Freedom in all business activities has increased dramatically in Iceland and in recent years the Icelandic economy has undergone significant transformations, largely caused by market liberalization. As a member of the 28-nation European Economic Area (all EU states and three of the four EFTA states), Iceland implements the same basic liberal business philosophy as the European Union. Except in a few limited areas, all EU commercial legislation and directives take effect in Iceland. Consequently, Iceland makes an ideal springboard for tariff-free access to the major EU market area, as well as a fully competitive location for EU companies to operate.
Commerce, Consulting and Services in Iceland
Visitors to Iceland often marvel at the wide variety of foreign merchandise on offer in a country that perhaps prides itself most on its ancient culture and close contact with an unspoiled environment. Here you can find all the best-known names in fashion, cars, electronic equipment and food and beverages. The fact is that Iceland has become a very consumer-conscious nation with one of the highest standards of living in the world.
The most common and economically important type of business in Iceland is the limited company. Other structures are partnerships, cooperative societies, businesses run by the self-employed and branches of foreign limited companies. Iceland's operating environment is competitive with leading countries in the industrial world. With its low tax structure, high education levels and competitive costs for skilled labour, land and electricity.
Icelandic companies are expanding internationally due to investments abroad by prosperous and growing local companies. In recent years, the Icelandic banks have been among the key players, defining themselves as international or Nordic banks.
Iceland has a number of export companies with very interesting products and the service industries are playing a bigger role in exports with the Icelandic economy becoming more service-oriented. Two-thirds of the working population are employed in the service sector, both public and private and is that level comparable to those in the other OECD countries.
Websites Related to Commerce, Consulting and Services in Iceland
Iceland Chamber of Commerce
The Iceland Chamber of Commerce is an association of entreprises, companies, and individuals, from all sectors of the Icelandic business community.
SA-Confederation of Icelandic Employers
SA-Confederation of Icelandic Employers is a service organization for Icelandic businesses. SA projects include negotiations of collective agreements with unions on wages and working conditions, the advocation of an internationally competitive legal and regulatory environment, and the interpretation and communication of decisions by governmental authorities that directly affect the business environment.
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