How to Do Business in Sweden
Sweden is renowned for its innovation, driven by the Triple Helix model of collaboration among academia, industry, and government. This enhances research, technology transfer and competitiveness globally. The Swedish business culture values consensus, cooperation and transparency, with a focus on equality. For new or expanding businesses, understanding the specific regulations and obligations in Sweden is essential.
Innovation Focus: Sweden thrives on collaboration between academia, industry, and government to drive innovation
Consensus Culture: Business practices prioritise consensus, cooperation, and transparent communication
Informal Workplace: An informal work environment with a focus on equality and consensus in decision-making
Regulatory Compliance: Essential understanding of local business regulations and obligations is key for starting or expanding businesses
Overview
Sweden is often ranked as one of the world's most innovative countries, and the Triple Helix model—collaboration between academia, industry, and government—has been pivotal in driving this. Swedish universities work closely with industries and receive support from different government agencies. This collaboration fuels research, technology transfer, and commercialisation efforts, enhancing Sweden's competitiveness on the global stage.
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The business culture in Sweden is based on consensus, cooperation, participation and communication. Everyone is considered being equal, is to be respected and everyone’s opinion is valid. The working climate is very transparent and informal, the use of first names between colleagues is the norm. Meeting is an important tool for management and planning is essential. There is a well rooted tradition of gaining consensus before any decision is made.
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It is of essence when starting a new company or expanding businesses in Sweden, to know what rules that apply. The rights that cover the business and its owner as well as the rules and obligations that are required to adhere to.
Photo: Melker Dahlstrand/imagebank.sweden.se
Steps on The Way to Do Business in Sweden
A. Research: Do your own research to evaluate if your concept and ideas are enough – use online sources and contact trade organisations to receive statistics and general state of the market.
B. Networking – use your network, friends, connections, colleagues and relatives and look into websites such as Swedish Jobs and Society Foundation (Nyföretagarcentrum), which provides advice to new businesses and holds regular events around the country. Business Sweden can help you connect with other stakeholders and companies or Verksamt.se can also be of help.
C. Get permission Certain types of businesses in Sweden require a permit to operate. A list of the various trades, professions and businesses that require permits can be found here, Find permits - verksamt.se.
D. Tax registration: Register your business for tax at the Swedish Tax Authority, Skatteverket Approval for F-tax | Skatteverket
E. Company registration: Protect your business's name by registering it at the Swedish Companies Registration Office website (Bolagsverket).
F. Make your business plan - A good business plan is essential in getting others to listen, whether they are banks, investors or potential customers. Find a guide to what Swedish bankers, investors and authorities look for in a business plan at Verksamt.se. Financing your start - verksamt.se
G. Hire staff, and do it by the book - Employment conditions in Sweden are regulated by the Employment Protection Act (Lagen om Anställningsskydd, or LAS). This law has wide-ranging provisions for parental leave, holiday and pension entitlements.
H. Ensure accurate bookkeeping - it’s wise to use an authorised accounting firm.
I. Finance your venture – A selection of Swedish startup incubators:
o Almi Företagspartner (Almi), a state-owned company that helps businesses with capital and advice
o Arctic Business – affiliated with Luleå University of Technology
o Blekinge Business Incubator (BBI) – southeast Sweden
o Chalmers Ventures – affiliated with Chalmers University of Technology, Gothenburg
o Create – affiliated with Mälardalen University
o DRIVE – part of Karolinska Institutet in Stockholm, specialised in life sciences
o Inkubera – based in Örebro and Karlskoga
o Ideon Innovation – in the Ideon Science Park in Lund
o LEAD – owned by Linköping University
o Movexum – owned by Region Gävleborg
o Umeå Biotech Incubator (UBI) – in partnership with Umeå University, among others.
Learn More:
Discover more about doing business in Sweden or learn more about the Swedish offer through the below organisations and companies or reach out to the Embassy at ambassaden.doha@gov.se for personalised assistance and support.