Guide to Setting up a Business in Iceland

Currently, Iceland is getting attention from many investors because of the ease that comes with setting up a business in the country. If you are interested in making an investment here, you have to know what are required from you.

First, you have to find an appropriate company name. You can find help with this by accessing a database on the Web. It does not cost you and it only takes one day. Next, set up a savings account. This is where you will deposit your company’s initial capital. You are not charged for this too and the process is quite short. Third is applying for registration. If you want to know the cost for this, you can find details online through the website of the Internal Revenue. Fourth, you have to acquire a VAT number. Like the first and second steps, you are not charged for this. Lastly, you have to send notification to tax authorities regarding worker employment.

After you have everything ready, you can start setting up your business storefront.