Iceland Geography and Culture

Iceland is a Nordic country located in the north Atlantic, an island nation that is sparsely populated, with the majority of its inhabitants living in or around its capital, Reykjavik. It is famous for its hot springs (like the Blue Lagoon), geysers and active volcanoes. Lava fields cover a lot of the land and hot water is pumped from under the ground to supply much of the country’s heating.

Icelandic culture is founded upon its Scandinavian heritage, with most of its inhabitants descended from Norse and Gaelic settlers. The language is North Germanic and descended from Old West Norse and Faroese. Iceland is a wealthy country with a market economy that provides for its citizens via a Nordic-style welfare system.

Icelandic cuisine includes traditional dishes skyr (a thick yogurt), hákarl (cured shark), cured ram, singed sheep heads, and black pudding, Flatkaka (flat bread), dried fish and dark rye bread traditionally baked in the ground in geothermal areas, as well as Puffin, a local bird and delicacy that is often prepared through broiling.

2021
April 1Maundy Thursday
April 2Good Friday
April 4Easter Sunday
April 5Easter Monday
April 22First Day of Summer
May 1Labour Day
May 13Ascension Day
May 23Whit Sunday
May 24Whit Monday
June 17Icelandic Republic Day
August 2Commerce Day
December 24Christmas Eve (from noon)
December 25Christmas Day
December 26Second Day of Christmas
December 31New Year’s Eve (from noon)
  • ehf. einkahlutafélag
  • einstaklingsfyrirtæki
  • hf. hlutafélag
  • ohf. opinbert hlutafélag
  • saf. samlagsfélag
  • sv. samvinnufélag
  • sf. sameignarfélag
  • sfs. sjálfseignarstofnun
  • Corporate Tax: 20%
  • Income Tax (Lowest Marginal Rate): 0% (On income up to 152.807 ISK)
  • Income Tax (Highest Marginal Rate): 46%
  • VAT/GST/Sales Tax: 24% (standard rate), 11% (reduced rate)
  • Allied Irish Banks (Commercial Bank)
  • Bank of Ireland (Commercial Bank)
  • KBC Bank Ireland (formerly IIB Bank) (Commercial Bank)
  • Permanent TSB (Commercial Bank)
  • Ulster Bank (Commercial Bank)
  • Arion Bank (Commercial Bank)
  • Kvika Banki (Commercial Bank)
  • Landsbankinn hf. (Commercial Bank)
  • Íslandsbanki hf. (Commercial Bank)
  • Sparisjóður Austurlands hf (State Bank)
  • Sparisjóður Höfðhverfinga ses. (State Bank)
  • Sparisjóður Strandamanna ses. (State Bank)
  • Sparisjóður Suður-Þingeyinga ses. (State Bank)

Aadmi can support you with your expansion to Iceland. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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