Startup‑Friendly Legal Firms
  • LEX Law Offices
    Overview: LEX is one of Iceland’s leading law firms with around 40 lawyers, providing full‑service support across financial, corporate and commercial law. They are known for strong international cooperation and membership in legal networks such as the World Services Group and Energy Law Group, which enhances cross‑border transactions. LEX is highly ranked in M&A, IP, capital markets and other corporate areas, but there is no specific evidence of a specialised venture‑capital practice.
    Key Services: Corporate and commercial law, M&A, finance, IP, data privacy and employment. Their international membership networks facilitate cross‑border deals.
    Languages: Icelandic & English.
    Website: lex.is
  • LOGOS Legal Services
    Overview: Founded in 1907, LOGOS is a full‑service law firm with offices in Reykjavík and London and roughly 65 employees. Chambers and Partners highlights LOGOS as a leader in banking & finance, corporate/commercial law, competition and cross‑border transactions. The Legal 500 notes that attorneys such as Fannar Freyr Ívarsson support venture‑capital funds and high‑growth companies.
    Key Services: Corporate/commercial law, M&A, venture financing, banking & finance, compliance and competition. Strong emphasis on cross‑border deals and high‑growth companies.
    Languages: Icelandic & English.
    Website: logos.is (Reykjavík & London)
  • BBA//Fjeldco
    Overview: BBA//Fjeldco is Iceland’s largest corporate law firm, with over 30 lawyers. The firm is ranked Band 1 in Corporate/Commercial law and specialises in mergers & acquisitions, capital markets, banking, corporate finance, energy and PFI projects. Their international offices in the UK and France help facilitate cross‑border transactions.
    Key Services: M&A, private equity and venture capital, capital markets, project finance, energy/PFI, compliance. Lawyers such as John Van de North handle private equity, M&A and venture‑capital matters.
    Languages: Icelandic & English.
    Website: bbafjeldco.is
  • Venture Legal
    Overview: Venture Legal is a boutique firm founded in January 2024 by attorney Höskuldur Eiríksson. The firm aims to offer corporate finance and M&A services at lower prices, leveraging Eiríksson’s two‑decade experience. Though not exclusively a startup firm, it provides key services relevant to young companies.
    Key Services: M&A, capital raising, corporate structuring, commercial contracts and regulatory compliance. Eiríksson has represented investment funds, banks and private investors in buy‑side and sell‑side deals.
    Languages: Icelandic & English.
    Website: venturelegal.is
Startup‑Friendly Accounting Firms & Platforms
  • Bókað (formerly KPMG Bókað)
    Overview: Bókað provides an outsourced accounting service for SMEs. The platform, originally operated by KPMG Iceland, was acquired by ECIT in January 2025 (86.85–90 % stake). The unit employed about 80 people and generated ≈1.35 billion ISK revenue in FY 2023/24.
    Services & Features: Clients outsource their bookkeeping and payroll while receiving a dedicated accountant and a live overview of operations. The service handles day‑to‑day bookkeeping, tax filings and payroll. It is marketed as “Finance‑as‑a‑Service,” freeing founders to focus on core business tasks.
    Languages: Icelandic & English support.
    Website: bokad.is
  • Verum
    Overview: Verum offers a progressive and personalised accounting service for small and midsize businesses. Its focus is on making finance “simple and safe”.
    Services & Features: General bookkeeping, VAT returns, payroll, tax declarations and annual accounts. The company emphasises paperless, cloud‑based accounting, and offers training on the Regla system.
    Languages: Icelandic (English support available).
    Website: verum.is
  • Regla
    Overview: Regla is a modern, cloud‑based accounting platform with a modular design. It provides accounting, sales, payroll and project management tools. Pricing tiers vary based on transaction volumes and features; the current price list is effective 1 January 2025.
    Services & Features: Modules for financial accounting, sales invoicing, payroll, project management, purchasing and inventory. Because it is software rather than a firm, startups often combine Regla with an accounting service.
    Languages: Icelandic user interface; support in Icelandic & English.
    Website: regla.is
  • DK Business Software
    Overview: DK Software is one of Iceland’s most established ERP and accounting systems. A case study reports that DK serves about 5,000 businesses and 8,000 users, representing 40–50 % market share in the accounting and financial sectors. Founded in 1998, it remains a leading solution for SMEs.
    Services & Features: Cloud subscription model with automatic updates and backups. Modules include general ledger, accounts receivable/payable, inventory, payroll, time clock, e‑invoicing and bank integration, with unlimited entries and a 10‑digit ledger. E‑invoicing is fully integrated with government and enterprise systems.
    Languages: Icelandic (with support), and widely supported by local accountants.
    Website: dk.is
  • Uniconta
    Overview: Uniconta is a cloud‑based ERP solution growing in popularity in Iceland. It integrates finance, inventory, production and project accounting into one system and emphasises automation and real‑time data.
    Services & Features: Modules for accounting, inventory, production, project management, sales and procurement. It allows easy migration from older systems (DK, NAV, Axapta) and reduces manual bookkeeping through automation.
    Languages: Icelandic & English.
    Website: uniconta.com
Free or Low‑Cost Legal Support Platforms
  • Lögmannavaktin – Icelandic Bar Association Hotline
    Overview: The Icelandic Bar Association offers free legal consultations during September–May. Appointments are 15‑minute phone calls with volunteer lawyers, provided on Tuesdays from 16:30 to 18:00. Registration is required via the Bar Association website, and clients may choose Icelandic or English.
    Website: lmfi.is
  • University Law Clinics (Orator & Lögretto)
    Overview: Law students offer free guidance under the supervision of licensed attorneys. Orator (University of Iceland) runs a hotline on Thursday evenings during the academic year (September–April). Lögretto (Reykjavík University) provides advice via email. Consultations are confidential and available in Icelandic and English.
    Website:
    • Orator: orator.is – for phone appointments (Thursday evenings)
    • Lögrétta: logretta.is – submit questions via email
  • KLAK – Venture Mentoring Service (VMS)
    Overview: KLAK operates the VMS program based on MIT’s mentorship model. The program supports 80–100 startup teams each year, with teams of 2–4 volunteer mentors drawn from a pool of 181 mentors. Mentors are trained by MIT and adhere to strict confidentiality rules. VMS is not a legal clinic but offers strategic guidance; mentors do not take equity or make investments. KPMG has partnered with KLAK VMS, offering participants access to audit, tax and legal expertise.
    Website: klak.is
  • Innovation Center Iceland – Closed
    Update: Innovation Center Iceland (ICI), which previously provided free counseling and incubation services, was closed by the end of 2020. The government reallocated its tasks to other agencies and private sector initiatives. Entrepreneurs should now look to resources like KLAK VMS, Island.is and regional development offices.
Legal Template Resources
  • StartupDocs Iceland
    Overview: StartupDocs.is is part of a Nordic initiative providing free legal templates adapted to Icelandic law. Icelandic lawyers Dóa Bjarnason and Jóhann Tómas Sigurðsson of Lagahvoll adapted the documents for local use. Templates include seed financing documents, founder agreements and shareholder agreements.
    Advice: Templates are meant as starting points; founders should consult a lawyer before finalising any document.
    Website: startupdocs.is
  • WISE Convertible / Nordic SAFE (StartupTools)
    Overview: The WISE Convertible (Warrants for Investment in Startup Equity) is a Swedish financing instrument inspired by the SAFE. Investors purchase warrants that convert into equity at the next financing round; there is no loan and no interest. WISE is aligned with Swedish law but can be adapted to Icelandic deals.
    Advice: Because WISE is based on Swedish law, Icelandic startups should consult local counsel for adaptation.
    Website: startuptools.org
  • Public Forms and Templates
    Overview: Government portals such as Island.is and the Directorate of Internal Revenue (Skatturinn) offer standard templates for company bylaws, shareholder agreements, employment contracts and NDAs. Most forms are in Icelandic; translations and legal guidance are recommended.
    Website:
    • Company registration forms: skatturinn.is/english/company-registration – provides guidelines for different company types and processing times
    • Other legal forms: island.is – central portal for government services (not directly citeable due to access limitations)
Compliance & Regulatory Assistance
  • Island.is – Official Business Portal
    Overview: Island.is is the government’s digital gateway, consolidating business registration, tax administration, licences and e‑services. Many services require an Icelandic electronic ID (Auðkenni). Island.is provides bilingual information (Icelandic & English) and links to tax, registry and permit authorities. (Due to site access limitations, specific pages could not be quoted, but Island.is remains the starting point for compliance tasks.)
    Website: island.is
  • Skatturinn – Directorate of Internal Revenue
    Overview: Skatturinn manages company registration, taxation, VAT and other fiscal matters. It provides guidance on selecting a business form and emphasises that private limited companies can be registered electronically. Electronic registration generally takes 3–5 working days and requires Icelandic Electronic ID for all parties. Public limited companies and foreign branches must submit documents to the company register and pay a fee.
    Website: skatturinn.is
  • Registers Iceland (Þjóðskrá Íslands)
    Overview: Registers Iceland handles the registration of legal domicile and issuance of identification numbers (kennitala) for people and enterprises. All persons registered in Iceland receive a kennitala and keep it for life. Nordic nationals who plan to live and work in Iceland for more than six months must register their domicile within one week of arrival.
    Website: skra.is
  • Persónuvernd – Data Protection Authority
    Overview: Persónuvernd enforces Iceland’s Data Protection Act (No. 90/2018) and the GDPR. DLA Piper notes that the authority has issued guidelines for notifications of personal data breaches, based on EU instructions, and that breaches must be reported via a centralised portal. Persónuvernd can impose administrative fines for non‑compliance. An unofficial English translation of the Data Protection Act is available via the authority’s website.
    Website: personuvernd.is
  • FTMI – Icelandic Business Center (Fyrirtækjamiðstöð Íslands)
    Overview: FTMI is a new RegTech venture and legal firm that aims to provide a central compliance dashboard aggregating data from tax authorities, accounting systems and legal documents. A case study describes it as an emerging startup creating a tool to help businesses track legal requirements and share information with shareholders.
    Caveat: Public information about FTMI is limited. Founders should verify its status and reliability before relying on its tools.
    Website: Not publicly documented; contact directly if needed.
  • Sector‑Specific Permits and Licensing
    Certain industries (e.g., finance, health, food production, energy) require sector‑specific licences or permits. Startups should consult the relevant regulators early in the process:
    • Financial Supervisory Authority (FME): Licences for fintech or financial services.
    • District Commissioners and Ministries: Licences for gambling, health services, energy projects, etc.
    • Food and Vet Authority: Licences for food production and handling.
    • Data Protection Authority: When processing personal data.