COUNTRY PROFILES
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SwedenCapital Currency Population EU status GDP Employment Government type Religions Languages Exports Imports |
COUNTRY PROFILE
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Sweden |
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Sweden offers an innovative business climate to foreign investors with a highly diversified economy, headed by industries such as IT, engineering and design, pharmaceuticals and biotechnology.
Top brand for business
As reported by Anholt-GMI National Brands Index, Sweden scored highest in its ranking of the world’s nation brands for its rare combination of stable and responsible governance, location for investment, and yet isn’t seen as boring or predictable, but young and energetic. The survey showed that Sweden is preferred as the place to live and work. Furthermore, Sweden was placed second, after the US, as the most suitable country for setting up an overseas branch.
An economy at the cutting edge
Sweden is driven by an intense knowledgebased workforce, and the widespread use of advanced technology and innovative solutions in business and the public sector sets the tone for a dynamic investment climate. Sweden’s location makes it an ideal gateway to Northern Europe, the Baltic countries and Russia, and reliable transportation and communication links all the countries in the region.
International investors will find Sweden an easy country in which to establish and operate a business. The combination of skilled professionals, good language abilities and a practical approach to doing business contribute to smooth procedures. There is an openness to international ownership and new concepts. US ranked eighth as a foreign investor in Sweden in 2004.
Technology and communications
Sweden is an excellent country for ICT investment and business, with opportunities covering a number of ICT sectors. A global hotspot for innovation, Sweden excels in fields such as wireless communications, microelectronics, telematics and photonics. No other nation invests more in R&D — the NMT, GSM, WCDMA, EDGE and Bluetooth technologies were all invented in Sweden. In June 2003, the research firm IDC named Sweden the world’s top information economy for the fourth consecutive year.
Sweden is often seen as a frontrunner in adopting new technologies and setting new consumer trends more broadly. A recent study on “The International Takeoff of New Products”, a survey carried out by new research, concluded that uptake for new products is faster in Sweden than almost anywhere else, making it an ideal market for innovative and market-leading design.
Business services
 The Globe in Stockholm is the world’s largest spherical building |
Sweden’s position as a hub in the fastgrowing Northern Europe/Baltic Sea region has led to continued high demand for externally managed services, such as contact centres and third-party logistics. The result is a continually growing market for various support and infrastructure services. Numerous international service providers have been attracted to Sweden: DHL (Germany), Manpower (US) and Maersk Logistics (Denmark) are three notable examples of many. A combination of international experience and access to well-educated staff has made Sweden home to some of the world’s most sophisticated shared services.
Sweden’s internal investment agency is keen to encourage the development of business services in Sweden, with the emphasis on contact centres, shared service centres, logistics and regional headquarters.
Setting up a business
There are no restrictions on foreign ownership of companies in Sweden, and setting up a company is a swift and efficient process. An off-the-shelf company already fully organised and registered can be acquired for a nominal fee from law firms or consultant firms. The share capital must be at least SEK 100,000 in a private limited liability company and SEK 500,000 in a public limited liability company. In addition, it is possible to set up a Swedish branch of a company registered outside Sweden without permission from the Swedish authorities.
Corporate income tax is set at 28%, although employers established in the north of Sweden are allowed a partial reduction of the social security fees payable. There are also grants linked to investments in fixed or intangible assets and to hiring, training and educating personnel. Finally, there are tax reductions available for foreign key personnel. Sweden has comprehensive tax treaties with most countries for the avoidance of double taxation.
Facts in brief
Sweden’s location is Northern Europe, bordering the Baltic Sea, Gulf of Bothnia, Kattegat, and Skagerrak, between Finland and Norway. Strategic location along Danish Straits linking Baltic and North Seas
Its climate is temperate in south with cold, cloudy winters and cool, partly cloudy summers; subarctic in north
Natural resources include iron ore, copper, lead, zinc, gold, silver, tungsten, uranium, arsenic, feldspar, timber, hydropower
Agricultural products are barley, wheat, sugar beets; meat, milk
Industries include iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles
Sweden has a civil law system influenced by customary law; accepts compulsory ICJ jurisdiction, with reservations
Diplomatic representation in the US — Chief of mission: Ambassador Gunnar Lund
Diplomatic representation from the US — Chief of mission: Ambassador (vacant); Charge d’Affaires Stephen V Noble
Contact Information
American Chamber of
Commerce in Sweden
Jakobs Torg 3, PO Box 16050
103 21 Stockholm
Sweden
Tel: +468 5061 2610
E-mail: amcham@chamber.se
Website: www.amchamswe.se
Useful websites
| www.isa.se | Swedish Investment Agency |
| www.ams.se | International employment and recruiting information |
| www.konj.se | National Institute of Economic Research |
| www.migrationsverket.se | Swedish migration board — relocation information |
| www.bolagsverket.se/in_english | Companies registration office |
| www.swedepark.se | Swedish science and technology parks |
| computersweden.idg.se/itguide | Guide to the Swedish IT industry |