Invest in Iceland
Key Competitive Attractions
Business Iceland
Iceland has a completely unique business offer; low-cost renewable energy, cutting edge communications, low taxation and highly-skilled people.
Situated between Europe and America, Iceland provides a strategic location in stunning surroundings. The business environment in Iceland is not restricted by complex regulations or a heavy tax system, making it fast-moving and company friendly.
Incentives:
- Existing framework legislation on incentives for Foreign Direct Investment
- Minimal bureaucracy – allowing a smooth and efficient relocation and start up process
- Tax cuts – Iceland has one of the lowest corporate tax rates in Europe, standing at 18%
- Highly-skilled workforce
- Municipal co-operation - local authorities provide development strategies and incentive schemes
- Tax - our tax system is simple and effective, increasing the country's attractiveness to foreign investors
Communications:
Modern infrastructure has made Iceland easily accessible to Europe and the rest of the world. Airports and seaports keep the population supplied and Iceland exports flowing internationally. Iceland is also connected to European and American telephone and Internet networks via underwater cables, and all major population centres are fully equipped with advanced fibre optic cables.
Assistance and Support For New Business Investors
We provide a wide range of services to help you set up or relocate your business in Iceland, including:
- Preparing data on the business environment
- Site visits
- Meetings with local business partners and professional consultants
- Creating a task force for specific projects
Existing Business Base
Iceland has systematically made its business environment increasingly attractive for investment and location. A new Act on incentives for initial investments in Iceland has been adopted and Iceland has one of the lowest levels of corporate income tax in Europe. Advantages offered by Iceland for industrial investors include the most competitive electricity prices in Europe and industrial steam, at 6 barg or USD 3 per metric tone. Industrial sites with good natural harbours, for small and large ventures, are located in several parts of the country, and many local authorities have designed development strategies and scenarios which provide for new investments. Highly skilled labour is available, including experts in software and a wide range of research fields. Special incentives are granted for film and TV production in Iceland, whereby 20% of total costs are refundable. Production costs incurred in other EEA countries are also refundable within certain limits. Special incentives are also granted to certified innovation companies with their activities engaged in research and development projects. There is a strong business community operating across a variety of business sectors, including Metals & Metallurgical Industry, Chemicals (Sub-sector: Polysilicon), Tourism & Leisure, Food & Drink Production, Software & IT Services, Renewable/Green Industries (Sub-sector: Geothermal Energy) and Creative Industries.
Click here for more information on Business Iceland.
