Initiative

The Directorate of Labour offers the project Initiative to unemployed entrepreneurs. It’s main objective is to support jobseekers in creating their own job opportunity. If you have a business idea, whether it is an innovation and /or development project, a production, or a service, the program allows you to receive guidance and assistance to develop your idea. Participants will assess the market’s demand for their product and/or service and make a business plan to determine the efficiency of their project and whether it can meet the requirements to create employment.  

Requirements to participate in the Initiative program:

  • Participants must have an approved application for unemployment benefits and have at least six months remaining of their benefit entitlement period.  
  • The business idea is considered likely to create future employment for the jobseeker.
  • The jobseeker is prepared to familiarize themselves with the operation and establishment of companies.
  • The jobseeker cannot have a registered employer’s number or ID number for calculated remuneration with tax office before applying for the program.
  • Participants commit themselves to work full time on their business idea.  
  • Participants must participate in educational workshops during the contract period and be willing to receive guidance in the development of their idea.  
  • Participants must submit a business plan or equivalent documents to The Directorate of Labour within six months from the commencement of the program.  

 All applications for this program are reviewed by a committee from The Directorate of Labour.  

The application period for Initiative is from 1st to 30/31st each month. Applications are evaluated and processed before the 15th of the next month and all applicants will receive an e-mail with the results. 

Inquiries can be sent to the e-mail address: frumkvaedi@vmst.is

Application for Initiative

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