Entries will be judged by an independent jury made up of well-known representatives from the fields of architecture, interiors, design and brand communication, including Atelier Brückner's Michel Casertano and Coop Himmelb(l)au's Louise Kiesling.
The jury will award three special prizes for Architects of the Year, Interior Designers of the Year and Young Architects of the Year.
Prize money for these three awards will amount to €30,000 (approximately £26,030) and nominations will be made by a specialist jury and representatives of the trade media.
The Young Architecture sponsorship programme and prize will provide initial financial assistance to young architects embarking on their careers and start-ups.
Last year, architectural firm Adjaye Associates was awarded Architects of the Year in recognition of the London-based studio's impressive projects, like the Smithsonian Institution's National Museum of African American History and Culture in Washington DC and the spiralling stone extinction memorial named MEMO in Portland.
The Folk Art Museum in Hangzhou, China by Tokyo-based Kengo Kuma & Associates was the winner of last year's Project of the Year, while London-based Faye Toogood was the jury's pick for Interior Designers of the Year.
There will also be a prize for the Architects' Client of the Year, which honours the fostering of a holistic understanding of architecture on the part of a contracting company.
Japanese design brand Muji was the winner of last year's prize due to its collaborations with well-known architects and designers like Konstantin Grcic, Jasper Morrison and Naoto Fukasawa to create set of ready-constructed huts.
For details about entry requirements and how to submit work, visit the Iconic Awards 2017 website.