The first step to founding an association is to hold an inaugural meeting where founding members set themselves laws and elect themselves.

Next, the board can apply for registration of a member organization with RSK which assigns the company an identification number. Information on this process can be found on the Directorate of Internal Revenue’s website. The application is then submitted to business registers.

When the association has an identification number, it must be registered with the Student Council. The new association then sends information about the association’s president and the Student Council records information about the association on student.is. In addition, the association can apply for a university email address (student@lag.hi.is) from the Information and Technology Department and book a meeting room at the university.

In order for the association to receive grants or dues, you must create a bank account. Detailed information on this process can be obtained from the bank the association has chosen. Most often, the student union representative needs to go to the bank and hand in a copy of the minutes of the inaugural meeting, a board form (find it on the bank’s website), respond to a money laundering survey and perhaps hand in more papers. Furthermore, all board members need to go to the bank and have their IDs scanned if they are not already in business with the bank.

When the association has a bank account and is registered as a student association with the Student Council, the association can apply for grants from the Student Fund twice a year, once each semester.