Economy in Iceland
Iceland's economy depends heavily on fishing, as it has done for years. Fishing provides 40% of the country's export earning and employs 8% of the
work force. However, due to declining fish stocks, Iceland has been diversifying its economy into manufacturing and service industries including
software production, biotechnology and financial services. The economy does still rely heavily on fishing although its importance is diminishing
and other industries are growing. One such growing industry is travel as the tourism sector is expanding due to recent trends in whale-watching and
The Icelandic economy offers a numbers of strengths and weaknesses for people who consider establishing a business there. The country is
technologically advanced and corruption is very low. The country's quality of life is high and Icelanders are used to a high degree of
How long does it take to set up a company in Iceland?
Iceland is probably one of the few countries with a very short incorporation process. In order to have a legal and functional company,
there are only a few procedures requested, most of them being completed in one day. An Icelandic company is set up in approximately one
week, but may take even less.
Setting up an Icelandic company from abroad
Foreign investment in Iceland is regarded as valuable and the government encourages it guaranteeing a non-discriminatory treatment.
There is no legal distinction made between an Icelandic entrepreneur and a foreign one. An Icelandic company can be established by an
authorized representative, as long as he provides signatures of the managing board of the company. In order to conduct business activities
through an Icelandic company, there is no need to have a registered office.
Iceland Business comments
the problem is high tax in Iceland. Most entrepeneurs invests in low tax countries.
David , Spain, Madrid
it's good place to do business but since the scandalous about iceland banks, I believe Iceland lost its credebelity.
Bjork , Iceland
A mliloin thanks for posting this information.
If the country is free to invest and there is no foregner discrimination why not investing there?No country in the world survive without a tax.If the tax is very high then when you invest put up your profit margin to be high also.I prefer a safe place like this rather than going to unsafe place
DAUDI , Tanzania