Guidance for companies already registered with the authority
Companies already registered with the Authority are subject to various conditions/duties:
- All companies must every year submit their annual accounts to the Authority. The deadline for submission is no later than 6 months after the end of the financial year, see §138 of Act on Annual Financial Statements.
This means, that for companies that use the calendar year (1 January to 31 December) as their financial year, the annual accounts must be submitted before 1 July.
If the annual accounts are not submitted, the Authority will send the company to the Insolvency Court for enforced termination, see §§60-61 of Act on Limited Liability Companies or §§117-118 of Act on Public Limited Companies. - All companies shall pay an annual fee to the Authority. Public limited companies pay DKK 1,200 and limited liability companies pay DKK 700, see statute no. 87 from 11 June 2009. For corporate foundations the annual fee is DKK 900, and in addition ½‰ of equity. The fee goes towards paying for notifications on submitted accounts, change of auditors, domicile, changes to the financial year, and name and bynames.
- All changes to the registered information on companies shall be submitted to the Authority on a registration form, which is available on www.skraseting.fo or from the Authority. A certified copy of the minutes from the annual general meeting and/or board meeting resolving the change must accompany the form. If new persons join the company, a copy of their name or birth certificate must be enclosed.
- A fee of DKK 1,000 is applicable for changes to the company. In case of share capital increase, the fee is 4‰ of the increased amount in addition to DKK 1,000, with reference to the aforementioned statute.
- All registrations with the Authority must be made public, hence all registrations are shown on the Authority’s website and printed in the newspaper Dimmalætting, and the invoice for publication is sent to the registering party for payment.