TL;DR
RSK 5.02 is the single form that registers you as a contractor in Iceland — for both the employer registry and VAT registry. File it at least 8 days before you start working. Exception: reiknað endurgjald under 700,000 ISK/year. FreelancePay can assist with the entire registration.
1) What is RSK 5.02?
RSK 5.02 is a combined registration form at Skatturinn. It registers you simultaneously on:
- Employer registry (launagreiðendaskrá) — you are your own employer
- VAT registry (virðisaukaskattsskrá) — if you choose or are required
- The same form is used later to make changes to your registration
- RSK 5.04 is used when you want to close your registration
2) When Do You Need It?
Before you start
The form must be filed at least 8 days before you start working or sending invoices.
Exception
If your annual reiknað endurgjald is under 700,000 ISK you do not need to register on the employer registry (but you still must pay taxes).
VAT registration
When revenue exceeds 2M ISK over 12 months you need VAT registration. This can be done in the same form.
3) Step-by-Step: Filling Out the Form
| Field | What to enter |
|---|---|
| Kennitala | Your national ID number |
| Name (nafn) | Your full legal name |
| Legal domicile (lögheimili) | Your address in Iceland |
| ÍSAT code | Business activity code — choose the one that best describes your work |
| Estimated calculated remuneration | Estimated monthly amount you will pay yourself |
| Start date of operations | Date you plan to start — must be at least 8 days in the future |
| VAT registration (optional) | Check if revenue is above or near 2M ISK/year |
| Pension fund name | E.g., LV, Gildi, Festa, Birta |
| Pension fund kennitala | ID number of your chosen pension fund |
4) After Submission
- You receive a confirmation slip — keep it
- Skatturinn approves registration within 1–14 business days
- When approved: you receive a web key (staðgreiðsluvefslykill) to log in
- You can check status at island.is/mínar-síður
- Set up access to your pension fund portal — you must pay there monthly
5) Making Changes or Closing
- To change your registration (e.g., business category or calculated remuneration): use the same RSK 5.02 form
- To close your registration when you stop: RSK 5.04 form
- Important: Close your registration when you stop — otherwise Skatturinn will estimate your income and send tax bills
FreelancePay Handles the Registration For You
We assist with RSK 5.02 registration and handle everything that comes after — tax filings, VAT, and pension. You do not need to learn the system.