Applicants for permits for passengers and freight transport must demonstrate that they have a satisfactory/positive financial standing. A sufficient financial standing means having access to sufficient resources to establish a company and ensure its secure operation. An enterprise must have equity capital and funds equivalent to at least ISK 1,150,000 for a first vehicle and ISK 640,000 for each vehicle in excess of that. The amount shall be updated annually in accordance with the provisions of Article 7 of the abovementioned Regulation (EC) No 1071/2009. In newly formed companies, or if the applicant's last annual financial statement/tax return does not demonstrate that the above condition is met but in fact it is different, a statement can be submitted from an auditor declaring that the applicant's capital position is positive by at least the amount mentioned above. For further information on the conditions related to this, please read Article 5, point 1, of the Regulation: https://island.is/Regulations/nr/0474-2017