| KWM Surveys Ltd | Other services | 2013 |
| L & D'S Ice Cream Van Shetland LLP | | 2022 |
| L & M Engineering (UK) Limited | Professional & scientific | 2012 |
| L & MK Services Ltd | Other services | 2018 |
| L & S Hunter Ltd. | Construction | 2007 |
| L a Simpson Ltd | Professional & scientific | 2019 |
| L G Therapy Ltd | Health & social care | 2025 |
| L J G Marine Ltd | Agriculture & fishing | 2026 |
| L J Garrick Ltd | Professional & scientific | 2017 |
| L Williamson Limited | Wholesale & retail | 2004 |
| Lapwing Therapies Ltd | Health & social care | 2022 |
| Lauren Rose & Rhea S Fishing Company Ltd | Agriculture & fishing | 2024 |
| Laurence Odie (Knitwear) Limited | Manufacturing | 2004 |
| Lcntrading Ltd | Financial services | 2025 |
| Leadhershipxchange Ltd | Professional & scientific | 2022 |
| Leask Memorials Ltd | Manufacturing | 2023 |
| Lerwick Boating Club Limited | Hospitality | 2017 |
| Lerwick Distillery Limited | Manufacturing | 2022 |
| Lerwick Engineering Ltd | Professional & scientific | 2021 |
| Less IS More Apparel Limited | Wholesale & retail | 2026 |
| LI6 Ltd | Other services | 2018 |
| Liamhend Ltd | Professional & scientific | 2024 |
| Lingaview Shetland Ltd | Real estate | 2019 |
| Linkshouse Stores Limited | Wholesale & retail | 2007 |
| Linnadield Fishing Company Ltd | Agriculture & fishing | 2013 |
| Living Lerwick Limited | Administrative & support | 2012 |
| LJH Plant Ltd | Construction | 2013 |
| LK 54 Fishing Ltd | Agriculture & fishing | 2013 |
| Lkay Energy Ltd | Professional & scientific | 2024 |
| LMI Enterprises Limited | Agriculture & fishing | 2013 |
| Lraa Investments Ltd | Real estate | 2025 |
| LSM Storage Ltd | Transport & logistics | 2019 |
| Lunna Lamb Ltd | Manufacturing | 2020 |
| LV Mechanical Services Ltd | Wholesale & retail | 2024 |
| M & M Johnson Investments Limited | Real estate | 2003 |
| M J Amack Fishing Company Ltd | Agriculture & fishing | 2014 |
| M J Thomason Services Ltd | Other services | 2025 |
| M Kearney Engineering Limited | Wholesale & retail | 2014 |
| M L L (Shetland) Ltd | Agriculture & fishing | 2014 |
| M L Watt Builders Limited | Construction | 2011 |
| M&M Construction (Shetland) Ltd | Construction | 2024 |
| M. Ratter Limited | Construction | 2004 |
| M.I.A. (Properties) Limited | Real estate | 2002 |
| Macaulay Miller Architecture Ltd | Professional & scientific | 2020 |
| Magno Express Ltd | Hospitality | 2021 |
| Mainlands Mini Market Ltd | Wholesale & retail | 2017 |
| Malakoff Engineering Ltd. | Manufacturing | 2004 |
| Malakoff Limited | Manufacturing | 2003 |
| Mark a Henry Ltd | Construction | 2021 |
| Mark.S.Hoseason Ltd | Agriculture & fishing | 2013 |
| Market Cross Music Ltd | Other services | 2017 |
| Martingale Marketing Ltd | Information & communication | 2017 |
| Marvin Project Management Limited | Professional & scientific | 2021 |
| Marybella Inc Limited | Hospitality | 2023 |
| Maskot Limited | Professional & scientific | 2015 |
| Mckay & Sinclair Ltd | Construction | 2010 |
| Mckimms Ltd | Construction | 2008 |
| MD Marine Shetland Ltd | Agriculture & fishing | 2022 |
| MD Property Holdings (Shetland) Limited | Financial services | 2022 |
| Mdcb Cross Ltd | Construction | 2023 |
| MEB Services Ltd | Construction | 2017 |
| Melvin Leask Building & Joinery Ltd | Construction | 2015 |
| Merv Jamieson Ltd | Professional & scientific | 2021 |
| Mesomorphic Ltd | Information & communication | 2015 |
| Meti - Moments Enclosed in Time Ltd | Information & communication | 2025 |
| MI Fishing Limited | Agriculture & fishing | 2014 |
| Michael Johnson Joinery Ltd | Construction | 2014 |
| Michael Pottinger Engineering Limited | Professional & scientific | 2011 |
| Middleton Site Services Ltd | Construction | 2025 |
| Millbrook Construction Ltd | Construction | 2021 |
| MJM Shetland Ltd | Real estate | 2021 |
| MJW Productivity Management Ltd | Professional & scientific | 2014 |
| Moar Doors Ltd | Construction | 2023 |
| Molly Marine Ltd | Other services | 2019 |
| Moncrieff Ross-Smith Ltd | Financial services | 2025 |
| Mossbank Electrical Ltd | Extraterritorial | 2024 |
| Mouat Marine & Agri Services Ltd | Agriculture & fishing | 2016 |
| Mowgli Motors Ltd | Wholesale & retail | 2020 |
| MRK MCB Ltd | Agriculture & fishing | 2019 |
| MSM (International) Ltd | Transport & logistics | 2021 |
| Muckle Flugga Properties Ltd | Other services | 2014 |
| Munch Shetland Ltd | Hospitality | 2023 |
| Mussel Harvest Limited | Other services | 2004 |
| NDM Stores Ltd | Wholesale & retail | 2025 |
| Neist Point Development Limited | Hospitality | 2023 |
| Nepscot Food Ltd | Hospitality | 2025 |
| Ness Engineering Limited | Construction | 1985 |
| Nesting M&P Consultants Ltd | Professional & scientific | 2020 |
| Netherlea Services Ltd | Agriculture & fishing | 2018 |
| New Golden WOK Ltd | Hospitality | 2024 |
| NH Environmental Solutions Ltd | Professional & scientific | 2024 |
| Nicolson Properties Ltd | Other services | 2015 |
| Nikki 7 Ltd | Other services | 2011 |
| Ninety Eight Lerwick Ltd | Real estate | 2017 |
| Ninian Shetland Ltd | Manufacturing | 2023 |
| Nisbet Marine Services Ltd. | Administrative & support | 2013 |
| Njord Enterprises Limited | Energy | 2018 |
| NO. 88 Limited | Hospitality | 2020 |
| Nordhus Developments (Shetland) Limited | Real estate | 2000 |
| Norserv Limited | Construction | 2024 |