurator.
- Annual accounts, ie the Company’s last annual financial statements.
- Announcement of real owners – RSK 17.27 – Actual owners together with the attorney or majority of the board shall sign the notification.