Samstarv (I/F), partnershipFaroe Islands
What it takes to form, own and run a general partnership in Faroe Islands, and how its profit is taxed. Each figure links to the page it was read from.
This company type
At a glance
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All participants take on shared responsibility, both directly and solidarity
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A partnership can be composed of two or more participants
The registry’s and the law’s own pages do not mention it.
Form it
Who registers it
- Registry
- Formed without visiting
- Not stated
The registry’s and the law’s own pages do not mention it.
- Formed online
- Not stated
The registry’s and the law’s own pages do not mention it.
What it takes to form
Not in our records A notary, A resident director, Paying up the capital: none of these is in our records for the Samstarv (I/F), partnership.
Own it
Who may own and run it
- Directors
- Does not apply
- Shareholders
- Does not apply
- Members
- At least 2
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A partnership can be composed of two or more participants
- A local company secretary
- Does not apply
- A local registered agent
- Not stated
The registry’s and the law’s own pages do not mention it.
Each year, at the registry
Not in our records Annual registry fee, Accounts on the public record, Audit for a small company, Audit: none of these is in our records for the Samstarv (I/F), partnership.
Important dates
When each obligation falls due, as the authority states it.
Not in our records No dates for the Samstarv (I/F), partnership are in our records.
What is public
Not in our records What the register shows the public is not in our records for the Samstarv (I/F), partnership.
Tax
Tax on profit
How this company type is taxed, which can differ from its place’s headline rate.
Through owners
Income from independent businesses is taxed as B-income.
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Income from independent businesses is taxed as B-income.
- CFC rules in Faroe Islands
- Not in our records
Close it
Closing it
The other end, which most guides leave out.
Not in our records Route, Statutory fee: none of these is in our records for the Samstarv (I/F), partnership.
Every business in Faroe Islands
VAT
- Standard rate
- 25%
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The VAT rate is 25% and is payable when sales of goods and taxable services are taking place at all stages in the chain of distribution within the Faroe Islands.
- Other rates
- 0% Exports of goods and services
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The VAT is not payable, however, if the goods or services are exported.
- Registration threshold
- DKK 50,000 · about €6,689
annual sale of goods and/or services (total sales before expenses); annual
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If your annual sale of goods and/or services amounts to less than DKK 50.000, you are not required to pay VAT to the Treasury.
- A foreign company
- The same threshold applies; needs a local tax representative
A foreign business with VAT-liable activity in the Faroe Islands registers once its sales there exceed DKK 50,000 during a 12-month period, and must have a registered representative in the islands if it has no place of business or residence there.
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Foreign businesses which have established VAT liable activity in the Faroe Islands, must register in Vinnuskráin, if their sales of goods or services on the Faroese VAT territory exceeds DKK 50,000 during a 12 month period.
- Returns filed
- Quarterly
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Companies are required to settle their VAT four times a year.
- Tax authority
- Registration page read 2026-10-22
Payment and banking services
None of the services whose lists we hold names Faroe Islands. Each provider, and what a listing means.
Reference
Its name and code
- Kind
- General partnershipDerived our grouping, the same words in every country
- Name in law
- Samstarv (I/F), partnership
- ISO 20275 code
- MMBPSecondary GLEIF, Entity Legal Forms code list