Music, Filming and Design in Iceland

Design reflects and identifies who we are, the country we live in, and our culture and lifestyle. The fascinating beauty of the natural world in Iceland is a primary source of inspiration for creative people in this country: film-makers, composers, and designers. Current trends in Icelandic architecture, interior design, music and fashion reflect the dynamic forces that have shaped culture and industry in this country. The finished products also testify to designers' close connections with the international environment. 

Film in Iceland
In recent years, Film in Iceland has gained a higher profile in the international film industry. Over the last decade, Icelandic production companies have produced five or six motion pictures a year that meet the highest technical standards. Iceland has also been the site of international productions carried out in co-operation with local companies. Innovative agencies have shot a number of internationally acclaimed commercials in eye-catching Icelandic surroundings, and the same trend can be seen in music videos.

Special incentives are granted for film and television production in Iceland, if certain requirements are met. The production must be incorporated in this country. For this purpose, an Icelandic subsidiary or representative of a corporation registered in one of the European Economic Area (EEA) countries is considered incorporated. No requirements are made concerning the production budget. The film and television production cost rebate rate amounts to 12% and will be available until the end of 2006.

New legislation allows companies in certain sectors to set up International Trading Companies (ITCs) in Iceland, which pay only 5% corporate income tax and no net-worth tax or stamp duty on documents related to their general business activities. As exporters, companies of this type also qualify for a refund of all VAT paid in Iceland. Film producers can benefit by having an ITC acquire their distribution rights and/or copyrights.

Since Iceland is a member of the European Economic Area (EEA), films and television programs made in Iceland receive European content status. What is more, through Iceland's membership of the EEA, films and television programs made in Iceland are eligible for production grants from the EU and its member states.

These industries are valuable resources that reflect Icelandic culture. The authorities take a very positive view of the growth and productivity that they have demonstrated in recent years and intend to continue making their contribution to supporting this creative sector.

Websites Related to Music, Filming and Design in Iceland 
Invest in Iceland Agency
Invest in Iceland Agency is an independent agency of the Ministry of Industry and Commerce promoting foreign direct investment to Iceland. The Agency's advisors provide free of charge information and expert confidential service on all aspects of investments.
www.invest.is

Film in Iceland
Film In Iceland is a project run by Invest in Iceland Agency, an agency of the Ministry of Industry and Commerce.
www.film-in-iceland.org

Brochures  Related to Music, Filming and Design in Iceland
 Film in Iceland (1,98 MB)
A brochure about IT & Telecomunication in Iceland published by the Invest in Iceland Agency.
www.filminiceland.org/PDF/filmstor.pdf

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