Overview
| Field | Value |
|---|---|
| Region | Europe |
| ISO 3166-1 | FO / FRO |
| Registry | Skráseting Føroya (Faroe Islands Company Registration Authority) |
| Last updated | 2026-06-10 |
Identifiers
Collect two identifiers from each business customer in Faroe Islands and submit them as strings on the application body.| API field | Local name | Issuer |
|---|---|---|
businessInfo.taxId | V-tal (Vinnutal) — Business Tax / VAT Number | TAKS (Tollur og Skattur — Tax and Customs Authority of the Faroe Islands) |
businessInfo.businessEntityId | Skrásetingarnúmer (Company Registration Number) | Skráseting Føroya |
Sector regulators
Tryggingareftirlitið (Insurance Authority of the Faroe Islands) — insurance, pension funds, insurance intermediaries, one mortgage credit institution · Finanstilsynet (Danish Financial Supervisory Authority) — banks, payment institutions, e-money institutions, investment firms operating in the Faroe Islands under extended Danish jurisdiction · TAKS (Tollur og Skattur) — tax compliance, VAT, customs, and business registration (Vinnuskráin) · Skráseting Føroya — company registration, annual account compliance, corporate governance
Legal structures
| Local name | Abbreviation | Description |
|---|---|---|
| Partafelag | P/F | Public limited company; minimum DKK 500,000 share capital, fully subscribed at incorporation; shares freely transferable and may be listed; governed by Løgtingslóg um aktieselskaber; mandatory supervisory board and executive management; registered with both Skráseting Føroya and TAKS. Closest US equivalent: C-Corp. |
| Smápartafelag | Sp/F | Private limited company; minimum DKK 50,000 share capital (requirement lowered as of 1 January 2017); separate legal personality with liability limited to share capital; most common SME vehicle; registered with both Skráseting Føroya and TAKS. Equivalent to a US LLC. |
| Íverksetarafelag | ÍVF | Entrepreneurial company (introduced 1 January 2017); share capital of DKK 1–49,999; separate legal entity with limited liability; annual profit requires 25% reserve capital contribution until reserve equals DKK 50,000, at which point entity may convert to Sp/F; registered with Skráseting Føroya. Equivalent to a US LLC. |
| Íognarfelag | Í/F | General partnership; two or more partners (natural or legal persons) who share joint and several unlimited liability for company obligations; no minimum capital; registered with TAKS in Vinnuskráin; partnership agreement required. Equivalent to a US General Partnership (GP). |
| Ansvarligt Felag | ANS | Unlimited (ansvarligt) partnership; all partners bear full joint and several personal liability for company debts; governed by Faroese partnership legislation; registration with TAKS required. Equivalent to a US General Partnership (GP). |
| Kommandittfelag | K/F | Limited partnership; at least one general partner with unlimited liability and one or more limited (kommanditt) partners whose liability is capped at their capital contribution; no minimum capital; registered with Skráseting Føroya and TAKS. Equivalent to a US Limited Partnership (LP). |
| Einstaklingsvirki | FA | Sole proprietorship; a single natural person trading under their own P-tal; no separate legal personality and the owner bears unlimited personal liability; registered with TAKS in Vinnuskráin only (not with Skráseting Føroya). Equivalent to a US Sole Proprietorship. |
| Samvinnufelag | — | Cooperative society; member-owned entity carrying separate legal personality and limited liability; operated for collective mutual benefit of members; common in fishing, agriculture, and retail sectors; registered with Skráseting Føroya. Closest US equivalent: Cooperative. |
| Áhugafelag | — | Non-profit interest group / association; finances are separate from members’; may engage in commercial activity provided profits remain in the entity and are not distributed to members; articles of association required for registration in Vinnuskráin; not registered with Skráseting Føroya. Closest US equivalent: Nonprofit Corporation. |
| Faroyskt Vinnutak (Útibú / Branch of Foreign Company) | — | Registered branch of a foreign company operating in the Faroe Islands; not a separate legal entity — the foreign parent retains full liability; must register with Skráseting Føroya and obtain a V-tal from TAKS; must appoint a local representative. Closest US equivalent: Branch/Representative Office. |
How documents combine
For each evidence area, this table shows whether the listed documents are alternatives (any one of) or a bundle (all required). The artifact-by-artifact lookup follows below.| Evidence area | Documents needed |
|---|---|
| Legal Registration | All required: Skrásetingarskjal + Vinnuskráin Registration Confirmation |
| Constitutive Documents | All required: Skipanarlóg + Stovnanarskjal + Partnership Agreement |
| Tax Registration | V-tal Registration Confirmation (optional: MVG-skrásetingarskjal) |
| Ownership Records | Hlutaskrá |
| Governance Records | Skrásetingarskjal — stjórn section |
| Signing Authority | Any one of: Stjórnarúrslit · Umboð |
| Address | Any one of: Lease Agreement · Utility Bill · Bank Statement |
| Good Standing | Current Company Extract |
Documents to collect
The physical documents you’ll collect from your customer, with the evidence area each one proves. One document can prove multiple areas — for example, Brazil’s Cartão CNPJ covers both tax and business-registration proof, so it appears once with both areas listed.| Document | Proves |
|---|---|
| Skrásetingarskjal (Company Register Extract) | Legal Registration |
| Vinnuskráin Registration Confirmation (TAKS) | Legal Registration |
| Skipanarlóg (Articles of Association / By-laws) | Constitutive Documents |
| Stovnanarskjal (Memorandum of Association) | Constitutive Documents |
| Partnership Agreement (Íognarfelag / K/F) | Constitutive Documents |
| V-tal Registration Confirmation (TAKS Vinnuskráin) | Tax Registration |
| MVG Registration Certificate (VAT Certificate) | Tax Registration |
| Hlutaskrá (Share Register) | Ownership Records |
| Company Registry Extract — Directors / Board Section | Governance Records |
| Stjórnarúrslit (Board Resolution) | Signing Authority |
| Umboð (Power of Attorney) | Signing Authority |
| Leigusamningur (Lease Agreement) | Address |
| Reikningur frá stovni (Utility Bill) | Address |
| Bankayvirlit (Bank Statement — proof of address) | Address |
| Skrásetingarskjal — Current Company Extract (Good Standing) | Good Standing |
| Sector-Specific License | Insurance / Financial Services Licence (Tryggingareftirlitið), Danish FSA Licence (extended to Faroe Islands) |
Collection notes
- Legal Registration: Issued by Skráseting Føroya upon incorporation and available as a downloadable PDF extract from skraseting.fo. Contains company name, registration number, legal form, registered address, management, share capital, and status. Documents are in Danish/Faroese. For Einstaklingsvirki (sole proprietorships) and Áhugafelag, registration is via TAKS Vinnuskráin only — no Skráseting extract exists; TAKS registration confirmation substitutes.
- Constitutive Documents: Both documents are filed with Skráseting Føroya at incorporation for P/F and Sp/F. The Skipanarlóg (articles/by-laws) sets governance, share capital, and objects; the Stovnanarskjal confirms founders and initial capital contribution. For Kommandittfelag and Íognarfelag, the partnership agreement serves as the constitutive document. Documents are in Faroese or Danish.
- Tax Registration: TAKS issues a V-tal (business tax number) upon Vinnuskráin registration. VAT registration (MVG — meirvirðirgjald at 25%) is mandatory above DKK 50,000 annual turnover; TAKS issues a separate MVG registration certificate. Both documents may be printed from the Vinnugluggin online portal. Quarterly VAT settlement via Vinnugluggin.
- Sector-Specific License: Financial services: banks, savings banks (sparisjóður), and payment institutions are supervised by Danish Finanstilsynet (the Danish Financial Supervisory Authority) under extended jurisdiction — the Faroe Islands has no independent central bank and uses the Danish krone issued by Danmarks Nationalbank. Insurance companies, pension funds, and insurance intermediaries: supervised by Tryggingareftirlitið (the Insurance Authority of the Faroe Islands, tryggingareftirlitid.fo). Fishing industry, food production, and transport: sector-specific licences from relevant Faroese ministries. Entities not in a regulated sector: this slot is not applicable.
- Governance Records: Directors and management (stjórn = board; stýrimenn = directors/management) are publicly listed in the Skráseting Føroya company extract. The extract specifies names, roles, and signing authority combinations (undirskriftarrettur). For partnerships, managing partners are listed in the TAKS Vinnuskráin record.
- Signing Authority: Board resolution (stjórnarúrslit) authorising a named signatory; or a notarised power of attorney (umboð). No prescribed statutory form — company letterhead resolution is standard practice. The Skráseting Føroya extract also specifies binding signature authority (undirskriftarrettur) combinations, which may substitute for a board resolution in many cases.
- Address: Standard proof-of-address evidence: lease agreement (no time limit) OR utility bill OR bank statement dated within 90 days. Faroese utility providers include SEV (electricity) and Faroese telecom providers. Must show registered address of the entity. Same evidence accepted for both registered address and operating address verification.
- Good Standing: Skráseting Føroya issues current company extracts (skrásetingarskjal) that serve as the good-standing equivalent. The extract confirms the entity is active, registered, and in compliance with annual account filing requirements. Skráseting Føroya can strike non-compliant companies from the register. There is no separately named ‘certificate of good standing’ — the current registry extract fulfils this function. Available as a PDF from skraseting.fo; apostille certification available on request.
Person roles
When you submit a person on the application body, set theirrole to one of Conduit’s canonical BusinessPersonRole values. Use this table to map a local corporate-governance title onto the right canonical role.
| Local role | Canonical API role | Description |
|---|---|---|
| Stjórnarformaður (Chair of the Board / Director) | CONTROLLING_PERSON | Member of the board of directors (stjórn) of a P/F or Sp/F; appointed by shareholders; responsible for governance oversight; listed publicly in the Skráseting Føroya company extract with signing authority combinations (undirskriftarrettur). |
| Forstjóri / Stýrimaður (Managing Director / CEO) | LEGAL_REPRESENTATIVE | Executive manager responsible for day-to-day operations; appointed by the board; signature authority specified in the company articles and the Skráseting Føroya extract. In small Sp/F structures may be the same person as the sole shareholder. |
| Umboðsmaður (Authorised Representative / Attorney-in-Fact) | LEGAL_REPRESENTATIVE | A natural or legal person granted power of attorney (umboð) by the board to act on behalf of the entity in specific matters; must be evidenced by a notarised umboð or board resolution. |
| Útlendski umboðsmaður (Local Representative of Branch) | LEGAL_REPRESENTATIVE | For branches of foreign companies: a locally resident representative appointed and registered with Skráseting Føroya who accepts service on behalf of the foreign parent and bears responsibility for local compliance. |
Notes
- The Faroe Islands are an autonomous territory of the Kingdom of Denmark with their own parliament (Løgting) and separate corporate, tax, and company law. The islands are not part of the EU, though financial regulation largely mirrors Danish/EU frameworks.
- Company registration is split between two authorities: Skráseting Føroya (P/F, Sp/F, ÍVF, K/F, corporate foundations, savings banks, branches) and TAKS Vinnuskráin (all entities including sole proprietors and non-profits). Both registrations are typically required for taxable commercial entities.
- Registry extracts from Skráseting Føroya are issued in Danish/Faroese. Request certified translations into English for international KYB purposes. Apostille certification is available.
- The V-tal is a 6-digit number; the Skrásetingarnúmer appears to be 6–8 digits based on observed records. Format regex is indicative — confirm format from actual documents.
- No general operating licence (business licence) is required for ordinary commercial activity. Sector-specific licences apply for financial services (banking, insurance, payment institutions) and other regulated industries.
- Banking supervision is split: Tryggingareftirlitið (tryggingareftirlitid.fo) supervises insurance, pension, and one mortgage credit institution; remaining financial supervision (banks, payment institutions) falls under Danish Finanstilsynet via extended jurisdiction.
- Annual accounts must be filed with Skráseting Føroya; failure to file can result in the company being struck from the register. Check filing status when reviewing good-standing documents.
- Faroese currency is the Danish krone (DKK); the Faroe Islands are not in the EU customs union but have a special arrangement with the EU regarding trade in fish.