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Iceland
Jurisdictions


Location
Island located in the North Atlantic Ocean
Area
103,000 sq. km.
Population
280,798
Capital
Reykjavik
Language
Islandic
Currency
Islandic krona (ISK)
Legal system
based on civil law
Type of company
Private Limited Company Public Limited Company International Trading Company (ITC)
Minimum authorised share capital
ISK 500,000
Paid capital
ISK 500,000
Minimum number of shareholders
1, individual or corporate, resident of Iceland or OECD

Bearer shares

not available

Minimum number of directors

one individual, resident of Iceland or OECD
Public disclosure of beneficial owners
yes, upon a request by the Registrar
Nominee services
available
Taxation
income tax 18%; for ITC – 5%
Submit annual return and accounts
yes
Annual audit
required
Shelf companies
not available
Time to supply documents
2-3 weeks
Need to travel
no
Additional information
Hague Convention of 1961 does not apply;
Double Taxation Convention with Russia signed in 2003

 

Jurisdictions

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FAQ
What is offshore?

The word "offshore" has no precise legal dictionary definition, it simply means "situated or operating in a foreign country or at some distance from the shore" and reflects the fact that most low tax jurisdictions are islands.

read more >>

Portfolio of Laws
- BVI - Trustee (Amendment) Act, 2003

- Cayman Islands - The Companies Law (CAP.22) - (2002 Revision)

- Cyprus - The Income Tax Law of 2002

more laws >>

Comparison Table >>
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G.S.L. Law & Consulting