The purpose of the Act on Incentives for Initial Investments in Iceland is to enhance initial investment, regional development and the competitiveness of Iceland by stipulating which incentives can be granted to initial investment projects in Iceland and how they should be used. However, the Act does not apply to investments in companies which provide services on the basis of legislation on financial undertakings, insurance operation or securities.
The government authorities are permitted to grant both general and regional incentives for new investments in Iceland up to a defined ceiling, in line with EU legislation. The regional incentives apply to areas outside the capital area.
Committee on new investment incentive examines applications for incentives and submit recommendations to the Minister of Industries and Innovation in accordance with Article 4.
Secretary of the Committee is Ása María H. Guðmundsdóttir and inquiries should be sent to [email protected]
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