In 2010 Icelandic business started to get back on its feet. After the economic crisis of 2008 there was no escaping reduction in all business sectors, and IP was no exception. This reduction was evident in 2009 but in 2010 there were clear indications that development in Iceland was starting to grow again.


The IP market in Iceland showed some improvement from the year before, which was a year of downsizing and reduction. In 2009 trademark applications to the Icelandic Patent Office were reduced by 22 % from 4652 to 3623. In 2010 there was also a reduction in trademark application from the year before, but only 5 % from 3623 to 3459. A good example of the growth of IP in Iceland is the 28 % increase of Icelandic trademark applications from 486 to 623. The number of patent applications was also reduced in 2010 like the year before by 12% from 86 to 76. The number of design applications continued to grow as it has done in the last three years and increased by 8% from 117 to 126.


Even though the number of applications to the Icelandic Patent Office has changed greatly in the last few years, the fees of the Icelandic Patent Office have stayed the same. No changes were made to the official fees of the Icelandic Patent Office in 2010. 
The legal framework of IP in Iceland remained unchanged for the most part in 2010. No changes were made to any of the laws relating to IP in Iceland in 2010 .Iceland did not implement any international IP treaties or change any national lawsas result of any international Conventions. Iceland has not become a member of any new international IP treaty or convention in 2010.
Iceland has, however, started negotiations to join the European Union. Since Iceland is already a member of EFTA and the European Economic Area, Iceland has a great deal of the EU legal framework already implemented. The negotiations have only just started and many problem sregarding Iceland´s application are still unsolved, but if Iceland were to join the European Union it would change some of the legal framework of IP in Iceland. For instance, as a result of joining the European Union, Iceland would become a member of OHIM. Iceland’s application to the European Union is a work in progress and will probably be settled in a national vote in 2011-2012.