Scandinavian tax resident companies comparison in 2023

Summary at a glance (click hyperlinks for info)DenmarkNorwayFinlandSwedenLatvia
Total engagement costs?€10,655€10,175€20,330€12,113€6,990
Renewal costs (incl. audit and annual statements)€6,720€3,400€11,180€3,400€3,580
How long to set up the company?1 week5 weeks3 weeks2 weeks2 weeks
How long to open a local corporate bank account?3 weeks3 weeks3 weeks4 weeks3 weeks
Issued share capital required?€6,700€3,550€2,500€5,500€2,800
Corporate bank account location?Nordea BankNorges bankDanskeNordea BankBaltikums
Tenancy agreement required before incorporation?NoNoNoNoNo
Annual tax return to be submitted?YesYesYesYesYes
Do you need to travel for company setup?NoNoNoNoNo
Legal considerations
Resident director required?NoYesYesYesNo
Local shareholder requiredNoNoNoNoNo
Minimum number of directors?12221
Minimum number of shareholders?11111
Resident company secretary required?NoNoNoNoNo
Individual shareholders allowed?YesYesYesYesYes
Corporate shareholders allowed?YesYesYesYesYes
Corporate director(s) allowed?NoNoNoNoNo
Public register of shareholders and directors?YesYesYesYesYes
Tax and accounting considerations
Corporate tax payable (standard rate %)?32%27%20%22%15%
Annual financial statements requiredYesYesYesYesYes
Statutory audit required?NoYesYesYesNo
Access to how many double tax treaties?7695768057
Tax exempt free zones available?11602
Resident company for local tax?YesYesYesYesYes
Withholding tax on dividends paid outside EEA?15%25%20%30%15% (blacklist only)
How long to get Europe work permit approved?2 months2 months2 months2 months2 months
Can the entity hire expatriate staff?YesYesYesYesYes
Logistics considerations
Allowed to sign sales contracts with local clients?YesYesYesYesYes
Allowed to invoice local Clients?YesYesYesYesYes
Average monthly salary of skilled labor?€4,500€4,200€3,900€3,850€3,800
Average monthly salary of unskilled labor?€1,500€1,400€1,350€1,300€950
English spoken by what % of the population?86%90%70%86%46%
Literacy rate %?99%100%100%99%99%
Computer literacy rate %?94%95%91%94%75%
Monthly office rental per square meter?€25€35€30€36€15
Monthly warehouse rental per square meter?€15€20€18€20€7
Country bonds rating (S&P)?AAAAAAAA+AAAA-
Internet connectivity rating?ExcellentExcellentExcellentExcellentGood
GDP per capita (US$)?60,70797,30749,82358,93815,719
Government liberal or controlling?LiberalLiberalLiberalLiberalLiberal
Population % tertiary enrollment?82%78%92%64%66%
Global business efficiency index score (out of 100) ?83%76%83%76%N/A
Ease of doing business ranking (lower the better)?3910822
Population (millions)?
Unemployment rate?6.30%4.10%9.40%7.80%9.70%
Inflation rate (2015)?0.30%3.10%-0.10%0.40%-0.50%
GDP 2015 US$ billion?342 billion500 billion272 billion571 billion31 billion
Average annual growth (2015)?1.10%2.20%-0.40%2.30%2.40%

Contact us

For additional information on our Europe company incorporation services, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi