MION Synapse Iceland. Branch of a Spanish Headquarter or Private Limited Company

There are many types of companies and business options in Iceland (here).

Informal Group of MION Synapse International (IGMSI) is a multidisciplinary team formed by neurosurgeons and clinical neurophysiologists from Spain, Romania and Iceland which has as the main objective the intraoperative neuromonitoring (IONM), a technique and a mandatory tool in operating room theaters to benefit patients submitted to certain surgical procedures, namely any surgery where there is risk to the nervous system.

MION Synapse initiative started in Romania in May 2019 and a formal limited company would be organized in Barcelona, Spain during the next three months.

Branches of Foreign Companies

Branches of limited companies are registered with the Internal Revenue in the Register of Enterprises department and the head office must file the following documents:

• A copy of the articles of association of the head office.
• The incorporation certificate of the head office.
• A written commitment from the head office to abide by Icelandic law and Icelandic jurisdiction.
• A letter of representation for the branch manager together with documentation that the branch manager meets the requirements as to residency, citizenship and solvency.
• The Financial Statements of the head office for the preceding year.
• A registered branch must have a name which includes the name of the foreign limited company.
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• Note that documentation filed with the Icelandic authorities must be submitted in certified Icelandic translation.

The registration fee is ISK 256,000.

Private Limited Companies

Rules for private limited companies are simpler than for the public ones. The minimum stock required is ISK 500,000. Other minimum requirements are to have one founder, one shareholder, and one director (with one deputy) in cases where shareholders are four or less. There is no obligation to have a manager.

The Minister of Commerce can grant an exemption from the otherwise general principle that the majority of the board of directors and the general manager of a limited company must be domiciled in Iceland or in a country within the European Economic Area or OECD.