All over the world, Nordic countries stand out because of their booming economies. That is the reason why these countries keep attracting expat entrepreneurs. These expats normally have the urge to seek opportunities to establish businesses right from scratch. Navigating through starting a business in the Nordics as an outsider may be tricky which makes it useful to have a proper brief.
We can all agree that establishing small and medium-sized enterprises is one of the catalysts of economic growth. That is what drives Nordic countries as is seen in the tremendous growth of new businesses over the years.
The subject of expats starting businesses in Nordic countries is no laughing matter. The processes involved are tedious and can make dampen one’s spirit. To start a business in Nordic countries calls for the investment of time, money, and energy.
Doing business in the Nordics as an Expat
Considering starting a business in a foreign country is a step towards financial freedom. It is also a step out of your comfort zone. More than that, it is taking a risk because you don’t know whether the business will pick up or flop. All in all, doing business in Nordic countries is worth the risk.
The first thing you should start with is to research for it will aid you to understand the market. Remember that the Nordic is a large region as such you have to identify where you will settle. That way you will narrow down to finding a market in a specified region.
Something else you should be aware of is competition. Do not let this get to you because no matter where you go, you will still face competition.
Guide to doing business in Nordic countries
You may want to start a business in the Nordics but not know how to go about it. Without the right information, you cannot make the best decisions. Having said that let us look at how to do business in the Nordic countries.
Doing business in Denmark is like an answered prayer. Denmark is without a doubt a prosperous country thanks to its stable economy. Despite the countries’ high taxes, it stands out due to having a flourishing business culture.
Denmark is a remarkable business center where businesses run efficiently with minimal complications. To start a business in Denmark you have to first register with the Danish authorities. After that, you acquire the right licenses and permits.
Important agencies for those planning to do business in Denmark
- Danish Business Authority-registration of business
- Danish tax authorities, the Customs and Tax Administration-deals tax regulations and compliance issues.
An elaborate guide with key legal instructions about starting a business in Denmark can be obtained from lawyersdenmark.com.
Starting a business in Finland
Finland boasts a thriving economy meaning it is the best among the Nordic countries to start a business. What you will love about this country is the tax advantages availed for businesses. Apart from that, the workforce is well informed and competitiveness pretty outstanding.
In Finland, if you want to start a company, you must register it as a limited company. First, you have to create a company charter, after that, take it to the Trade Register. Note that the registration process can be tedious and complex.
Ambitious and aggressive business people looking out for expanded opportunities do not need to worry about possibilities of entering Finland. Of course those who have other forms of residence in the country already and want to do business get a short cut kind of path to starting. However, businessperson from outside the EU but want to start a business in Finland can apply for and be issued with an entrepreneur’s residence permit.
infofinland.fi excellently explains the long but necessary steps that one can use to set up a business in Finland. Of course any of the explanations will be relevant to different situations and kind of businesss. So, pick out the ones that perfectly match your particular case.
Also, check out the following;
- Start-up grant (starttiraha) in Finland
- Business loans in Finland
- Business advice in Finland
Setting up a business in Norway
If you are thinking of doing business in Norway you might consider sole proprietorship. The sole ownership only calls for minimum share capital. After you make profits from your business, you submit the personal tax income declaration to Norway’s tax authorities.
To set up a business in Norway register with the Brønnøysund Register Centre. Visit Altinn which is the official website that comes with all the information about setting up a business in Norway. This country’s high productivity is what makes many expats want to invest in a business.
Setting up a business in Sweden
I bet you didn’t know Sweden bests so many peers in having multinational companies all in different industries. Starting a business in Sweden is one of the best decisions you will ever make. However, you might encounter some difficulties depending on whether or not you are a Nordic or EU.
Before starting a business in Sweden, you have to get registration with the Swedish Tax Agency. This will give you access to a Swedish personal identity number. You need this number throughout the process of setting up the business.
Tips for expats considering doing business in the Nordics
Nordic countries have their own rules and regulations when it comes to business. This is no different from any other country in the world. That is why as an expat you have to know the nitty gritty details of Nordic business culture.
The Nordic business culture calls for efficient communication and transparency. Put your point across to get things done. Do not bring confusion by being indirect rather get to the point without wasting much time. The point is to keep it clear, and simple.
Commitment to Nordic values
One thing you will notice about Nordic countries is how proud they are of their culture. Nordic culture insists on having a happy society not just for its citizens but for everyone. That means as an expat you have to embrace Nordic values as well as promote fairness in places of business.
Nordic countries pay keen attention to both professional life and business. You have to appreciate this as an expat. Do not make people work after working hours. That will not sit well with them. When it is 5 pm, allow people to down tools to go focus on their personal lives.