Private Limited Company (PRLC)
A company limited by shares may have one or more shareholders. When it is established the minimum requirement of share capital, including registration fee, is paid to the RSK (Directorate of Internal Revenue / Register of Enterprises division). The share capital requirement for a Private Limited Company is 500.000.- ISK (including the registration fee of 130,500 ISK.
Before an establishment of a PRLC with a single shareholder can be made, a memorandum of association needs to be submitted to the RSK along with a VAT ID / Payroll form, Company Charter (stofnskrá), board resolutions (samþykktir), as well as a notification of the establishment of a PLC.