With the Brexit crisis causing great concern for UK entrepreneurs, many are left wondering whether expanding internationally is a good idea. While any expansion can be risky, branching out globally in uncertain economic times can feel extremely daunting.
The good news is, some countries are much easier and safer to start a business in than others. Here, you’ll discover 6 reasons why Sweden is a great place to set up a business for entrepreneurs.
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Low corporation tax
One of the major benefits of setting up a business in Sweden is its low corporation tax rates. Compared to the rest of the world, its tax rates are a lot more reasonable, attracting entrepreneurs from all over the world.
However, like any form of international tax, it can get really complex and tricky to navigate. That’s where RSM advisory services can help. Seeking professional financial advice before you branch out internationally will help you to avoid any potentially costly mistakes.
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Stockholm rated 8th competitive city in the world
Although setting up anywhere in Sweden can deliver excellent benefits, entrepreneurs are particularly drawn to Stockholm. Rated by the Economist Intelligence Unit as the 8th most competitive city in the world, it’s been the birthplace of some of the world’s biggest companies. Skype and Spotify both started out in Stockholm, alongside newer successful start-ups such as Klarna and iZettle.
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Smaller companies are favoured in Sweden
Sweden has been making it easy for start-ups to compete with larger businesses since 1990. While it once had an economy that was heavily regulated, these regulations have since been relaxed. Now it’s much harder for larger businesses to dominate the economy. This is a polar opposite to the US which heavily favours larger businesses.
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Plenty of local talent
You’ll also have no trouble finding the right employees for your start-up in Sweden. There’s a plethora of local talent available. It was actually ranked the second best European Union country for attracting, growing and retaining talent in an international study. It has a good formal education level, alongside easy access to lifelong learning.
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It benefits from full access to Europe
With Brexit looming, trading within the EU is set to become a whole lot more complicated for Brits. However, Sweden has full access to the EU markets. So, you’ll have full access to 28 different countries, totalling a staggering 500 million consumers.
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Excellent standard of living
Of course, one of the major advantages of starting up in Sweden is an excellent standard of living. You need a great work/life balance and that’s what this beautiful country can offer you. It’s also one of the most sustainable countries, and it has a fantastic banking system.
These are just 6 reasons why you might want to consider starting a business in Sweden. With the uncertainty surrounding Brexit, UK entrepreneurs would be wise to consider international options if they’re looking to start a business in the near future.