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Number of new companies in Iceland up 16%, insolvencies down 27%

Staff writer ▼ | February 6, 2016
New registrations of private limited companies in Iceland increased by 16% in 2015 compared with 2014.
Reykjavik
Iceland   Corporate insolvencies decreased by 27%
There were 2,368 new registrations during the year, compared with 2050 in the previous year. The greatest increase of new registrations was in real estate activities, from 222 new registrations to 352 between years, or a 59% increase from 2014.

Also, it is worth noting an increase in registrations between years from 223 to 292 in donstruction (31%) and an increase from 131 to 169 in accommodation and food service activities (29%). Proportionately, the greatest decrease in new registrations in 2015 was 8% in information and communication (from 185 to 171).

Looking at new registrations in 2015 by region, the greatest proportional increase was in the West, where new registrations went from 57 in 2014 to 81 in 2015 (42%).

The greatest proportional decrease in new registrations between years was in the Westfjords, where 34 companies were registered in 2015, compared with 46 in 2014 (26%).

Corporate insolvencies decreased by 27% in 2015, compared with the previous year. There were 587 corporate insolvencies during the year, compared with 799 in 2014. The greatest proportional decrease of insolvencies was in Financial and insurance activities, going from 56 in 2014 to 32 in 2015 (43%).

There was a decrease in insolvencies for all major sections of economic activity. Proportionately, the slowest rate of decrease in 2015 was in Real estate activities, where insolvencies decreased by 8% (74 insolvencies in 2015, compared with 80 in 2014).

Looking at corporate insolvencies in 2015 by region, the greatest proportional decrease was in the Northeast, where insolvencies went from 43 in 2014 to 12 in 2015 (72%).

The greatest proportional increase of insolvencies was in the South, going from 49 in 2014 to 63 in 2015 (29%).


 

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