Business culture & ethics
Icelandic business culture is professional and personal. Iceland is a small country—people tend to know one another and make friends quickly. Those who do business with Iceland have developed friendly lifelong relationships with their counterparts.
Iceland's first settlers were businessmen, first and foremost. Such age-old traditions of making fair trades and honoring agreements still influence Icelandic business culture today. You will find that Icelanders value honesty, accountability, independence, and friendship. Keeping one's word carries the same weight as legal and contractual arrangements.
Also, Icelandic companies are generally more streamlined than in other countries, lacking the extensive hierarchies known throughout the rest of Europe and North America. Don't be surprised if you sit down for a meeting with one colleague only to have the CEO walk in for a direct chat.
Icelanders use English to conduct business. Above all, Icelanders appreciate directness and honesty. Business meetings tend to be concise and to the point, beginning with an exchange of business cards and then dealing with the matter at hand. Meeting over coffee, a drink, or dinner is common.
If you are traveling on business in Iceland, you are likely to be invited to experience something of the country. Showing your sincere interest in Iceland is appreciated.
Transparency
Icelanders are dedicated to the principles of transparency in all their dealings. In 2009, Transparency International ranked Iceland as one of the top ten least corrupt countries in the world (out of 180). In light of the banking crisis of 2008, the Icelandic government is committed to enforcing international standards and best business practices. Read what the international media is saying about Iceland's ongoing commitment to transparency:
BBC
Bloomberg
Wall Street Journal
Financial Times
