Expanding a Business in Sweden
Sweden Business Experts
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Why Expand to Sweden?
Sweden, a la mode and sophisticated, is right at the forefront of the world-class society. With a history of egalitarianism, fair welfare and peace, Sweden has achieved an enviable standard of living under a system of high-tech capitalism heavily oriented toward foreign trade. No wonder why Sweden is also the easiest and most efficient country in Europe to start new enterprises in, with lower bureaucracy and quicker processing times. Making business can become a pleasure here, in the Nordic country par excellence.
An open and modern business environment welcomes foreign investors who wish to expand a business in Sweden. Skilled professionals, smooth business procedures and receptivity to international partnerships make Sweden an easy country to operate in. This does not mean you can chill on your sofa watching your business running smoothly. On the contrary, competition may be fierce. At least however, you can forget the red tape stress: information is readily available, open and transparent. Every operation, from starting a company to closing it, in Sweden is quick and straightforward. Information about the process and necessary forms are readily available online and in English.
Sweden is two times the UK in terms of area and, with 9 million people, has approximately one sixth of the British population. There is a higher density population in the southern half of the country, with about 85% of the people living in urban areas. Sweden's geographical location, right in the middle of the Scandinavian Peninsula, makes the country an economic hub to reach the Danish, the Norwegian and the Finnish markets. Sweden has a modern distribution system and excellent internal and external communications.
Timber, hydropower, and iron ore constitute the resource base of the economy. Privately owned firms account for about 90% of industrial output, of which the engineering sector accounts for 50% of output and exports. The main industries include motor vehicles, telecommunications, pharmaceuticals and forestry. The largest trade flows are with Germany, United States, Norway, United Kingdom, Denmark and Finland. For the latest economic indexes about the country visit the accurate website of the Swedish National Institute of Economic Research.
International companies starting a business in Sweden often praise the quality of local advisors and business partners. The strengths are talent, technology and massive investments into research and development (over 3.5% of the GDP).
Sweden joined the European Union, but opted out from the eurozone in a referendum, keeping the Swedish krona as local currency. Stockholm is the capital and the largest city. Other centres are Gothenburg, Malm, Uppsala and Vsters. The official language is Swedish and most of population have a good command of English.
Attraction for UK business
The UK has a strong reputation in Sweden and has enjoyed centuries of trade that has shifted over the years from raw materials to high tech goods and services including research, science and technology. Today, Sweden is the UKs ninth largest export market and the UK is Swedens third largest supplier. The widespread use of English together with Swedens familiarity with Britain ensures British companies are very welcome here.
Sweden is a prime location for centralized market operations in Northern Europe. It is the only country that offers 24-hour distribution to all major destinations in the region, with advanced distribution and communication infrastructure from ten logistics hubs. The country hosts several of the region's top innovative clusters and a majority of the international companies in the region chose Sweden as the location for their regional headquarters. Sweden offers a strong supply of skills with a true multinational corporate community. There are also specific cost advantages in the high-productivity manufacturing sector.
Education (IT and educational material aimed at children with special needs)
Food and Drink (innovative and niche products; private label, new ethnic foods, health, organic and convenience food)
Renewable Energy (wind power and fuel cells technology)
eHealth (follow up systems to handle patient journals, IT portals for patients, health-coaching, process and implementation support, consumer driven healthcare and performance care systems)
Security (wireless systems for CCTVs and detectors, intruder alarms, passage alarms and fire alarms)
Nanotechnology (research in nanoelectronics, nanomaterials and bionanotechnology, development of conductive polymers)
Textile and clothing (production and manufacturing techniques, e.g. spinning, weaving, knitting, non-woven fabric manufacture, felting, dyeing, printing, finishing and ready to wear; new materials, ladies wear and sportswear sub-sectors, fashionable clothing for the middle-aged)
Sweden's capital is Stockholm, which is also the largest city in the country (population of 1.3 million in the urban area and with 2 million in the metropolitan area). The second and third largest cities are Gothenburg and Malmo. Make sure you choose the rigth location before setting up a business in Sweden.
The Swedish industry is modern, quality-orientated with advanced technology, continual product development and a strong environmental awareness. The industry is highly international, in the supply of base materials, product adaptation, product collaboration, marketing and export.
Therefore, Sweden can be a hard market for UK companies to crack. Competition is fierce, products need to be cutting edge, after-sales service needs to be a serious part of the package.
Organisations that can assist with Entering the Market
Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 150+ countries around the world.
PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.
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