The Iceland Council of Commerce was founded on September 17, 1917. In September 2005 the name was changed to Iceland Chamber of Commerce. The aim of the organization is to strengthen Icelandic commerce and create healthy and advantageous trading practices among those engaged in commerce. The Iceland Chamber of Commerce is an overall organization of companies, organizations and individuals in Icelandic economic life. The Chamber and its associates hold that a healthy and powerful economic life will create the prerequisites for progress and improve the standard of living in Iceland.
The Chamber’s predecessor was the Merchant Council of Reykjavík which functioned in a similar way to foreign chambers of commerce and operated in close connection with the authorities and businessmen. The Merchant Council initiated the founding of the Commercial College of Iceland in 1905. Its activities were later reorganized at which point the Iceland Chamber of Commerce was created. The Chamber of Commerce has been active in various practical affairs with its member associates. During the middle of the last century, its attention was directed towards debt financing and the Commerce Savings Bank, the predecessor of the Bank of Commerce, was founded in 1956. The Chamber of Commerce played an important role in the founding of this bank. A total of 236 companies and associations are affiliated with the Chamber of Commerce.