Iceland
Membership in EU:
Political system:Republic
Capital city:Reykjavik
Total area: 103 000 km²
Currency:Iceland krona (ISK)
Economy | Business Protocol | Legislative and Political System | More about the Country | Order a Business Information Report (BIR)
Economy
Statistical Office

Chamber of Commerce and Industry

Entrepreneurship in the Country

The major economic activities on the island are fishing and fishing industry. The country has a very small domestic market and it lacks the natural resources, but the biggest problem seems to be its remoteness from the other European countries. Since the economy of the island heavily depends on fishing sector, they try to develop also other economic activities.
Business Directories

Local Communities

Business Protocol
Business Communication

It is normal for individuals in Iceland to be direct in their speech.  This should be expected therefore and not taken offensively.

English is widely spoken in business forums.
Business Meetings

You should ensure that appointments are made in advance and that you state the intended meeting time, using the 24-hour clock as this ensures that potential misunderstandings in respect to the language used (e.g. the use of half / quarter past / to) are avoided.

Individuals in Iceland place great value on punctuality and for this reason it is strongly advised that you contact your respective meeting host, if you are likely to be late.  Always arrive in advance of the start time, so that you are in a position to participate in the meeting at the agreed start time.

It is common practice to exchange business cards when you meet your hosts for the first time.

If you use any presentations or other supporting information during the meeting, then you should ensure that any information used is precise and to the point with relevant data included where necessary.
Legislative and Political System
President

Government

Prime Minister

Ministries

Constitutional Court

Legislation

More about the Country
Geographical Characteristics

Republic of Iceland is an island country, located in the North Atlantic Ocean, between the Greenland and the Great Britain, to the northwest from Faroe Islands.

Iceland is the only European country that does not change from summer to winter time.

Languages

Icelandic.

Short History

Iceland was one of the biggest unsettled islands until the arrival of Norse settlers and Celts (Scots

and Irish) in the late 9th and 10th centuries. The oldest parliament in the world – Althing, founded

in 930, has its origin in Iceland.

 

The rest of the Chronology:

 

  • 1000 – Christianity  was adopted as a state religion.
  • 1262 – Iceland was brought under the Norwegian crown.
  • 1397 – Possession of Iceland passed to Denmark-Norway, when the kingdoms of Norway and Denmark were united; without the autonomy, Iceland became one of the poorest countries in
  • Europe, economically and socially.
  • 1944 – Icelanders voted in a plebiscite and the vote was 97% in favour of the new republican constitution.
  • 1949 – Iceland formally became a member of NATO, even without the army.
  • 1970 – Iceland became a member of The European Free Trade Association.
Time Zone

GMT/UTC
International Dialing Code

+354
Average Temperatures

July 10 0C, January -1.3 0C.
Opening Hours of Banks

Monday - Friday: 9.15am – 4.00pm.
Opening Hours of Post-Offices

Monday - Friday: 9.00am – 4.30pm.
Opening Hours of Shops

Legally permitted opening hours:

 

Monday - Friday: 9.00am – 6.00pm.

Saturday: 10.00am – 4.00pm.

Credit Cards

Credit cards are widely accepted in Iceland cities and holiday resorts. The most common credit cards, such as American Express, MasterCard and Visa are accepted in hotels, restaurants and shops.
Foreign Currency Exchange

Apart from the banks, foreign currency can be also exchanged in exchange offices, hotel receptions, tourist agencies, petrol stations and larger department stores.
Mobile Telecommunications

The country is almost entirely covered by mobile telephony signal. The main operators have concluded contracts with larger European and world operators. Mobile phones in the country are designed to function within the network of frequency bands 900 MHZ and 1800 MHZ. You can host in the following mobile networks: Iceland Telecom, Vodafone, Viking Wireless.
Emergency Telephone Numbers

Police

112

Medical emergency

112

Fire emergency

112

Population of the State

Population of the Capital

Demographics

Religion

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