GENERAL AGREEMENT GATS/SC/41
15April 1994
ONTRADE INSERVICES (94-1039)
ICELAND
Schedule ofSpecific Commitments
(This isauthentic inEnglish only)
____________________ICELAND -SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
I. HORIZONTAL COMMITMENTS
ALL SECTORS INCLUDED
INTHIS SCHEDULE
3) Allforeign investment andcurrency
transfers must bereported totheCentral
Bank ofIceland
Investment bynon-residents inthe
manufacturing industry, other than
power-intensive industry, trade services,
communications andfishfarming maynot
exceed 25% ofthetotalinvestment ofthe
relevant sector without special permission.
Total investment byanon-resident orthe
joint investment offinancially related
non-residents inenterprises inthe
above-mentioned sectors maynotexceed
250mill. ISKwithin ayearunless a
special concession isgiven.
Allforeign investment ofaForeign State
orcompanies/organizations owned bya
Foreign State requires aspecial concession
oftheMinistry ofCommerce(3) Treatment accorded tosubsidiaries of
third-country companies formed in
accordance withthelawofanEEA
Member State andhaving their registered
office, central administration orprincipal
place ofbusiness within anEEA Member
State maynotbeextended tobranches or
agencies established inanEEA Member
State byathird-country company
Treatment lessfavourable maybeaccorded
tosubsidiaries ofathird-country company
formed inaccordance withthelawofan
EEA Member State having onlytheir
registered office intheterritory ofanEEA
Member State unless theyshow thatthey
possess aneffective andcontinuous link
withtheeconomy ofoneoftheEEA
Member States
GATS/SC/41
Page1ICELAND (continued)GATS/SC/41
Page2
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Non-residents cannot conclude an
agreement onreal-estate lease without the
permission oftheMinistry ofJustice ifthe
lease isforaperiod exceeding three years
andnotforuseinconducting itsnormal
business activities
Non-residents mayonlyacquire realestate
inconjunction totheir business activities
andcanonlyobtain ordinary proprietary
rights linked totherealestate
Non-residents arethusexcluded from
obtaining fullproperty rights ofrealestate
ifunusual rights arelinked toit,such as
exploitation rights asregards waterfalls,
geothermal energy, etc
Contracts concerning ownership and
long-term useofreal-estate by
non-residents arenotvalid until the
Ministry ofJustice hasendorsed itin
writingManagers andthemajority ofthemembers
oftheboard ofdirectors inalldomestic
enterprises must bedomiciled inIceland
unless exempted from thisrequirement by
theMinistry ofCommerce
Atleast oneoftheauditors ofanIcelandic
limited liability company must bearesident
inIceland oracompetent resident CPA
company
Non-residents, natural aswellaslegal
persons, involved intrade ingoods or
rental ofvideos, need atrade permit but
such regulated trade licences arerequired
forbothIcelandic andnon-resident
providers ofserviceICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Allprovision ofservices bynatural
persons, asself-employed ortaking partin
abusiness enterprise withunlimited
liability, needs aconcession, bythe
Ministry ofCommerce, ifthepersons
involved arenon-residents
Movement ofPersonnel
Temporary entry ofservice providersMovement ofPersonnel
Temporary entry ofservice providers
4) Unbound except thetemporary entry ofthe
following service providers as
intra-corporate transferees, which Iceland
shall permit without requiring compliance
withlabour market tests:4) None forthecategories offered under
market access
Executives -persons whoprimarily direct
themanagement oftheorganization
covered bytheagreement andestablish its
goals andgenerally have awide
decision-making authority. Executives
would notnecessarily perform tasks related
totheactual provision oftheservice.
GATS/SC/41
Page3ICELAND (continued)GATS/SC/41
Page4
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Managers -persons whodirect the
organization covered bytheagreement or
itsdepartment andareinasenior level
responsible oftheservice providing
functions oftheorganization bysupervising
andcontrolling andhaving alsoauthority to
hireandfirepersonnel orrecommend such
andother personnel actions.
Specialists -persons within the
organization whopossess knowledge atan
advanced level ofexpertise orotherwise
essential orproprietal totheorganization 's
service, research equipment, techniques or
management.
Service sellers -persons whoas
representatives ofaservice provider
covered bytheagreement areseeking
temporary entry forpurposes ofnegotiation
forthesaleofservices orentering into
agreements tosellservices forthatservice
provider, where thisselling activity isnot
directed tothegeneral public.ICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Subsidies*
3) NoneSubsidies*
3) Eligibility forsubsidies maybelimited to
juridical persons established within the
territory ofIceland. Subsidies related to
research anddevelopment areunbound.
4) None 4) Subsidies available onlytonatural persons
maybelimited toIcelandic citizens
* Thedefinition ofsubsidies remains tobedetermined inthecontext ofnegotiations under Article XVoftheGATS.
GATS/SC/41
Page5ICELAND (continued)GATS/SC/41
Page6
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
II. SECTOR-SPECIFIC COMMITMENTS
1. BUSINESS SERVICES
A. Professional Services
a) Legal Services
(CPC 861)
Legal advice activities on
home country law1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section. Members ofthe
General BarAssociation ofIceland have an
exclusive right torepresent clients before
allthemajor courts inIceland.2) None
1),3),4)Icelandic lawexam oranequivalent
thereto, conditions ofnationality, or
previous residency ofatleast oneyear
when practising legal services asamember
oftheGeneral BarAssociation inIcelandICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Legal advice on
international lawand
foreign legal consultancy1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) None
b) Accounting, auditing and
book-keeping services
(CPC 862)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section. Requirement of
residence. Icelandic exam forcertified
accountants required subject toexemption
bytheMinister ofFinance.1) None
2) None
3) None
4) None
c) Taxation services
(CPC 863)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) None
GATS/SC/41
Page7ICELAND (continued)GATS/SC/41
Page8
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
d) Architectural services
(CPC 8671)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) None
e) Engineering services
(CPC 8672)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) None
f) Integrated Engineering
services
(CPC 8673)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) NoneICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
g) Urban planning and
landscape architectural
services
(CPC 8674)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) None
i) Veterinary services 1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section. Number of
veterinarians inrural districts islimited.1) None
2) None
3) Ability intheIcelandic language required
4) Ability intheIcelandic language required
k) Other 1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) None
GATS/SC/41
Page9ICELAND (continued)GATS/SC/41
Page10
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B. Computer andRelated
Services
a) Consultancy services
related totheinstallation
ofcomputer hardware
(CPC 841)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) None
b) Software development
(including software
implementation)
(CPC 842)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) None
c) Data processing services
(CPC 843)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) Concession needed ifpersonal-data istobe
processed outside Icelandic jurisdiction
2) None
3) None
4) NoneICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
d) Data baseservices
(CPC 844)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) Concession needed ifpersonal-data istobe
processed outside Icelandic jurisdiction
2) None
3) None
4) None
e) Other 1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) Concession needed ifpersonal-data istobe
processed outside Icelandic jurisdiction
2) None
3) None
4) None
GATS/SC/41
Page11ICELAND (continued)GATS/SC/41
Page12
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
C. Research and
Development Services
a) R&D services on
Natural Sciences
(CPC 851)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1),2) Alicense isneeded fortheimportation of
research equipment. Natural history
specimens must notbeexported from the
country unless permitted bytheIcelandic
Museum ofNatural History.
3),4) Noforeigners arepermitted toundertake
scientific research work inthefield of
natural sciences without having first
obtained aresearch permit issued bythe
Icelandic Council ofScience field ofnatural
sciences without having firstobtained a
research permit issued bytheIcelandic
Council ofScience
b)R&D services onsocial
sciences andhumanities1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1),2) Archaeological finds must notbeexported
from thecountry unless permitted bythe
National Archaeological Council
("Þjóðminjará ð")
3),4) Allarchaeological research whether by
Icelandic orforeign researchers issubject
toapermit granted bytheIcelandic
Archaeological Committee
("fornleifanefnd")ICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
c)Interdisciplinary R&D
services
(CPC 853)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
D.Real Estate Services
a)Real estate services
involving ownorleased
property
(CPC 821)1)None
2)None
3),4) Deposits orliability insurance tocover
losscaused toclients. Alllicenses to
provide services onsales ofreal-estate are
personal authorizations.
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3),4) Condition ofoneyearprevious residency
inorder toobtain licence toprovide
services inresidential building andland
sales, andother related intermediary
services forpurchase andsaleofreal-estate
GATS/SC/41
Page13ICELAND (continued)GATS/SC/41
Page14
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
b)OnaFeeorContract
basis
(CPC 822)1)None
2)None
3),4) Deposits orliability insurance tocover
losscaused toclients. Alllicences to
provide services onsales ofreal-estate are
personal authorization.
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3),4) Condition ofoneyearprevious
residency inorder toobtain licence to
provide services inresidential building and
landsales, andother related intermediary
services forpurchase andsaleofreal-estate
E.Rental/Leasing Services
without Operators1)None
2)None
3)Leasing services must beprovided either by
corporation withalimited liability (leasing
companies) orregistered commercial banks
orsavings banks
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)Majority oftheboard ofaleasing company
shall beresident inIceland. Themanager
shall beresident inIceland andacitizen of
aNordic Country.
4)NoneICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
a)Relating toships
(CPC 83103)1)None
2)None
3)Toberegistered intheshipregister the
shipmust beowned byIcelandic natural or
juridical persons whoareresident in
Iceland. Further nationality restrictions on
fishing vessels.
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
b)Relating toaircraft
(CPC 83104)1)None
2)None
3)Toberegistered intheaircraft register the
aircraft must beowned byIcelandic natural
orjuridical persons resident inIceland
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
GATS/SC/41
Page15ICELAND (continued)GATS/SC/41
Page16
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
c)Relating toother
transport equipment
(CPC 83101 +83102 +
83105)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)Residency requirement forcarrental
services
4)Residency requirement forcarrental
services
d)Relating toother
machinery andequipment
(CPC 832)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
e)Other 1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)NoneICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
F.Other Business Services
a)Advertising services
(CPC 871)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
b)Market research and
public opinion polling
services
(CPC 864)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)Concession needed ifpersonal dataistobe
processed outside Icelandic jurisdiction
2)None
3)None
4)None
c)Management consulting
services
(CPC 865)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
GATS/SC/41
Page17ICELAND (continued)GATS/SC/41
Page18
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
d)Services related toman.
consulting
(CPC 866)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
e)Technical testing and
analysis services
(CPC 8676)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
f)Services incidental to
agriculture, hunting and
forestry
(CPC 881)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)NoneICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
i)Services incidental to
manufacturing
(CPC 884+885/except
for88442)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
k)Placement andsupply
services ofpersonnel
(CPC 872)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
m)Related scientific and
technical consulting
services
(CPC 8675)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
GATS/SC/41
Page19ICELAND (continued)GATS/SC/41
Page20
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
n)Maintenance andrepair
ofequipment
(CPC 633+8861-8866;
notincluding maritime
vessels, aircraft orother
transport equipment)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
o)Building-cleaning
services
(CPC 874)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
p)Photographic services
(CPC 875)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)NoneICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
q)Packaging services
(CPC 876)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
r)Printing, publishing
(CPC 88442)1)None
2)None
3),4) Nationality orresidency requirement ofat
least oneyearforpublishing ofnewspapers
ormagazines within thenational territory.
Nationality andresidency requirement for
editors
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
s)Convention services
(CPC 87909)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
GATS/SC/41
Page21ICELAND (continued)GATS/SC/41
Page22
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
2.COMMUNICATION
SERVICES
C.Telecommunication
Services
Value-added services1,
Electronic mail, Voice
mail, On-line information
andData Base Retrieval,
EDI, Code andProtocol
Conversion1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
3.CONSTRUCTION AND
RELATED
ENGINEERING
SERVICES
A.General construction
work forbuildings
(CPC 512)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
1 Excludes voice telephony, telegraph, telex, packet andcircuit switched dataservices, mobile radio telephony, paging andsatellite services.ICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B.General construction
work forcivil
engineering
(CPC 513)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
C.Installation andassembly
work
(CPC 514+516)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
D.Building completion and
finishing work
(CPC 517)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
GATS/SC/41
Page23ICELAND (continued)GATS/SC/41
Page24
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
4.DISTRIBUTION
SERVICES
(excluding trade inarms,
alcoholic beverages,
tobacco and
pharmaceutical products)
A.Commissions agents '
services
(CPC 621)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
B.Wholesale trade services
(CPC 622)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)NoneICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
C.Retailing services
(CPC 631+632
6111+6113+6121)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
D.Franchising
(CPC 8929)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
E.Other 1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
GATS/SC/41
Page25ICELAND (continued)GATS/SC/41
Page26
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
6.ENVIRONMENTAL
SERVICES
A.Sewage services
(CPC 9401)1)Unbound*
2)None
3),4) Environmental operation license required
4)Unbound except asindicated inthe
horizontal section1)Unbound*
2)None
3)None
4)None
B.Refuse disposal waste
(CPC 9402)1)Unbound*
2)None
3),4) Environmental operating license required
4)Unbound except asindicated inthe
horizontal section1)Unbound*
2)None
3)None
4)None
*Unbound duetolackoftechnical feasibility.ICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
C.Sanitation andsimilar
services
(CPC 9403)1)Unbound*
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)Unbound*
2)None
3)None
4)None
*Unbound duetolackoftechnical feasibility.
GATS/SC/41
Page27ICELAND (continued)GATS/SC/41
Page28
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
D.Other 1)Unbound*
2)None
3),4) Environmental operating license required
4)Unbound except asindicated inthe
horizontal section1)Unbound*
2)None
3)None
4)None
7.FINANCIAL SERVICES
Iceland isundertaking commitments infinancial services inaccordance withtheUnderstanding onCommitments inFinancial Services.
A.Allinsurance and
insurance related services
(CPC 812)Remark:
LawonInsurance activity isunder revision and
therefore thefollowing limit onnat.treatment
maybeabolished orrevised
*Unbound duetolackoftechnical feasibility.ICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
1)Thesupply ofdirect insurance isallowed
onlythrough aninsurance service supplier
authorized inIceland
2)None
3)Insurance undertakings notincorporated in
Iceland mayonlyestablish acommercial
presence through abranch andmust have a
resident agent
4)Unbound except asindicated inthe
horizontal section1)Residence requirements ofagencies and
branches offoreign insurance companies is
acondition forbroking andagency services
Cross-Border
2)None
3)Icelandic registered companies aresubject
torequirements ofIcelandic citizenship of
theFounders. Foreign insurance
companies areentitled tooffer insurance
services through branch ifithasheldan
authorization forpractising insurance
activities initshome country foraperiod
of5years previous toauthorization.
Insurance undertakings notincorporated in
Iceland arerequired todeposit assets for
agencies established inIceland.
4)None
GATS/SC/41
Page29ICELAND (continued)GATS/SC/41
Page30
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B.Banking andother
financial services
(excluding insurance)1),2) Transborder payments must bechannelled
through anauthorized established financial
institution andalsotransactions insecurities
3)With theauthorization oftheMinistry of
Commerce, foreign banks orother foreign
credit institutions mayestablish abranch or
arepresentative office1),2) Registration ofaccounts overseas withthe
Central Bank ofIceland isrequired
3)Afounder ofacommercial bank ora
savings bank shall beanatural orlegal
person resident inIceland. TheMinistry of
Commerce cangrant exemptions.
Commercial banks, securities companies
andleasing companies canonlybe
established ascompanies withalimited
liability (joint-stock companies)
Foreign ownership ofequity shares ofa
commercial bank must notexceed 25%
Auditing must bemade byaresident
certified accountant oraresident CPA
company
Authorization andestablishment
requirement tooperate asanintermediary
fortransactions intransferable securities
andshares
Commercial banks andsavings banks have
exclusive license toaccept deposits and
other repayable funds from thepublicMembers oftheboard ofcommercial banks
andsavings banks shall beresident in
Iceland unless anexemption hasbeen
granted bytheMinistry ofCommerce.
Managing directors shall beresident in
Iceland.
Residency isacondition foralicense asa
securities broker. Members oftheboard of
asecurities company, amanagement
company andUCITS shall beresident in
Iceland unless waived bytheMinistry of
Commerce. Theexecutive director ofthese
companies shall beresident.
Amajority oftheboard ofaleasing
company shall beresident inIceland
Concession isneeded ifpersonal dataisto
beprocessed outside Icelandic jurisdictionICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Public offer oftransferable securities must
behandled byacertified securities
company
Themanager ofaleasing company shall be
aresident andcitizen ofIceland
4)Unbound except asindicated inthe
horizontal section. Residency requirement
forlicensing asabroker.4)None
9.TOURISM AND
TRAVEL RELATED
SERVICES
A.Hotels andRestaurants
(including catering)
(CPC 641-643)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)Condition oflicenses isoneyearprevious
residency
4)Condition oflicenses isoneyearprevious
residency
GATS/SC/41
Page31ICELAND (continued)GATS/SC/41
Page32
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B.Travel agencies andtour
operators
(CPC 7471)1)None
2)None
3),4) Deposits orliability insurance tocover
losscaused toclients
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3),4) Condition oflicenses isoneyearprevious
residency ofthemanager
C.Tourist guides services
(CPC 7472)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)Theright toexercise theprofession is
reserved forresident authorized tourist
guides. Foreign resident guides maybe
granted temporary license onadhocbasis.ICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
10.RECREATIONAL,
CULTURAL AND
SPORTING SERVICES
(other thanaudiovisual
services)
A.Entertainment services
(including theatre, live
bands andcircus
services)
(CPC 9619)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)Targeted financial support tospecific local,
regional ornational activities
4)None
B.News agency services
(CPC 962)1),2),3) None other thanaccess to
management functions issubject to
discretionary authorizations bycompetent
authorities
4)Condition ofnationality andresidency for
theeditor ofapaper ormagazine. Unbound
except asindicated inthehorizontal section1)None
2)None
3)None
4)None
GATS/SC/41
Page33ICELAND (continued)GATS/SC/41
Page34
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
C.Libraries, archives,
museums andother
cultural service
(CPC 963)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)Targeted financial support tospecific local,
regional ornational activities
4)None
D.Sporting andother
recreational services
(CPC 964)1)None
2)None
3),4) Gambling, coinmachines andlike
activities aresubject tolicensing. Boxing is
illegal inIceland.
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)Targeted financial support tospecific local,
regional ornational activities
4)None
E.Other 1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)Targeted financial support tospecific local,
regional ornational activities
4)NoneICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
11.TRANSPORT
SERVICES
C.AirTransport Services
Maintenance andrepair
ofaircraft andparts
thereof1)Unbound*
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)Unbound*
2)None
3)None
4)None
Sales andmarketing 1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)Fordistribution through CRS ofair
transport services provided byCRS parent
carrier: unbound
2)None
3)Fordistribution through CRS ofair
transport services provided byCRS parent
carrier: unbound
4)None
*Unbound duetolackoftechnical feasibility.
GATS/SC/41
Page35ICELAND (continued)GATS/SC/41
Page36
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Computer Reservations
System1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)Forobligations ofparent orparticipating
carriers inrespect ofaCRS controlled by
anaircarrier ofoneormore third
countries: unbound
2)None
3)Forobligations ofparent orparticipating
carriers inrespect ofaCRS controlled by
anaircarrier ofoneormore third
countries: unbound
4)None
F.Road Transport Services
a)Passenger transportation
(CPC 7121+7122)1)None
2)None
3),4) Authorization required forcommercial
landtransport services.
Numerical quotas maybeimposed aswell
asexclusive licenses forcertain areas or
routes.
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)NoneICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
b)Freight transportation
(CPC 123)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
c)Rental ofcommercial
vehicles withoperator
(CPC 7124)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
d)Maintenance andrepair
ofroad transport
equipment
(CPC 6112+8867)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
GATS/SC/41
Page37ICELAND (continued)GATS/SC/41
Page38
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
e)Supporting services for
road transport services
(CPC 744)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
H.Services auxiliary toall
modes oftransport
b)Storage andwarehousing
services
(CPC 742)1)Unbound*
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)Unbound*
2)None
3)None
4)None
*Unbound duetolackoftechnical feasibility.ICELAND (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
c)Freight transport agency
services
(CPC 748)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
GATS/SC/41
Page39ICELAND (continued)GATS/SC/41
Page40
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
d)Other
(CPC 749)1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None
I.Other Transport Services 1)None
2)None
3)None
4)Unbound except asindicated inthe
horizontal section1)None
2)None
3)None
4)None