Business in Iceland

The Republic of Iceland (the capital of Reykjavik) has a population of just under 281,000 people. The state borders on Norway and Greenland, occupies about 103,000 square meters. km. north of the UK. The country has 23 districts and 14 cities with the status of self-governing. The Republic gained full independence from Denmark only in 1944. However, at the moment the country occupies a leading position in Europe in terms of life expectancy, literacy, welfare and social security of citizens.

The official language is Icelandic, and almost everyone is fluent in English as well as German. The Icelandic krone (ISK) is used as the official currency, since the country has not joined the agreement on a common European currency.

At the head of the Constitutional Republic is the President, the government is headed by the Prime Minister. The Cabinet of Ministers represents the executive branch, the legislative branch belongs to the unicameral Parliament (Althing) with 63 members elected for 4 years by universal suffrage, the judiciary - to the Supreme Court (Haestirettur), and the Ministry of Justice appoints judges for life.

Iceland has a surprisingly low unemployment rate, and incomes are evenly distributed among the population. The economy is based on the fishing industry, it is this area that provides jobs for 12% of the population and provides 70% of the profit from exports. They also pay attention to the development of production and the service sector, the country is actively moving forward in the financial market, in the field of biotechnology and software development.

Advantages

For ITC, one shareholder (individual or legal entity) is enough, it is only an Icelandic resident or a resident of one of the OECD countries. If there are two or more shareholders, at least one must meet the above requirements.

The directors of ITC are responsible for organizing the activities of the company. At least one director is required, while there can be no more than 3 shareholders. If there are 4 or more, you will need 3 directors - individuals, residents of Iceland or one of the OECD countries.

The Open Company provides for at least 2 shareholders. Shareholders and founders from other countries will need a permit issued by the Ministry of Commerce. Only primary data regarding the shareholders of the enterprise are entered in the open register, subsequent changes are not displayed. Also, there will be no information about the beneficiaries in public access, it can be disclosed only as a result of a special request from the authorized body or the Registry.

Annual meetings of shareholders of the company are held only in Iceland. There are no formal restrictions on the holding of meetings of directors, but they are also recommended to be held in the country in order to ensure effective tax planning.