Why Set Up Your Business in Sweden?
We will discover why set up business in Sweden is one of the wise decisions when you live in the country. Spanning over 450,295 square kilometres (with 410,335 square kilometres of land and 39,960 square kilometres of water), Sweden is the 56th largest country in the world. Bordering Norway to the west, Finland to the northeast, and the Baltic Sea and the Gulf of Bothnia to the south and east, Sweden is a country in Northern Europe on the Scandinavian Peninsula.
Why Set Up Business in Sweden
Founded as a distinct and original nation in 1523, Sweden is the home to a population of 9.98 million. The Swedish economy is a developed export-oriented economy underpinned by timber, hydropower, and iron ore. There are some primary industries that support economic growth. Some of them are motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel.
Sweden is the magnet of investment to global companies due to many reasons. First, Sweden is a global innovation leader with a highly-skilled, well-trained labour force and straightforward business procedures. Then, the Swedish economy openness to international trade and its economic stability are appealing to foreign investors.
Commitment to Innovation and Design
Sweden is very well known to the world by its commitment to innovation and design. Alfred Nobel, the curator of the Nobel Prize and one of history’s most successful entrepreneurs, was born in Stockholm. The best evidence to Sweden’s industrial tradition, innovation, and skill are some of the historically influential scientists, the long list of world-renowned Swedish companies and brands. These brands are Ikea, H&M, Ericsson, and Volvo.
Business Hub With Large Pool of Talents
Sweden is the largest market in the Nordic region that constitutes the twelfth largest economy in the world. Therefore, many global companies have chosen Sweden as their central hub to house their regional headquarters. Besides, Swedish high productivity has attributed to a creative work atmosphere, the application of new technology, and a good quality of life.
Sweden possesses an international business environment, which is modern, open, and business-friendly. In addition to this, the skilled professionals, secure business procedures, as well as openness to international trade, are the essential cogs behind the fast-growing economy.
Proximity to the European Union (EU) markets
Sweden is part of the EU and Nordic market. It translates to full access to a market of 28 countries and 500 million consumers. The Nordic market (Sweden, Denmark, Finland, and Norway) is the 11th largest economy in the world. In other words, Sweden is one of the best gateways to enter the large EU markets and Nordic markets.
Attractive Tax Regime
They impose resident taxpayers on global income while they get tax from non-resident taxpayers on the profits they generate in Sweden. Swedish corporate tax stood at 22% on net profit. In Sweden, there are no special tax rates for foreign companies. They can only consider a company resident if it incorporates tor the Swedish Companies Act.
There are main reasons that turn the country into an ideal investment destination. Some of these are the strong public finances, sound banking system, political stability, and robust economy.