Doing Business in Sweden

Doing Business in Sweden

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Advantages of doing business in Sweden

Setting up a company in Sweden is easy:

  1. An AB company ( LLC) can be incorporated in Sweden within 1 week, with a minimum of 1 shareholder and 1 director. The company can be 100% foreign-owned as the shareholders can be of any nationality and residence status
  2. The minimum paid up share capital is EUR 5 620
  3. Sweden’s company law does not require businesses to publicly disclose details of their shareholders and directors, thereby allowing investors greater privacy.

Sweden offers an excellent business environment for young companies:

  1. Sweden is ranked as the 11th best country in the world for doing business, according by the World Bank.
  2. Businesses with fewer than 50 employees investing in certain areas are eligible for either grants covering 35% of the costs of machinery, 25% of the office rent and 50% of the consulting or installation costs or monetary subsidies up to €7,000 for training every new employee.
  3. Sweden has a well-qualified labour force with a 99% literacy rate, a 97% computer literacy rate and the 3rd highest number of individuals in Europe with university degrees.
  4. Sweden has 11th of the highest internet penetration in the world, with almost 92,5% of the people online. Businesses will find it easier to connect with local consumers through web.
  5. Resident companies employing highly skilled foreign workers, will pay social security on only 75% of the employee’s taxable income.
  6. Sweden’s 4 Free Trade Zones offer bonded warehouse facilities, where goods can be stored for an unlimited period of time without customs clearance.
  7. Swedish companies can carry forward their business losses for and indefinite period of time.

 Disadvantages of doing business in Sweden

  1. Tax rates for both corporations and individuals are high in Sweden. The corporate tax rate is 22% and the personal income tax can be as high as 56%
  2. Sweden has the 23rd highest cost of living in the world.
  3. Sweden has the world’s 2nd highest VAT rate of 25%.
  4. According to Eurostat, Sweden has the highest hourly labour costs in the EU.
  5. All employers are required to contribute 31% social security contributions on each employee’s salary.
  6. Swedish company law requires the managing director and deputy managing director of all resident companies to live within the European Economic Area. If there are more directors on the board of a company, then 50% of them must live within the EEA. In addition, all directors living outside of Sweden, must appoint an agent from Sweden, to accept the service of proceeding against them.

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