As much as many expatriates dream of having a life in Sweden, all may quickly turn into hell of experience if you have no reliable source of income on which to depend. Interestingly, even the Swedes who are locals to Sweden face the same harrowing fate in the event they lack a gainful engagement. As a starting point for all, the knowledge that the cost of living in Sweden is way up there, working both hard and smart can’t be an exception. If you turn your head or attention the other way and ignore getting employed or starting own venture, Sweden may just be a hell for you as bills keep coming fast and furious. You’ll only find it enjoyable if you get a well-paying job or start a business in Sweden.
While some prefer white-collar jobs, others delight in self-employment where income is never limited to monthly. Still, you can opt to work in offices and run your business part-time. The most exciting part that has set Sweden apart from the rest is its safety net for entrepreneurs. Did you know workers could take a six-month leave to start a business?
Fortunately, if the business fails within the given time, your employer will still have you back for the former job. If you succeed, the better, you will keep your business and still work. And as for procedural start-off, the difference comes in if you are Swedish, non-EU, or an asylum seeker.
Beginner’s Steps Starting a Business in Sweden
It does not matter whether you are Swiss, EU or non-citizen. This piece is but to direct you toward establishing a business in Sweden. To avoid regrets or the absurd phrase, “I wish I knew”, thoroughly research your field of work beforehand. There is actually no excuse because Sweden is an online society. Be sure to gather all you may need to know online from the Swedish population, market, types of firms, regulations, and many others .
As you all know, a business cannot depend on friends, relatives, and colleagues alone. You need to network. Yet, it would help if you connected more with people of the same ideology to help you learn. Again, your customer base is much more accessible through social media like Facebook, LinkedIn…name it. Finally, you can never call it quits before contacting Verksamt.se for connectivity. Just do so and give thanks later.
The Registration Process to Start Up a Business in Sweden
To avoid crafty intent, seeking permission to go ahead with your dream of owning a business is critical. To avoid rubbing shoulders with Authority, a non-EU citizen must possess a work permit beforehand. Did you get mentioning of EU, Nordic or Swiss citizens? Why? They are free to move, live, work or start a business in Sweden without a work permit.
If your stay goes more than a year, you must register with Folkbokföringsregistret, except for individuals with diplomatic immunity. Those likes work with international organizations or are employed by the foreign embassy. Afterward, you will register with the Swedish Tax Agency and get a personal number. Keep the number close to your heart. It is unchangeable and highly regarded to use whenever you are in Sweden.
Like in other countries, you must register your firm for Swedish taxes at Skatteverket. You will register there to clarify if you are a sole trader or another legal Swedish. Again, you would protect your business name by visiting the Swedish Companies Registration Office website at zero fees. What follows closely are the free online seminars to educate you about taxes, income management, and many more.
Having a business Plan as a Swedish Entrepreneur
Just as your CV speaks when hunting for a job, so does your business plan when starting a business. Knowing what good or service to sell, use the most desirable format to explain the business on paper. There’s not much to mention really, just the owner, business concept, and the product or service you intend to sell. You could glaze it with experience and skills.
Generally, a good business plan speaks on your behalf as others like banks and potential investors get to listen. And to remind you, Swedish are casual. A short and simple business plan will stand out. So on how to go about an appropriate format, refer to the resourceful Verksamt.se, and you are all good.
How to Get your Account Books Right
Unless you have the know-how on ledgers, consider hiring a qualified accountant. The reasoning behind setting up a business is to make a profit from your talent. Such is only achievable if you have a clear record of the account book.
Here now, you may begin your hunt for an accountant through fellow entrepreneurs who will give referrals. If that does not help, contact the Association of Swedish Accounting Consultants. They will not only write your invoice but also teach you the basics regarding Swedish tax and regulations.
Capital for Starting your Business in Sweden
The first question is how well you are prepared financially to get your venture off the ground. If you plan to reckon on your savings, you must be confident of paying household bills without strain. This routine will likely take several months for the business to grow.
Another way of getting capital though it is not so advisable though is getting loans from the banks. However, the ugly side with loans is a private asset for security, which is non-negotiable. And mark you, the business’s success is 50/50, so that alone may land you unnecessary debts.