Sweden is in Northern Europe; it is one of the Scandinavian countries along with Norway to the west and Finland to the east. It is also connected to Denmark via a bridge-tunnel that crosses the Øresund. It is a parliamentary democracy working under a constitutional monarchy, so it has a king but is run by a democratically elected government. Population is 9.5 million spread over a huge area, so that it boasts magnificent landscapes remained untouched through the years. The official language is Swedish and the capital is Stockholm. It has a stable and developed economy, advanced telecommunication systems and an educated work force – making it very attractive and lucrative for foreign companies dealing in a wide range of activities.
Sweden is an EU member state but is not part of the eurozone. It maintains local currency and does not operate in tandem with the euro-based economies. This has proved beneficial during the recent crisis, and today the country has one of the world’s most stable and flourishing economies, similar to the other Scandinavian states.
Due to its northern location winter months provide only little sunlight (dusk by 4 PM), very low temperatures and heavy snows. In contrast, summer days are almost endless with few dark hours in between. Its topography and proximity to the coast moderate average temperatures, making winters less severe than neighbors sharing the same northern latitude.For Viewing Sweden in Google Maps - Click Here
Sweden is considered an unquestionably huge success with an extremely stable economy, high-quality and inviting business environment, and progressive welfare policy for its citizens. GDP is 400 billion USD and per capita income is 40,000 USD. The local currency is the krona (SEK). It has a tiny deficit (debt to GDP ratio of only 36%) and its banks are particularly stable. It has produced some of the world’s leading international companies, including Ericsson, Scania, Electrolux, Volvo, SAS (Scandinavian Airlines), Securitas, IKEA, H&M and many others. Additional important sectors include engineering, telecommunications, lumber, hydroelectric energy, as well as high-tech and life sciences.
Despite its reputation for a very unified (and unionized) work force, with strong union representation, the country has made changes from the ‘70s in its shift to a free trade economy. So workers are still protected and organized, but their unions have weakened.
The Swedish economy is considered very innovative with one of the world’s highest competitiveness rates. It survived the recent financial crises with great success thanks to responsible government policy. It is a welfare state but has also in recent decades been undergoing dramatic changes to reduce taxes and increase competitiveness and openness, thus also improving the economic situation of both state and citizens. The tax rates are relatively high, but it does offer many business and financial advantages that are certainly worthy of consideration.
The Companies Act (2005:551)
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