Geothermal Exhibition

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Competitive Edge

Iceland is the only country in Western Europe that still has large resources of competitively priced renewable energy 

ON Power has a definite competitive edge in a world of ever rising energy prices due to the low production cost of electricity in geothermal power plants. 

Graph source: BroadGroup, Data Center Analysis and Benchmarking of Iceland, June 2013

Secure and Fast Connections

Iceland is connected to the UK and mainland Europe through the Farice and Danice data cables, respectively. Iceland is connected to the North America network through the Emerald Express. Latency from Iceland to New York and Halifax is 40.6 ms and 33.7 ms, respectively. 

Downtown Reykjavík

Financial Reporting and Auditing

A company operating in Iceland must submit annual accounts that comply with accounting rules and disclosures, which reflect a true and fair view of the company’s assets, liabilities, results and financial position as per standard EU requirements.

Every limited company in Iceland is required to elect an auditor or inspector and have its annual accounts audited. For public limited companies, a state-authorized public accountant must perform a full-scale audit. Publicly listed companies must elect two auditors, one of whom must be a state-authorized public accountant.

Low Tax Rates

Income tax

Tax rates for limited liability companies and partnership companies are 20% for the income year 2015.  For limited partnerships and other corporations the tax rate is 36%. - PWC - Establishing Business in Iceland

Capital gains tax

For the year 2015 the capital gains tax is 18%. In the year the sale takes place, the capital gains from the sale is treated as taxable income. - RSK - Capital Gains

Value added tax

Tax Rate (the general VAT) in Iceland is 24%. However various consumer goods and services are subject to a lower VAT rate of 11%, for instance food, hotel accommodation, newspapers and books, heating, electricity and fuel. - RSK - Value Added Tax

From Hellisheiði

Why Choose Iceland?

  • Green image and zero carbon footprint
  • One of the world’s most reliable power infrastructures
  • High level of education and flexible labour market
  • Cool climate location between the USA and Europe
  • Access to markets in the USA and Europe
  • Free trade agreement between Iceland and China
  • Favourable business environment with official support
  • Low taxes and legislative framework
  • Economic gain through cost efficiencies
  • European and Scandinavian regulatory framework
  • Political and social stability and low crime rates

 

Data Center

Site locations are close to Iceland's main international airport and the capital city of Reykjavik. Three big scale locations for various types of operations are only 20 mins away from the city center.

Learn more about site locations

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