Due to high corporation tax and VAT rates, some people could disagree with this statement. Sweden, however, was ranked as the greatest nation for business in 2017 by Forbes. How come? really easy
First of all, establishing a business in this country is not too difficult. Online or postal registration is available for businesses. The registration procedure costs between 1900 and 2200 SEK and takes around two weeks. Not mentioning the fact that international business owners face no additional obstacles.
Additionally, Sweden is one of the most economically open and self-sufficient nations. providing economic and political stability, which is essential for successful entrepreneurship. It also includes a wide variety of advanced industrial industries. For example, chemical products, forestry, hydropower, industrial equipment, iron, automobiles, oil, medicines, fine machinery, steel, telecommunications, and so on. The Swedish people also benefit from a diverse economy with an open market and substantial welfare support. With the help of different social programmes, Sweden's extremely high taxation was intended to disperse wealth among the population more fairly. This strategy has led to an average profit of 18.2% of revenue for small Swedish enterprises.
Sweden is the birthplace of numerous fantastic ideas and breakthrough technology, and it has recently created a number of very successful enterprises.
In addition to Spotify, iZettle, Pixlr, and Truecaller, the nation of IKEA is known for its frenzied pursuit of digital industry disruption.
In Sweden, the corporate tax rate is 22%. By 2021, this tax could be reduced to as little as 20.6% in an effort to become more competitive and draw in foreign investors.