Doing Business in Iceland

Doing Business in Iceland

For well over a decade, Iceland has held the title the world's safest nation. They also give citizenship to competent foreign workers, which helps alleviate labor shortages.

While the summer days on this Nordic island may appear to continue forever (with 22 hours of sunshine), the winter months may be extremely severe because of the low population density and the lack of metropolitan centers. However, there are a number of factors that make Iceland an attractive employment option for internationals.


The unemployment rate in the country is extremely low, ranking among the best in Europe at 3.5% in May of 2022). The Global Peace Index 2022 ranks Iceland as the world's most peaceful country, a distinction it has maintained since 2008.

Despite its reputation as one of Europe's more pricey destinations, Iceland offers a wealth of free attractions that are well worth exploring. Take use of your extensive vacation time by visiting natural attractions including geysers, glaciers, mountains, and volcanoes. The famed Blue Lagoon is there, or you may see the Northern Lights. Reykjavik, the country's capital, has a plethora of events throughout the year. Some of the best include the Winter Lights Festival, International Literary Festival, The Colour Run, Pride, and the International Film Festival.

Find a Job in Iceland


The thriving tourist sector in Iceland is primarily responsible for the country's prosperous economy. Its population of 330,000 was more than doubled by the almost 700,000 visitors it received in 2021.

The country's primary economic drivers are:

Manufacturing of: aluminum, seafood, pharmaceuticals, geothermal energy, hydropower, and electricity
tourism.
PROMINENT CAREER AREAS FOR NEW GRADUATES Building and construction, healthcare, information technology, and tourism.
In Iceland, you may look for work at:

If you are looking for work in Iceland, you should register with employment firms in addition to perusing local media and trade union websites.

Competency gaps


There will likely be 15,000 new jobs created in Iceland's economy between 2022 and 2025, but only 3,000 new Icelandic workers. Therefore, it is necessary to hire foreign nationals to fill 80% of the open jobs.

You will be highly sought after by potential employers if you have the abilities and expertise to fill a need in one of these areas.

The Icelandic Job Search

Your best bet for finding a successful career in Iceland is the capital city of Reykjavik, which is the country's cultural, educational, and economic center, excluding any aspirations you may have in farming or fishing.


Since desirable openings aren't always posted, the Directorate of Labour recommends sending organizations unsolicited applications. LinkedIn is only one example of a social networking tool that may be used to expand your professional network and learn about new prospects.

Email is the preferred method of applying for jobs at most firms. Include a brief cover letter and introduction with your resume. Both your resume and cover letter should be no more than one page in length. Employers just want to see a brief summary of your qualifications and experience.

In-person interviews are preferred but can be done over the phone or online video chat if necessary. Even though interviews are a required part of the application process, you might be surprised to find out that they take place in a more casual atmosphere, like a cafe.

Part-Time Work This Summer


Long summer days in Iceland provide many of employment possibilities.

The hospitality business, where short-term jobs (at restaurants or bars) are plentiful to meet the needs of a growing tourist population, will greatly benefit from applicants with strong English language skills.

You may also try working as an au pair or on a farm this summer for a unique perspective.

Possibilities for part-time and volunteer employment can be found on:

  • GoAbroad.com
  • Plant Some Seeds Abroad
  • Workaway.info
  • WorkingAbroad

For further information, please see the Icelandic Directorate of Labour.

Vacant Positions in the Education Sector


Since most Icelanders already know some English and it's required coursework in public schools, opportunities to instruct the language are limited.

However, there are openings for those with the qualifications who wish to teach at the secondary or college level.

In addition to language credentials like a TEFL certificate, employers typically require a Bachelor's degree.

Because of Iceland's emphasis on education, candidates with relevant teaching experience will stand out. Furthering one's education with a Master's degree or other higher credential is also highly valued.

Internships


Interning in Iceland will allow you to get valuable work experience while also broadening your horizons and broadening your perspective on the world. Most internships will be in Reykjavik, and only few of them will be compensated. Job listings can be found at:


GoAbroad.com Internship Program for European Students


You might also try applying to firms you have an interest in on the off chance that they provide internships. Your best bet if you don't know Icelandic is to target larger companies where English is spoken at the executive level.

Visas for entry into Iceland
You don't need a work permit or a visa to live and work in Iceland if you're relocating from another European Economic Area (EEA) nation. If you plan on living in Iceland for more than three months, however, you must register as a resident with Registers Iceland (or six months, if you arrive in the country as a jobseeker).

Each country in the European Union (EU) plus Iceland, Norway, and Liechtenstein make up the European Economic Area (EEA). Also, Swiss citizens have the same protections as their counterparts in the EEA.

You will require a residency permit to legally live in Iceland for more than three months if you are a citizen of a non-EEA nation like the United Kingdom. Obtaining this visa is the responsibility of your employer; thus, you cannot enter Iceland only for the purpose of finding work.

There are four different types of residency permits. Those who:

Athletes Qualified Professionals Based on Collaboration and Service Contracts Workers Filling Temporary Labour Shortages Workers with Expert Knowledge
To learn more, check out the Icelandic Directorate of Immigration.

Presently, the application fee is ISK 15,000 (approximately £91). Considering that the application process can take up to 90 days, it is best to submit it as soon as possible. To get started, you should get in touch with the embassy in your home country.

If you are moving to Iceland from another European Economic Area (EEA) country, you will need private health insurance. However, after six months of legal residency in Iceland, you will be eligible for free public health insurance. Check out Health Insurance at Work in Iceland for more information.

Need for a Common Language


It is not required to learn Icelandic if you plan to relocate there because the majority of natives speak English. A few words of Icelandic will go you far in your new home. It also shows potential employers that you're serious about settling in and making a contribution to Icelandic society.


Preparing to study the language is easy with resources like Icelandic Online, which provide free lessons before you even leave for the country. This course is offered at varying degrees of difficulty, with a premium service available to students at the beginner and lower intermediate levels for an extra cost.

The art of selling your skills to prospective employers
Employers in Iceland will, in most cases, accept a degree earned in the UK or elsewhere in Europe. To learn more about credential evaluation services, you may check out Europass and ENIC-NARIC.

How is the Icelandic job market?


The standard workweek in the United States is Monday through Friday, 40 hours. Normal workdays will be eight hours long, and you'll get breaks for lunch and refreshments. In addition, you'll be entitled to at least 11 hours of sleep every day; if you have to travel for business and get home late, for example, you can't be expected to immediately start working again; instead, your following day must begin 11 hours after your normal start time.

With the 15 paid holidays already in place, workers get a total of 24 days of paid time off every year.

In Iceland, your tax rate is determined on your annual income. However, subject to specific restrictions, international professionals in their area have just 75% of their income taxed for the first three years they work in the country.

A discount application through the Icelandic Centre for Research must be submitted within three months of the employee's start date.

Get the details here.

Learn about the academic experience in Iceland.


Ojike Stella

1727 Blog posts

Comments
Wildflower 6 w

Nice

 
 
Alphonsus Odumu 6 w

I love Iceland

 
 
Khadijat Oguneko 8 w

Interesting

 
 
Esther Abraham 8 w

I have always known Iceland to be said safe. But the work opturnities is a plus.

 
 
Jubilee Ohwodiasa 1 y

Interesting

 
 
Adeleke Ajibola 2 yrs

may be

 
 
Adeleke Ajibola 2 yrs

may be

 
 
Adeleke Ajibola 2 yrs

What's this all about?