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Employ Candidates Compliantly in Iceland

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  1. Overview: Iceland
  2. Global PEO and payroll
  3. Global HR Compliance
  4. Work permit for hiring expats via PEO
  5. Expand without a company set up
  6. Contractor vs. employee: which is better?
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Global Employer of Record in Iceland

Global employment services

Businesses in the process of expanding globally often face challenges when it comes to compliantly onboarding employees in foreign countries. In most cases, legal compliance requires the establishment of a legal in-country business entity, a complex, costly and time-consuming process that many employers are not ready to undertake.

To help your organization legally onboard and payroll a workforce in Iceland, Acumen International offers a global employment solution via our Global Employer of Record / EOR designed to help you circumvent the legalities of direct hiring, eliminating the need for you to establish a legal entity in Iceland in order to conduct business there.

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Spotlight on Iceland:

Iceland, a European island, is a country located in the North Atlantic Ocean, northwest of the United Kingdom. Iceland performs well in many measures of well-being relative to most other countries in the world, and ranks at the top in jobs and earnings, environmental and life quality. Literacy, longevity, and social cohesion are first rate by world standards.

  • Capital: Reykjavík.
  • Official language: Icelandic. Note, Icelandic Labour Law does not stipulate language of the employment contract.
  • Population: 354.234 (July 2021).
  • Labor force: 200.000 (2020).
  • Local currency: Icelandic krona (kr; code: ISK).
  • Minimum statutory salary: Icelandic law and regulations on employment do not provide for an official national minimum wage, regardless of occupation. However, collective agreements between unions and employer associations (for certain professions) are generally binding, which means that they also apply to non-union members. Wages and other employment terms contained in collective agreements are considered the legal minimum terms for the occupational sectors to which they apply. The minimum wages are determined on the grounds of the nature of the work, seniority and education. Notwithstanding above provisions, the minimum income is ISK 317.000 per month for a full-time position, i.e. 173.33 hours worked per month (40 hours per week) for an employee who has reached the age of 18 and has worked for at least six months in the same company or at least 900 hours.
  • Salary currency: The employee and the employer may agree that a part of the regular monthly wage is to be paid in a foreign currency or that a part of the regular monthly wage may be linked to the exchange rate of a foreign currency. The selling rate of the currency should be used for reference on the date when the agreement between the employee and the employer was made.
  • Most developing industries: Iceland’s economy is now on an upward trajectory, particularly within the fields of tourism, software production, and biotechnology. Tourism, aluminum smelting, and fishing are the pillars of the economy.
  • Trading partners: Iceland’s top export partners are Netherlands, the United Kingdom, Germany, Spain, the United States, France, and Canada with aluminum products and fish products, aircraft, iron alloys, and animal meal. Main service exports are tourism related services. Imports to Iceland include industrial supplies, capital goods (except for transport), transport equipment, fuels and lubricants, consumer goods, and food and beverages. Key import countries are Norway, Netherlands, Germany, Denmark, the United States, the United Kingdom, China, and Sweden.

Employ your Selected Workforce via Acumen Employer of Record / EOR in Iceland

As an Global Employer of Record services provider, Acumen International helps businesses to legally engage and pay their selected highly skilled professionals in Iceland .

Businesses desiring to hire local employees should be prepared to pay competitive salaries, to attract and retain the most qualified candidates. As a global employment organization, Acumen International serves both end employers and service companies representing international clients.

Acumen’s Global employment services are designed to provide our clients with professional assistance to meet their global HR needs, such as:

  • Global talent acquisition and retention
  • Global expansion, to help you quickly enter new global markets without legal and HR compliance risks
  • Local support for international clients and their expat employees

Acumen’s Employer of Record / EOR service in Iceland offers an efficient and inexpensive alternative to direct hiring. Our employer of record solution gives companies the opportunity to operate in Iceland and in 190 international markets where we serve our clients, without registering as a local business entity.

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Legally onboard and payroll employees in Iceland via Acumen Employer of Record / EOR

Acumen’s EOR global employment solution helps businesses to overcome legal challenges by hiring and compensating your local and expat workforce in Iceland on your behalf, in a risk-free and cost-effective manner.

If you are looking to reinforce your internal team with the expertise of Iceland-based global talent, or if you have already selected a local candidate to work for you remotely and in full legal compliance in Iceland our global EOR solution is the ideal choice for you.

You can trust Acumen to handle the global employment and HR details of your workforce management in Iceland to ensure full compliance with in-country employment laws.

Acumen’s Global Employer of Record / EOR solution was designed to help international companies like yours expand your global reach and engage the brightest global talent for your projects.

In addition to legally onboarding local citizens, we are able to organize work permits and business visa sponsorship for your expatriate team via our Global Employer of Record, and employ them on your behalf, once legal permissions have been attained.

Partner with Acumen International, and let us help you handle your global employment and HR needs. With Acumen, you can rest assured that all legal requirements are met for compliant hiring and compensating of your local and expatriate employees in Iceland, and in 190 countries worldwide where we serve our international clients.

Reduce your risks while expanding your business, without establishing your own legal entity in Iceland. Leave it to Acumen to hire and compensate your employees on your behalf, so you can focus on growing your business.

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