Partnerships are registered with the corporate register of the Director of Internal Revenue. Initial data must be submitted to business registries and registration fees paid. Cash, debit card or deposit can be paid (see tariff).

The turnaround time of an application for registration of a partner company is generally about ten to twelve business days from the date of submission of data to business registers, if they are satisfactory and payment (or payment receipt) is included with the data. You can send a scanned copy of the basic data to the email address . It is not necessary to submit originals of data.

A partnership is a form of partnership that is based on the agreement of two or more parties on joint financial activities where all members bear direct and unlimited responsibility for the company’s obligations.

The social security number will be created when registering a company. The ÍSAT number (Icelandic Industry Classification) is registered with an organization according to information from the founders about the company’s main activities.

The founders and later members of a partnership can be legal persons and legal entities. It is compulsory to enter into a written association agreement on partnerships that are registered and the agreement must be signed by all the founders and those who later join the company.

If the Board of Directors is elected, the Managing Director and the auditors or inspectors are elected, a certified copy of the minutes of their terms of office shall be included, together with their declaration that they will take up the position.

Actual owners of partnerships are obliged to register, and notification of them must be accompanied by the company’s initial data.

The company agreement must state whether the company is an independent or independent taxpayer. Attention is drawn to the fact that a couple alone or with their irregular children cannot form a joint venture or partnership that is an independent taxpayer.

A sample of the necessary basic data can be obtained here. You can change and customize the social contract to your own needs, print and sign.

Take care to ensure:

      • The notification form is filled in according to the basic data.
      • Handwriting preview is correct.
      • All signatures are correct.