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Services · Business accounts

Business accounts: Iceland

An honest assessment before work starts, the quote is fixed in writing.

We assess your chances against your profile, prepare the compliance file, help you present your source of funds properly and handle communication with the bank until it decides. The final decision always rests with the bank, so no one can guarantee an opening - careful preparation simply improves the odds.

We quote the exact cost for this country after a short consultation: it depends on the bank and your residency. The quote is fixed in writing before work starts.

Fees

ServicePrice
Corporate account - opening assistanceon request

Prices are indicative and cover our work on a typical case. We confirm the exact quote in writing after a short call - you know the final number before we start. Government fees and bank tariffs are billed separately unless explicitly included.

See also

Company formation · Personal account · Investment property · Country taxes · All country programs

FAQ

Can a foreigner open a business account in Iceland?
You can, but the market is small and built around the domestic economy. First you need a registered company, identification numbers for the company and its officers, then the bank application. Foreign owners with no activity in Iceland are not welcomed easily.
Do I need an Iceland resident director?
Company law sets residence requirements for the managing director and board members - broadly Iceland or an EEA or OECD country, with exemptions available from the registrar. Check the current wording before you incorporate. Local management and presence also carry weight with the bank.
What does an Icelandic bank need for a company account?
An ID number, a company register extract, the articles, beneficial owner details and a clear description of the business and where its funding comes from. Iceland is in the EEA, so European anti money laundering rules apply. A branch meeting is a normal part of the process.
Is an Icelandic business account worth it with no local link?
Usually not. The krona is awkward for international settlement, fees are higher, and the bank will still ask why you want an account here. Without real activity - fisheries, tourism, data centres, energy intensive production - another EEA jurisdiction makes more sense.

Don’t want to figure this out alone?

We handle the whole process end to end: we assess your company's chances with specific banks, prepare the compliance file and give you honest timelines. Leave your details and a corporate banking expert will get back to you. The first consultation is free.

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