In Swapp Agency, we understand that in B2B, our customers seek to save time and money in their production process. Many companies don’t consider B2B actions and fail at expanding their business abroad. Iceland is a very particular market where expertise is crucial for foreign or local investment success. The country is very open, however, companies must understand how locals spend their money and how the government and other companies could affect a favourable outcome for the firm. Our agency is one of the few specialized in B2B consultation in Iceland. Swapp Agency will be able to guide with b2b solutions in Iceland and guide you throughout the process of doing business in the country.
Your Guide for B2B in Iceland
Iceland’s main advantages in terms of FDI attraction include well-educated, English-speaking manpower, a positive economic environment and a high purchasing power. The country’s business environment is good, with Iceland ranking 26th out of 190 countries in 2020 Doing Business ranking published by the World Bank.
Icelandic authorities are committed to offering a favourable business environment. This includes a low 20% corporate tax and a new effective incentive regime aimed at foreign investment. The general aid ceiling is 15% of the initial investment cost. Iceland has also simplified all company setting-up procedures, now only one day is required to set up a limited liability company. The establishment of free-trade zones and competitive clusters is another measure in favour of investments. Iceland also offers tax incentives for Research and Development.
All these legal advantages must be known, understood, and implemented to assure the success of your company. Moreover, the relation between local consumer customs, competitors, providers and new coming products to Iceland must be comprehended fully. Hiring a B2B consultation in Iceland is a simple way for smart companies to establish themselves without problems.
As a member of the 28-nation European Economic Area, Iceland makes an ideal platform for tariff-free access to the major EU market area, as well as a fully competitive location for EU companies to operate. Currently, the local currency (Icelandic Króna) is strongly valued against foreign currency. This is why goods & services from abroad are particularly cheap for locals, which creates big opportunities for exporters.
Foreigners investing in Iceland have customarily chosen to establish limited companies or branches of limited companies. Corporations and registered branches of non-resident entities must file an annual income tax return, irrespective of whether they have any taxable income.
There are some sector-based restrictions that apply to all non-residents. The right to conduct fishing operations within the Icelandic fisheries jurisdiction is limited. Waterfalls and geothermal energy for other than domestic use is restricted to locals. Extensive real estate investment is also limited to foreigners.
Establishing a business in Island is a rather quick procedure which includes applying for registration with Register of Enterprises, obtaining a VAT number and notifying tax authorities of employment of workers. This is why B2B services in Iceland helps you.
Get in touch with Icelandic professionals
To have an extensive commercial and legal relating consultation, contact SwappAgency. We are a leading group of experts in diverse fields. Our professional team will be happy to assist you with an exclusive B2B consultation in Iceland, guiding you throughout the process of investing in Iceland.