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03. Nov 2026Business and Industry

Hydro power plants

Hydro power plants Ministry of the Environment, Energy and Climate Nearly all electrical energy is produced by renewable energy resources, hydro (75,5%) or geothermal (24,5%). Only on the islands of Grimsey and Flatey, which are not connected to the national grid, are diesel generators used to produce electricity, apart from minor production by diesel emergency generators. All power stations larger than 1 MW must be connected to the national grid, but many owners of smaller stations feed electricity into the grid for sale

07. Sep 2026Ministry of Industries, Business and Industry

Responsible business conduct

Responsible business conduct Ministry of Industries Responsible business conduct ensures that companies and investors operate in line with the needs of society. It means that innovation, investment, and operations are carried out responsibly and meet the highest quality standards across the entire value chain, wherever in the world. Responsible business conduct is about taking responsibility for a company’s activities and working to limit negative impacts on people, the environment, and society

31. Jul 2026Ministry of Industries, Business and Industry

Business and industry

Hari Business and industry Ministry of Culture, Innovation and Higher Education Ministry of Industries Industrial activity in Iceland has always been based to a major extent on utilisation of natural resources, such as fisheries, agriculture and energy-intensive industry. In recent decades the variety of industrial and business activity has increased greatly in tandem with rapid technological advances, growing emphasis on innovation and the creative sector, and a very substantial increase in tourism. The state's role is to prepare the ground for vital, varied and entrepreneurial business throughout Iceland, based on sustainable resource utilisation, and which is capable of taking advantage of the newest technological advances

06. Jul 2026Prime Ministers Office, Business and Industry

Industrial Policy

Industrial Policy Prime Ministers Office Iceland's Industrial Policy is a 10-year growth plan, outlining how public authorities will work together with businesses and society at large to create value. Future vision and objective A targeted industrial policy enables the government to coordinate public actions toward the business sector and provides predictability for investment. The policy builds on an analysis of key focus areas and challenges

21. May 2026Ministry of Industries, Business and Industry

Management strategy and harvest control rules

Management strategy and harvest control rules Ministry of Industries The management strategy for Icelandic fish stocks, in general, is to maintain the exploitation rate at the level which is consistent with the Precautionary Approach and that generates maximum sustainable yield (MSY) in the long term. Harvest Control Rules (HCR) are set by the managers of the fishery, in the case of Iceland by the government and are based on knowledge on the state of the stock and take account of the managers objectives, the nature of the resource and uncertainties. The main aim HCRs is thus to: Decrease the risk of short term interests influencing the level of exploitation

20. May 2026Ministry of Industries, Business and Industry

Competition

Competition Ministry of Industries The objective of the Competition Act is to promote effective competition in economic activities and thereby increase the efficiency of the productive factors of society. The Competition Authority is responsible for achieving the objectives of the Competition Act by opposing unreasonable barriers and restrictions on freedom in economic activities, by opposing harmful oligopolies and restrictions of competition and by facilitating the entry of new competitors to the market. The role of the Competition Authority includes the following: To enforce the requirements and prohibitions of the Competition Act and, as applicable, Articles 53 and 54 of the EEA agreement, and to permit exceptions pursuant to the Competition Act

07. May 2026Ministry of Industries, Business and Industry

Company Law / Accounting / Auditing

Company Law / Accounting / Auditing Ministry of Industries The topic of Company Law, including registration of companies, accounting and auditing, falls under the auspicies of the Ministry of Industries. This includes matters concerning the Company Register and the Register of Annual Accounts, but the registers are operated by the Iceland Internal Revenue and Customs. Here under also falls legislation on certain types of NPOs

24. Mar 2026Ministry of Industries, Business and Industry

Industrial Property Rights

Industrial Property Rights Ministry of Industries The Icelandic Patent Office is a government agency under the auspices of the Minister of Industries and Innovation. The Office was established on 1 July 1991 and assumed responsibility for the patent and trademark department of the Ministry of Industry. The Office's organisation and scope of operation are defined by Advertisement No 187/1991 and Regulation No 188/1991

11. Mar 2026Ministry of Industries, Business and Industry

Business Iceland

Business Iceland Ministry of Industries Business Iceland is a public-private partnership established to improve the competitiveness of Icelandic companies in foreign markets and to stimulate economic growth through increased export. The goals of Business Iceland are promoting Iceland as a tourism destination, assisting in the promotion of Icelandic culture abroad, and introducing Iceland as an attractive option for foreign direct investment. Business Iceland also assists Icelandic companies seeking to grow internationally through competence building programs as well as international events, such as trade fairs, press trips, and trade delegations

11. Mar 2026Ministry of Industries, Business and Industry

Road Map for Tourism in Iceland

Road Map for Tourism in Iceland Ministry of Industries A Road Map for Tourism in Iceland was published in late 2015, emphasizing the following seven key elements: coordination, providing a positive visitor experience, reliable data, nature conservation, skills and quality, increased profitability and a better distribution of tourists. The goal is to ensure that tourism in Iceland becomes exemplary and to firmly establish the country as an attractive and sustainable destination for tourists in harmony with the landscape and its people. A Tourism Task Force was established on the basis of the Road Map with a lifetime of five years, from late 2015 until the end of 2020

11. Mar 2026Ministry of Industries, Business and Industry

Restrictions on investments by non-residents in Iceland

Restrictions on investments by non-residents in Iceland Ministry of Industries Non-residents are permitted to invest in business enterprises in Iceland within the limitations stipulated in Article 4 of the Act No 34/1991. Article 4 Investment by non-residents in Iceland is subject to the following restrictions: Only the following may conduct fishing operations within the Icelandic fisheries jurisdiction according to existing laws on Fishing Rights within the Icelandic Territorial Waters, or own or run enterprises engaged in fish processing: 1

11. Mar 2026Business and Industry

Innovation

Innovation Ministry of Culture, Innovation and Higher Education The Department covers Innovation and Industrial Affairs and has the role to promote the competitiveness of the Icelandic industrial and service sectors by improving microeconomic conditions. The Department’s activities aim to diversify the industrial sector, increase production and exports, and build a sound foundation for the creation of new knowledge-based jobs, economic growth and social well-being. Technology diffusion initiatives are among the key elements of the Ministry’s Innovation Policy

11. Mar 2026Ministry of Industries, Business and Industry

The EEA Agreement

The EEA Agreement Ministry of Industries Iceland is a member of the European Economic Area. The Agreement on the European Economic Area, which entered into force on 1 January 1994, brings together the Member States of the European Union (EU) and the three EEA EFTA States — Iceland, Liechtenstein and Norway — in a single market, referred to as the "Internal Market". The EEA Agreement provides for the inclusion of EU legislation covering the four freedoms — the free movement of goods, services, persons and capital — throughout the 31 EEA States

11. Mar 2026Ministry of Industries, Business and Industry

International policy

International policy Ministry of Industries The international policy of Iceland is supported by two key pillars. Firstly, the United Nations Convention on the Law of the Sea (UNCLOS) and secondly, the principle of sustainable development, enshrined at the 1992 United Nations Conference on Environment and Development in Rio. This is further supported by the view that responsibility for the conservation and utilisation of marine ecosystems should primarily be with States whose greatest interests are directly at stake

10. Mar 2026Ministry of Industries, Business and Industry

Licences and home sharing

Licences and home sharing Ministry of Industries According to the Tourism Administration Act, no. 73/2005, it is the task of the Icelandic Tourist Board to issue licences and register operations for travel agencies, tour operators, booking services and information centers, and monitor these activities in order to ensure that requirements for operations are met. According to the Act on Restaurants, Accommodation and Festivities, no

09. Mar 2026Ministry of Industries, Business and Industry

Aquaculture

Aquaculture Ministry of Industries History of Aquaculture Initially based on the on-rearing of salmonids for release into rivers, aquaculture efforts in Iceland gradually developed into larger-scale rearing of fish for the consumer market. While the history of fish farming in Iceland stretches back more than a century, the industry has until recently been struggling in finding its way forward. The first aquaculture experiments in Iceland began in the 1950s in small ponds and land based tanks as well as experiments with ocean ranching of Atlantic salmon

09. Mar 2026Ministry of Industries, Business and Industry

Processing and products

Processing and products Ministry of Industries Advances in production Fishery products and processing methods in Iceland were developed from a practical point of view: How to preserve the landed catch, given the local conditions. Thus, drying, curing (such as shark), smoking and later salting became the traditional way of preserving the catch. The key production processes of today are: freezing, salting, drying, reduction (fish meal and fish oil), canned products and fresh products

04. Mar 2026Business and Industry

Oil and gas exploration

Oil and gas exploration Ministry of the Environment, Energy and Climate Orkustofnun, The National Regulatory Authority, grants licences for prospecting, exploration and production of hydrocarbons. Applications for non-exclusive, prospecting licences are accepted at any time, whereas applications for exclusive, exploration and production licences are accepted in licensing rounds. Iceland Continental Shelf Portal The Iceland Continental Shelf Portal is a system for online viewing of diverse information about data pertaining to the Icelandic Continental Shelf, in particular the northern Dreki Area

26. Feb 2026Business and Industry

MoU on energy cooperation

MoU on energy cooperation Ministry of the Environment, Energy and Climate Iceland has signed bilateral MoU on energy cooperation with few countries. The main focus is on cooperation on Geothermal. DjibútiDominicaEcuador in EnglishEcuador in SpanishGreenlandIndiaIndonesia meeting memoIndonesiaItalyCaliforníaMexicoNicaragua (English)Nicaragua (Spanish)Nova ScotiaPoland (Polish)Poland (English)Republic of RwandaRussia (English)Russia (Russian)SloveniaSrpskaUnited Kingdom Table of Contents Overview Energy Hydro power plants Transmission system operator Geothermal Legislation Oil and gas exploration MoU on energy cooperation

01. Dec 2022Legislation, Business and Industry, Acts of Parliament, Ministry of Industries

Act No 82/2019 on the registration of beneficial owners

01 December 2022 / Ministry of Industries Act No 82/2019 on the registration of beneficial owners Act No 82-2019 on the registration of beneficial owners Tags Business and Industry Acts of Parliament Ministry of Industries Go back Disclaimer: This section of the site details available translations on legislation relating to the Government Offices in Iceland. In case of any discrepancies between the translations and the original text in Icelandic, the original text as published in the Icelandic Legal Gazette prevails

01. Dec 2022Legislation, Business and Industry, Acts of Parliament, Ministry of Industries

Act on annual accounts

01 December 2022 / Ministry of Industries Act on annual accounts Disclaimer: This section of the site details available translations on legislation relating to the Government Offices in Iceland. In the event of any discrepancies between the translations and the original texts in Icelandic, the original texts, as published in the Icelandic Official Gazette, shall prevail. Act on annual accounts 2006 No

27. Oct 2020Ministry of Industries, Ministry of Justice, Business and Industry, Foreign Nationals, Science Research and Innovation, Covid-19, Ministry of Finance and Economic Affairs

Icelandic measures for remote workers put in place

The Minister of Tourism, Industry, and Innovation, the Minister of Justice and the Minister of Finance and Economic Affairs have put in place measures to enable non-EEA foreign nationals to reside in Iceland for up to six months and telework for foreign companies. With the measure, those foreign citizens, who are exempt from the visa requirements, will be allowed to apply for a long-term visa in Iceland for teleworkers and bring their families without having to move their legal domicile to the country or obtain Icelandic ID numbers.

13. Apr 2019Business and Industry, Foreign Affairs, Ministry for Foreign Affairs

Icelandic authorities welcome decision to declare the wordmark “Iceland” invalid

Icelandic authorities have welcomed the ruling by the European Union Intellectual Property Office (EUIPO) that the wordmark registration of “Iceland”, which had been registered in the European Union by the British retail chain Iceland Foods Ltd., is invalid in its entirety. The enterprise has been given two months to appeal the decision.

13. Apr 2019Business and Industry, Foreign Affairs, Ministry for Foreign Affairs

Icelandic authorities welcome decision to declare the wordmark “Iceland” invalid

Icelandic authorities have welcomed the ruling by the European Union Intellectual Property Office (EUIPO) that the wordmark registration of “Iceland”, which had been registered in the European Union by the British retail chain Iceland Foods Ltd., is invalid in its entirety. The enterprise has been given two months to appeal the decision.

15. May 2018Ministry of Industries, Business and Industry

Statement on Responsible Fisheries in Iceland

In 2007, the Statement on Responsible Fisheries in Iceland was released. The statement was a response to market demands for sustainable utilization of marine resources and was designed to inform buyers on how fisheries management is conducted in Iceland and that controls would be based on the best scientific knowledge. It also stated that the Government undertakes to obey international law and agreements on access to marine resources, which they have signed.

08. Mar 2018Legislation, Ministry of Culture, Innovation and Higher Education, Acts of Parliament, Business and Industry

Industry - Act No 8/1996 respecting the Authorization of Several Professional Titles of Specialists in Technical and Design Faculties

08 March 2018 / Ministry of Culture, Innovation and Higher Education Industry - Act No 8/1996 respecting the Authorization of Several Professional Titles of Specialists in Technical and Design Faculties [Translation from Icelandic 1 July 2006] Act respecting the Authorization of Several Professional Titles of Specialists in Technical and Design Faculties No. 8/1996, with Later Amendments Art. 1 The present Act applies to the following professional titles:- 1

08. Mar 2018Legislation, Regulations, Business and Industry, Ministry of Industries

Industry - Regulations No. 495/2001 respecting Recognition of Work and Vocation Training in Industry in Another EEA State

08 March 2018 / Ministry of Industries Industry - Regulations No. 495/2001 respecting Recognition of Work and Vocation Training in Industry in Another EEA State TRANSLATED FROM THE ICELANDIC REGULATION No. 495/2001 Respecting Recognition of Work and Vocational Training in Industry in Another EEA State Art

08. Mar 2018Legislation, Regulations, Business and Industry, Ministry of Industries

Industry - Regulation No 940/1999 respecting Authorized Branches of Industry

08 March 2018 / Ministry of Industries Industry - Regulation No 940/1999 respecting Authorized Branches of Industry [Translated from the Icelandic] REGULATION No. 940/1999 respecting Authorized Branches of Industry Art. 1 Authorized branches of industry are classified as follows:- Building and constructions branches:- house-building furniture upholstering furniture manufacture painters' industry masonry plumbing wall-papering Vehicles and transport branches:- automobile manufacture automotive mechanics automotive painting (spraying) Design, art, handicraft:- furrier trade glass cutting and mirror making gold and silver trade millinery musical industry trade (instrument makers) dressmaking men's tailoring ladies' tailoring engraving carving

22. Feb 2018Legislation, Acts of Parliament, Business and Industry, Ministry of Finance and Economic Affairs

Financial Services and Markets - Act No. 99/1999 on the Payment of Costs for Public Supervision of Financial Activities

22 February 2018 / Ministry of Finance and Economic Affairs Financial Services and Markets - Act No. 99/1999 on the Payment of Costs for Public Supervision of Financial Activities Article 1 General provisions Parties subject to supervision as provided for in Article 5 shall pay the cost of operating the Financial Supervisory Authority in accordance with the provisions of this Act. The supervision fee provided for in this Act shall accrue directly to the operations of the Financial Supervisory Authority and shall be collected by the Authority