According to the UKTI Sweden is a wealthy, prosperous and developed country ranking 21st in gross domestic product (GDP) in the world. English is widely used in the EU member country and the UKTI describes Swedes as being “open-minded to new ideas and products”.
It boasts a ‘stable economy, educated and skilled workforce, user friendly bureaucracy and is a pioneer in new technologies and consumer trends’. The nation’s qualities have attracted over 1,000 UK companies to Sweden with FTSE giants such as BP, Burberry and BAE Systems operating there.
There are several ways to do business in Sweden including establishing a Swedish subsidiary, registering as a foreign company, appointing an agent or distributor or creating a joint- venture. Sweden is the UK’s 12th largest export market with trade in either direction coming to about £6.3 billion annually. Top exports from the UK to Sweden include electrical and telecommunication products, food and drink and cars.
As the European Union is a single market it allows the free movement of goods and services. Therefore no import duties are applicable. However, UK companies considering setting up in Sweden should look carefully at VAT and corporation tax levels as well as intellectual property.
In tomorrow’s instalment of our series on Sweden, we put the spotlight on a variety of sectors…