Business travel in Iceland: The Secrets Behind a Fruitful Venture

When you think of Iceland, Björk, fjords, the northern lights, and geothermal pools might be some of your first associations.

Nevertheless, this North Atlantic island is also famed for its status as one of the world's most peaceful countries, and though tourism has significantly contributed to strengthening the Icelandic economy in recent years, the country is known for numerous other vital industries.

Iceland is among the world's 20 leading fishing nations and accounts for 1.2% of the total global catch. Seafood companies, along with hotels, airliner chains, and shipping corporations, are some of the nation's most prolific actors.

These well-developed domestic industries have helped Iceland score high on various world ranking lists, and well-tailored policies aim to achieve equity in both society and business sectors.

According to the World Economic Forum, Iceland scores first on the Global Gender Gap Report. National legislation does not allow men to be paid higher salaries than women. Iceland has pledged to eradicate the gender pay gap by 2022, and a 99 percent employment rate only further adds to the overall success picture.

Small, yet strong

Iceland's business sector generally operates with similar etiquette to that of the rest of the European countries, but some aspects are unique to Iceland. Here are a few things that are good to keep in mind.

Many corporations and companies in Iceland might look smaller than their overseas counterparts. However, even with smaller-scale businesses in general, the importance of meetings still remains the same.

From the most crucial decision-making appointments to the more trivial encounters, you are not required or expected to dress formally. Icelanders are social, laid-back people who function slightly differently from what you can experience in corporate scenes like the United States.

The people are friendly and chatty, yet they often communicate straightforwardly. You will not face any language barriers, as everyone speaks English fluently.

Translation of contracts

Most of your communication will be in English when you make a business deal with an Icelandic person. However, any contracts and legal documents that must be handled should be translated into Icelandic.

This may be crucial to forging a stable relationship with your Icelandic partners, as it also demonstrates your respect for their land, language, and culture.

As an added perk, you might even pick up some Icelandic words and sayings!

Strategic location

Iceland is ideally situated as a midway point, only a three-hour flight from continental Europe and five hours away from the east coast of North America.

Over the past decades, the island's location has inspired numerous business ventures, such as Loftleiðir, which in 1944 became the first passenger airline to offer affordable transatlantic fares.

The company's first international flights were bound for Copenhagen and New York City, and in the 1960s it transported countless young Americans on college trips to Europe, the most famous of whom were the Clintons.

In 1986, US President Ronald Reagan and the last leader of the Soviet Union, Mikhail Gorbachev, met in Reykjavik to negotiate the end of the Cold War.

Gradually, Iceland became the pitching point for US and European entrepreneurs, and in the end, 'Meet in the Middle' became 'Meet in Reykjavík.'

Having maintained its economic sectors well, Iceland has shown that a country does not have to be a superpower to be successful, and business travel has become a way to experience the very best Iceland has to offer.