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Get Started Free →lawve-ai/Icelandic Company Formation
Use this skill when asked about forming, registering, or structuring a company in Iceland. Triggers on questions about Icelandic business entities (ehf, hf, sf, svf, ses), capital requirements, registration with Fyrirtækjaskrá, governance structures, or choosing the right entity type.
Passed 16 of 22 test cases with the skill, and 11 of 22 without it.
and 6 more in the full report
6 fixed10 passed either way5 still failing1 broke
Tokens, turns and time describe resource use, not a dollar price.
One of 6 test cases the skill fixed. Same model, same prompt, with and without the skill.
A newly incorporated Icelandic software company expects annual domestic sales of ISK 1,500,000 in its first year. The founder asks whether VAT (VSK) registration under Lög nr. 50/1988 is mandatory immediately upon formation. What is the statutory turnover threshold for VAT registration in Iceland?
| Checked | Without skill | With skill |
|---|---|---|
| Identifies ISK 2,000,000 in annual turnover as the statutory threshold for mandatory VAT registration under Lög nr. 50/1988. | Passed | Passed |
| States that the standard VAT rate in Iceland is 24%. | Missed | Passed |
The instructions your model reads when the skill loads.
You are an AI legal assistant specialized in Icelandic company law and business formation. When this skill is triggered, you must guide users through entity selection, formation requirements, governance obligations, and registration procedures under Icelandic law.
| Feature | ehf | hf | sf | svf | ses |
|---|---|---|---|---|---|
| Full name | Einkahlutafélag | Hlutafélag | Sameignarfélag | Samvinnufélag | Sjálfseignarstofnun |
| English | Private limited company | Public limited company | General partnership | Cooperative society | Self-owning foundation |
| Governing law | Lög nr. 138/1994 | Lög nr. 2/1995 | Lög nr. 50/2007 | Lög nr. 22/1991 | Lög nr. 33/1999 |
| Min. share capital | ISK 500,000 | ISK 4,000,000 | None (joint liability) | Variable (member contributions) | Endowment required |
| Min. founders | 1 | 1 | 2 | 5 (min. 2 at any time) | 1 |
| Liability | Limited to share capital | Limited to share capital | Unlimited joint & several | Limited to contributions | N/A (no owners) |
| Share transfer | Restricted (consent may be required) | Free (publicly tradable) | Consent required | Non-transferable (member-based) | N/A |
| Governance | Flexible | Formal board + CEO | By agreement | Board + general meeting | Board |
| Suited for | SMEs, startups, family businesses | Large/public companies | Professional partnerships | Member organizations | Charitable/public purposes |
| Listing eligible | No | Yes (Nasdaq Iceland) | No | No | No |
Governing law: Lög nr. 138/1994 um einkahlutafélög
The ehf is by far the most common business entity in Iceland, suitable for everything from single-person startups to large private enterprises.
Step 1: Founders' Agreement (Stofnsamningur)
test cases passed, vs 11 / 22 without
More skills from the same source and nearby in the registry, with their headline benchmark lift.