Fyrirtækjum

Fyrirtækjum are organized entities that engage in the production of goods or the provision of services with the aim of generating profit. They operate within markets, governed by laws and regulations, and interact with customers, suppliers, employees and the wider community. Fyrirtækjum vary greatly in size and scope, from small enterprises run by a few people to large corporations with thousands of employees and extensive operations both domestically and abroad.

In Iceland, the most common forms of virksom operations are einkahlutafélag (ehf.) and hlutafélag (hf.), both of which provide limited liability for their owners. A third form is sameignarfélag (sf.), which involves partners who share liability. There are also sole proprietorships and other organizational arrangements that suit smaller or specialized activities. All forms typically require registration and regular reporting, including bookkeeping and annual accounts, and may be subject to corporate tax, value added tax (VAT), and other regulatory obligations.

Governance and ownership structures vary by form. Generally, fyrirtækjum have a board or management team responsible for strategy and operations, with ownership held by shareholders or partners. Decisions affecting the company are often made in general meetings or through the board, and external auditing or financial oversight may be required for larger entities.

Fyrirtækjum play a central role in the economy by creating employment, producing goods and services, driving innovation, and contributing to export earnings. They rely on access to financing, markets, and skilled labor, and face ongoing challenges such as regulatory compliance, taxation, digital transformation, and sustainability expectations.