Incentives
Official Attitude and Incentives
Iceland has systematically made its business environment increasingly attractive for investment and as a base for large and small organisations.
Minimal bureaucracy allows for a quick transition from concept to implementation. Regulations are in line with European legislation and companies enjoy a smooth relocation process and short start-up times.
Accessible government departments mean that businesses can deal easily and directly with national officials with very little red tape.
Municipal co-operation. Many local authorities have flexible development strategies and incentive schemes, which can be highly advantageous for new investors.
A series of tax cuts now means that Iceland has one of the lowest levels of corporate income tax in Europe.
Competitive electricity prices and industrial steam at 6 bar or USD 3 per metric tonne are unrivalled in the rest of Europe.
Renewable energy sources. Electricity is generated in hydroelectric or geothermal power plants. Geothermal hot water and steam are available in many areas.
Natural harbours for small and large ventures are available in many parts of the country.
A highly skilled workforce includes experts in software and a wide range of research fields. Good relations with labour organisations have resulted in negligible levels of employer-employee disputes.
Western culture. Icelanders belong to an open and tolerant society built on Scandinavian and West European traditions. People are hard-working, friendly, highly adaptable and always willing to learn.
Special incentives for film and TV companies allow for refunds of up to 20% of the total cost of productions made in Iceland. Similar costs incurred in other EEA countries are also refundable within certain limits. For further information, please visit Film in Iceland, the website of The Icelandic Film Commission.
"Doing Business in Iceland", the detailed booklet written by the Invest in Iceland Agency and major accounting firms in Iceland, with assistance from the Internal Revenue Directorate, the Ministry of Industry and Commerce, and other bodies is being revised and will be available shortly.