Syndicates / Co-operatives


LCo-operative societies 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 for filing a joint venture is generally about ten to twelve business days from the date the data is submitted to the business records, if they are satisfactory and a 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 original copies of the data.

An affiliate is a form of partnership that is based on the agreement of two or more parties on joint financial activities where members are divided into two types, on the one hand there is at least one member who bears direct, unlimited and unlimited responsibility for the company’s obligations and on the other hand one or more members who guarantee the company’s debts to the extent of their contribution (contributors). Thus, their financial risks are similarly limited to members of public limited companies, ie. at a certain amount.

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 the 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 joint-stock companies are obliged to register, and notification of them shall 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:

      • A notification form is filled out in accordance with a social agreement.
      • Handwriting samples are correct.
      • All signatures are correct.