BEFORE YOU ACT
Setting up an LLC (AB) in Sweden is not as simple and straight forward as in many other jurisdictions. For a foreign company or private person, this means that professional help is necessary. Below is a summary of the issues one needs to address before going ahead and forming a legal entity.
SHARE CAPITAL AND SHAREHOLDERS
To register a Swedish LLC, you need a minimum share capital of SEK 25,000. Shareholders appoint and dismiss Directors. Ultimate power within the company is with the shareholder(s) and the Annual General Meeting of Shareholders.
DIRECTORS
At least one Director and member of the Board. If there are less than three Directors, a Deputy Director must be appointed. This means that an LLC must have at least two Directors. Directors can be of any nationality and reside anywhere in the world but at least half must reside in an EEA country. Nominee Directors are not permitted. Managing Director/CEO is optional but must be an EEA resident. Nordic GEM can provide experienced Directors resident in Sweden.
RESIDENT PROCESS AGENT
If none of the Director are resident in Sweden a Sweden Resident Process Agent is required. Nordic GEM can provide you with this service.
REGISTERED OFFICE ADDRESS
It is mandatory to have a legal address for your LLC. Nordic GEM can provide you with a registered office address where your official letters will be delivered and scanned for you.
COMPANY FORMATION
Nordic GEM is happy to assist the whole process of setting up your LLC. The processing time is usually about 3 weeks from filing incorporation documents with the Swedish Companies Registration Office. The share capital needs to be paid into the corporate bank account before filing. We do also provide a shelf company solution which is a lot quicker and can resolve the problem of setting up a corporate bank account before entity formation.
BANK ACCOUNT
Setting up a bank account with a traditional Swedish bank is very difficult nowadays. If your company has problems with this, you can choose the shelf company option and then open a bank account with a challenger bank such as Revolut or 3S Money. Nordic GEM can assist you with opening a corporate account with a challenger bank.
ACCOUNTING
Ongoing accounting and annual filing of financial statements is mandatory. Providing these services from outside Sweden is not practical and can be very challenging indeed. Nordic GEM can handle your accounting for you.
PAYROLL
If you are going to hire a team in Sweden, you can count on Nordic GEM to help you with the payroll.
