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Iceland

The ISO code of Iceland is IS according to the ISO 3166 standard. The local name of the country is Lyoveldio Island. Iceland capital city is Reykjavík. People in Iceland speak the Icelandic, Faroese, and Norn languages. On 17 June 1944, Iceland emerged as a sovereign political entity. In the year 06/17/1944, Iceland emerged as a sovereign political entity. The largest city in Iceland is Reykjavík.

Iceland is located in the UTC +00:00 time zone, which is also called Western European Time or WET. The internet country code top-level domain (ccTLD) for Iceland is .is. The International dialing code for Iceland is 354. People in Iceland drive on the right side of the road. Total land area of Iceland is 103,000 km² (approx. 39,768 mi²). Iceland is not a landlocked country. It means that is is bordered by at least one major body of water.

A view in Iceland

Iceland is located in Europe. Iceland is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Iceland faces various issues, including water pollution from fertilizer runoff, inadequate wastewater treatment.

Doing business in Iceland

We offer various corporate services in Iceland jurisdiction. These services can serve both, people coming from Iceland and foreigners. If you plan on doing business in Iceland you might be interested in contacting us.

To find out about starting your business in Iceland click on company formation in Iceland.

To find out how to open a bank account in Iceland and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Iceland.

Choose preferred service below or continue reading to find out more about Iceland.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Iceland

The total population of Iceland is 337,780 people. In Iceland, the population density is 3.21 people per square kilometer (8 per square mile). Because of this statistic, this country is considered to be very sparsely. The ethnic diversity is almost uniform according to a fractionalization scale which for Iceland is 0.0798. Iceland has approximately 37522 foreign immigrants. The median age is approximately 36.4 years. In Iceland, 96 in every 100 people use internet. Iceland has a Human Development Index (HDI) of 0.895.

The majority religion of Iceland is Christianity, Iceland is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Iceland.

Culture of Iceland

People in Iceland speak the Icelandic, Faroese, and Norn languages. According to data on inbound tourists in Iceland, 800,000 tourists arrive in the country each year. One of the most popular national dishes of Iceland is hákarl. To read more click on culture of Iceland.

Geography of Iceland

Iceland is considered to be a large nation because of its total area. Its total land area is 103,000 km² (approx. 39,768 mi²). Iceland is located in Europe. Its capital city is Reykjavík. Iceland has no land borders.

The highest point of Iceland is Hvannadalshnúkur, with its official height being 2110 m (6,923 ft). Including land mass and EEZ, the total area of Iceland is approximately 854,345 km² (~329,863 mi²). The most notable natural resources found in Iceland are fish, hydropower, geothermal power, diatomite.To read more click on geography of Iceland.

Economy of Iceland

The currency of the country is Icelandic krona. The symbol used for this currency is kr, and it is abbreviated as ISK. 2.9% of population in the country are unemployed. The total number of unemployed people in Iceland is 9,796. Each year, Iceland exports around $5.2 billion and imports roughly $4.53 billion. The Gini Index of the country is 28. Iceland has a Human Development Index (HDI) of 0.895.The Global Peace Index (GPI) for Iceland is 1.148. Iceland has a government debt of 41% of the country's Gross Domestic Product (GDP), as assessed in 2012. Iceland is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are fish processing, aluminum smelting, ferrosilicon production, geothermal power, hydropower, tourism.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Iceland is $14,338 billion. Each year, consumers spend around $6,190 million. The ratio of consumer spending to GDP in Iceland is 0%, and the ratio of consumer spending to the world consumer market is 0.0178. The corporate tax in Iceland is set at 20%. Personal income tax ranges from 37.3% to 46%, depending on your specific situation and income level. VAT in Iceland is 24%. To read more click on economy of Iceland.

Infrastructure of Iceland

Infrastructure quality in Iceland is rated to be at 3.34. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.

In Iceland, 100% of the population has access to electricity. There are 369,969 internet hosts in Iceland. Iceland has 96 airports nationwide.

The logistics performance index of Iceland is 3.39. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 3.38. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.

The number of road motor vehicles per 1000 inhabitants in Iceland is 18. To read more click on infrastructure of Iceland.

Politics of Iceland

Iceland, is a unitary parliamentary constitutional republic. With regard to political and civil freedoms, Iceland is 1. Citizens in Iceland experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Guðni Th. Jóhannesson.

According to the World Bank Group, the government effectiveness index of Iceland is 1.5. This indicates that the government of Iceland is very effective. Citizens enjoy highly effective social, public, and civil services, and the overall morale in Iceland is high. Government actions are efficient and expeditious, and dangerous situations are highly unlikely as a result.In Iceland, the legislative power is vested in a Althing. The Global Peace Index (GPI) for Iceland is 1.148. The strength of legal rights index for Iceland is 5. Overall, it is considered to be rather inadequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient. Iceland is a member of the United Nations (UN). On 19 November 1946, it joined the UN as a full member state. Iceland is a member of the World Bank. To read more click on politics of Iceland.

Environment of Iceland

Iceland emits 5.9 metric tons per capita of CO2. 1930 km² of Iceland's territory is covered in forests. and forest land comprises 2% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Iceland is 18. To read more click on environment of Iceland.

Company formation in Iceland

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Iceland.

When establishing a company in Iceland, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Iceland that will affect the establishment and growth of one's business. Contact us or click on company formation in Iceland to read additional information when setting up a business.

Bank account opening in Iceland

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Iceland. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Iceland, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Iceland or contact us.