Scandinavian tax resident companies comparison in 2022

Summary at a glance (click hyperlinks for info) Denmark Norway Finland Sweden Latvia
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 week 5 weeks 3 weeks 2 weeks 2 weeks
How long to open a local corporate bank account? 3 weeks 3 weeks 3 weeks 4 weeks 3 weeks
Issued share capital required? €6,700 €3,550 €2,500 €5,500 €2,800
Corporate bank account location? Nordea Bank Norges bank Danske Nordea Bank Baltikums
Tenancy agreement required before incorporation? No No No No No
Annual tax return to be submitted? Yes Yes Yes Yes Yes
Do you need to travel for company setup? No No No No No
Legal considerations
Resident director required? No Yes Yes Yes No
Local shareholder required No No No No No
Minimum number of directors? 1 2 2 2 1
Minimum number of shareholders? 1 1 1 1 1
Resident company secretary required? No No No No No
Individual shareholders allowed? Yes Yes Yes Yes Yes
Corporate shareholders allowed? Yes Yes Yes Yes Yes
Corporate director(s) allowed? No No No No No
Public register of shareholders and directors? Yes Yes Yes Yes Yes
Tax and accounting considerations
Corporate tax payable (standard rate %)? 32% 27% 20% 22% 15%
Annual financial statements required Yes Yes Yes Yes Yes
Statutory audit required? No Yes Yes Yes No
Access to how many double tax treaties? 76 95 76 80 57
Tax exempt free zones available? 1 1 6 0 2
Resident company for local tax? Yes Yes Yes Yes Yes
Withholding tax on dividends paid outside EEA? 15% 25% 20% 30% 15% (blacklist only)
How long to get Europe work permit approved? 2 months 2 months 2 months 2 months 2 months
Can the entity hire expatriate staff? Yes Yes Yes Yes Yes
Logistics considerations
Allowed to sign sales contracts with local clients? Yes Yes Yes Yes Yes
Allowed to invoice local Clients? Yes Yes Yes Yes Yes
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)? AAA AAA AA+ AAA A-
Internet connectivity rating? Excellent Excellent Excellent Excellent Good
GDP per capita (US$)? 60,707 97,307 49,823 58,938 15,719
Government liberal or controlling? Liberal Liberal Liberal Liberal Liberal
Population % tertiary enrollment? 82% 78% 92% 64% 66%
Global business efficiency index score (out of 100) ? 83% 76% 83% 76% N/A
Ease of doing business ranking (lower the better)? 3 9 10 8 22
Population (millions)? 5.7 5.2 5.4 9.6 2
Unemployment rate? 6.30% 4.10% 9.40% 7.80% 9.70%
Inflation rate (2015)? 0.30% 3.10% -0.10% 0.40% -0.50%
GDP 2015 US$ billion? 342 billion 500 billion 272 billion 571 billion 31 billion
Average annual growth (2015)? 1.10% 2.20% -0.40% 2.30% 2.40%

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