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flag Iceland Iceland: Operating a Business

In this page: Setting Up a Company | The Active Population in Figures | Working Conditions | Cost of Labor | Social Partners

 

Setting Up a Company

Einkahlutafelag is a Private Limited Company.
Number of partners: No minimum.
Capital (max/min): Minimum capital of  ISK 500 000.
Shareholders and liability: Liability is limited to the amount contributed.
Hlutafelag is a Public Limited company.
Number of partners: Minimum 2 partners.
Capital (max/min): Minimumcapital of ISK 4 million.
Shareholders and liability: Liability is limited to the amount contributed.
The Competent Organization
The competent organization is the Company Registration, hosted at the Internal Revenue Directorate.
 
Setting Up a Company Iceland OECD
Procedures (number) 5.0 5.0
Time (days) 5.0 12.0

Source: Doing Business.

 
Business Setup Procedures
Consult Doing Business Website, to know about procedures to start a Business in Iceland.
Statistics Iceland

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The Active Population in Figures

20122013
Labor force 180,800181,100

Source: CIA - The world factbook

 
200920102011
Total activity rate -77.50%74.60%
Men activity rate 83.10%78.20%78.40%
Women activity rate 71.70%70.80%70.80%

Source: UN - United Nations

 

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Working Conditions

Legal Weekly Duration
40 hours
Retirement Age
67 years.
Working Contracts
The work contract is defined by the law. Collective agreements and individual negotiation complete it.
The work contract is rather formal.
Labor Laws
Consult Doing Business Website, to obtain a summary of the labor regulations that apply to local entreprises.

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Cost of Labor

Minimum Wage
No minimum wage exists.
Average Wage
Gross average monthly wage of men: ISK 393,000 (source: ILO, 2011);
Gross average monthly wage of women: ISK 321,000 (source: ILO, 2011).
Social contributions
Social Security Contributions Paid By Employers: 6%
Social Security Contributions Paid By Employees: 4%

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Social Partners

Social Dialogue and Involvement of Social Partners
The Icelandic Federation of Labor can be mentioned.
Unions
List of all Icelandic Unions
Unionization Rate
Icelandic workers are among the most unionized in the world with more than 85% of them belonging to a union.
Labor Regulation Bodies
Ministry of Social Affairs
Confederation of Icelandic Employers (CIE)

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Last Updates: February 2015