Sweden employment visas in 2021
Citizens from the European Union and Nordic countries will not be required to secure a visa in order to work in Sweden. Healy Consultants will assist our Clients by preparing the visa application and submitting it to the local Swedish embassy. Our fee for this service is €3,950. To date, we enjoy a 100% visa approval record.
- Entrepreneurs who wish to proceed with Sweden company formation can thereafter choose to apply for a residence permit, if all conditions are met;
- Healy Consultants will assist our Clients with preparing the application and submitting the relevant documents at the Swedish embassy/consulate;
- The approved permit will be valid for 2 years after which our Client can apply for an extension.
- Foreign individuals will apply for a work permit for the purpose of employment in Sweden. Documents to be submitted will include i) valid passport ii) employer’s letter of sponsorship iii) copies of employment contract and iv) medical certificate;
- The approval process, on an average, takes 2 weeks if the application is filed online or 6 weeks if the application is submitted on paper.
- This visa is issued for 3 months for the purpose of either tourism or short-term business, for instance by entrepreneurs willing to supervise Sweden business formation procedures. Documents required are i) valid passport ii) bank statements to prove that the entire trip is covered iii) medical health insurance and iv) documents declaring purpose of the visit.
Sweden corporate banking options in 2021
Since 2003, Healy Consultants Group PLC assists multi-national Clients with multi-currency corporate bank account opening. Dealing with Swedish banks can be challenging and time consuming. Our goal is to shelter our Client from any unnecessary administrative burdens and secure travel exemptions for our Client.
- Within 7 weeks, Healy Consultants Group PLC will secure multi-currency corporate bank account approvals with at least one Swedish bank. There is a 90% probability the bank signatory will have to travel;
- Our fee to open a corporate bank account with internet banking for a Swedish company is US$5,950. Our Client should also budget for additional costs to legalise due diligence documents at their local Swedish embassy and Ministry of Foreign Affairs in Sweden;
- Swedish banks offer corporate bank accounts with all major currencies such as US$, €, £ and SEK amongst others;
- The largest banks in Sweden are Swedbank, Handelsbanken, Nordea Bank and SEB who collectively account for around 70% of the total market;
- Danske Bank, Citibank and Standard Chartered are among a few leading international banks in Sweden. Danske Bank is the largest foreign bank, with a 5% market share;
- Sweden does not impose any exchange controls on any inbound/outbound investments, nor on the repatriation of capital or profits;
- Swedish banks offer market leading e-banking and support services, all available in English;
- Most Swedish banks charge an account opening fee, and Clients should budget between €1,000 to €2,000 for this expense;
- Additionally, Swedish banks charge an account service fee between €50 to €100 per month.
Security of the Swedish banking sector
- Swedish banks hold an exceptional AAA credit rating with a stable outlook. Therefore, account holders can be confident their money is held securely;
- Sweden has a very low corruption rating, ranked fourth out of 198 countries;
- The list of global organisations to which Sweden is a member is extensive and includes world renowned institutions such as the OECD, IMF and WIPO;
- Sweden also complies with global Common Reporting Standards (CRS).
- Thanks to Sweden’s AAA credit rating debtors are able to secure very favourable lending rates, with average interest at 0.200% per annum;
- The World Bank Group has given Sweden a rank of 60/100 for ease of getting credit, putting it roughly on par with that of other Scandinavian countries. However, this compares unfavourably to other first world countries such as the United Kingdom (75/100), United States of America (95/100) and Australia (95/100).
- Securing an offshore bank account in Sweden is very challenging as Swedish banks are not generally open to providing bank accounts to non-resident companies/individuals;
- To provide our Client with the best chance of securing a bank account in Sweden, we advise our foreign Clients to establish a company either in Sweden or a neighbouring Scandinavian country. Swedish banks typically require substantial evidence of business in the region before they will open an account;
- When possible, we recommend our foreign Clients open their Swedish corporate accounts with a bank with which they already hold an existing relationship. This reduces compliance background checks and might negate the need for personal travel;
- Swedish banks are often reluctant to open accounts for companies with complex structures involving multiple beneficial owners. To increase account opening success, we recommend our Client keep the corporate structure simple;
- Once the Swedish bank releases account numbers, the bank will directly provide the online banking kit to our Client, which is required to initiate international funds transfers.
Account Opening Process
- Prior to submitting the account application, Healy Consultants Group PLC requires detailed information on i) the company’s activities (including proof of business like contracts and invoices) ii) customers and suppliers iii) the management team and iv) the company’s financial projections;
- Our experts prepare a detailed business plan highlighting the above details, along with reasons for opening a bank account in Sweden;
- Using the business plan, Healy Consultants Group PLC then approaches Swedish banks to secure preliminary interest in our Client’s company;
- Once we have a narrowed down a list of banks willing to be our Client’s banking partner, we provide the available options to our Client for them to select their preferred bank;
- Once confirmed, Healy Consultants Group PLC prepares the bank account opening forms for our Client’s signature. Once the Client has signed and certified the documents, they will courier the originals, including legalised or apostilled corporate documents, to the bank;
- On receipt of the signed bank forms, the banks will complete their Know Your Client (KYC) procedures to ensure the legitimacy of the Client. Healy Consultants Group PLC staff will assist our Client to fulfil all bank requests with minimal inconvenience;
- Depending on our Client’s business and nationality, there is an 70% probability the banks will request a bank signatory travel for a one-hour interview. Healy Consultants Group PLC will try its best to negotiate with the bank for a travel exemption. If our Client must travel, Healy Consultants Group PLC will refund our Client US$950;
- Within seven weeks of submitting the multi-currency corporate bank account opening application, Healy Consultants Group PLC will receive approval from the bank;
- Within a further three weeks, our Client will receive the internet banking activation documents;
- Following successful activation, the bank will dispatch a courier to our Client’s preferred mailing address containing ATM card and internet banking details;
- To facilitate the opening of a high quality corporate account on our Client’s behalf, Healy Consultants Group PLC’s corporate banking manager will project manage these steps.