Our Expertise
Managing a global workforce in Iceland
Managing a workforce in Iceland requires an understanding of local employment laws and cultural nuances. Iceland's robust social security system, progressive labour laws, and emphasis on work-life balance set a distinctive workplace environment. TopSource's expertise in local and global EOR solutions allows businesses to focus on their core operations while ensuring a well-managed, compliant workforce in Iceland.
Extensive expertise
Our team of experienced, knowledgeable staff collectively provide up-to-date employment information across 180 countries, so you can always get accurate advice.
Entity-free employment
Feel free to hire employees from all over the world without being weighed down by setting up entities, running complex payroll or recruiting a hiring team.
Payroll without hassle
Have the confidence that your staff will always be paid accurately and on time, so that you can focus on your core business activities and work towards your success.
Always-on support
Access helpful, relevant, personalised advice whenever you need it, along with expert-led recruitment policies and tried-and-tested HR best practices.
"With TopSource we were able to have employees hired or maintained in Nutreco without having to establish an entity in these countries for only 1-2 employees. I think most countries are covered by TopSource, so they can help us with almost all cases. Good advice on conditions and direct contact with employees. Invoicing done directly to the company. An easy process compared to hiring employees by ourselves."
Annette van Duijnhoven
”We searched the market for a local payroll vendor in 2014 and we chose TopSource as our partner. We were looking for error-free and timely payroll processing and TopSource Worldwide delivers this, saving us time and money. We have worked together for 8 years now and would recommend them to anyone."
Praveen Lihinar
Personalised Employer of Record services in Iceland
TopSource Worldwide provides personalised EOR services in Iceland, catering to the specific needs of your business. This includes handling employee onboarding, payroll processing, tax compliance, and HR support, tailored to Icelandic standards and regulations.
End-to-end Iceland payroll services
Looking to expand into Iceland? Our unparalleled expertise in global payroll services ensures that your business can seamlessly navigate the complexities of payroll on a global scale, supporting your Icelandic expansion initiatives.
Global entity management
Venturing into the Icelandic market can be both exciting and challenging. With distinct business regulations, cultural nuances, and economic landscapes, it's essential to have a clear roadmap for your business establishment journey.
Accounting
Whether your goal is to process your purchase-to-pay transactions with minimum errors or manage your expense claim procedure, our team of experts can handle your accounting responsibilities, allowing you to focus on your core business and save time and money.
Global EOR services
Managing a diverse global workforce can be complex. This is where TopSource steps in as an invaluable Employer of Record services partner for companies seeking to expand their global reach while ensuring compliance with local employment laws and regulations.
Global Expansion Simplified
How to do business in Iceland
Entering the Icelandic market presents a mix of excitement and challenges. Given unique business regulations, cultural intricacies, and economic dynamics, a well-defined roadmap is crucial for a successful business establishment.
TopSource Worldwide is with you at every stage. Whether it's navigating local regulations or facilitating seamless operational transitions, our expertise ensures a swift and efficient process for establishing your business in Iceland.
Iceland Insights
Key insights into Iceland's landscape
VAT rates : Iceland has a standard Value Added Tax (VAT) rate of 24%, with reduced rates of 11% and 0% for specific goods and services.
Ease of Doing Business rank: Iceland ranks 21st in the World Bank's Ease of Doing Business Index, showing a highly favourable business environment.
Consumer Confidence Index: As of 2022, Iceland's Consumer Confidence Index was 99.7, reflecting stable economic sentiment.
Employee maternity/paternity leave: Maternity and paternity leave policies in Iceland are progressive, with a shared leave period of up to 9 months.
Employee termination period: Standard notice for termination varies but is typically 1 to 3 months, depending on employment contract terms and length.
Employee salary pay date: Iceland observes national holidays, including Commerce Day, Independence Day, and Christmas, with a total of 13 public holidays in a year.
Bank holidays: Switzerland's bank holidays include New Year's Day, Good Friday, Easter Monday, Labour Day, Ascension Day, Swiss National Day, and Christmas Day.
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