Are you considering starting your own company? You are not alone. In 2022, 73,182 businesses were started in Sweden. We have consistently maintained a level above 70,000 new firms since 2010. However, the path to starting your own business is not always easy, especially for individuals without prior entrepreneurial experience. There are many questions, and the further you progress in the process, the more questions arise. Limited companies (AB) or sole proprietorship, quarterly VAT or annual VAT, understanding the various clauses in the articles of association, should you talk to the bank first or the Companies Registration Office (Bolagsverket)?
In this guide, we will walk you through the process, from idea to execution.
1. Business Idea:
Starting a company can be costly, and the outcome might not always align with your expectations. Therefore, it's wise to thoroughly refine your business idea. This is where the idea becomes concrete, and you describe how the company will become profitable. Business ideas can evolve over time, so don't be surprised if your idea changes multiple times.
2. Business Plan:This is where your business idea evolves into a comprehensive business plan. It includes goals, vision, methods to achieve those goals, and a timeline. The business plan acts as a roadmap for your company. A SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) can be included, providing insights into internal strengths and weaknesses and external opportunities and threats. Many banks require a business plan in order to set up a business account, making it advantageous to start this early in the process.
3. Income and Liquidity Budget:
Creating this budget early on is crucial. It shows whether your business idea can generate profit, the capital needed, how long the funds will last, and more. It's essential to avoid situations where the company faces insolvency after investing significant resources. A budget provides insight into timeframes and capital needs, enabling you to make informed decisions.
4. Legal Structure:
Once the above steps are clear, it's time to transform the business idea into a real company. Choosing the right legal structure is vital but can be challenging for both new and experienced entrepreneurs. Options like sole proprietorship, limited company (AB), partnership (HB), and limited partnership (KB) all have differences, advantages, and disadvantages.
5. Shelf Company or Companies Registration Office:
A shelf company is a pre-formed limited company readily available for purchase, saving time compared to registering a new company through the Companies Registration Office. The choice depends on your urgency and budget. Companies Registration Office registration takes time but might be more cost-effective.
6. Notification and Bank Certificate:
If you choose the Companies Registration Office route, the next step is to submit a notification and arrange a bank certificate. The notification includes details like addresses, board members, share subscriptions, and whether the company will have an auditor. A bank certificate confirming the payment of the share capital (minimum SEK 25,000) is necessary.
7. Approval for Business Tax (F-skatt):
After Companies Registration Office approval, you receive a registration certificate. The next step is applying for approval for business tax and registering for VAT and as an employer. These details form the basis for your monthly preliminary tax payments. SNI codes and planned turnover per business activity must be registered. The application is free and is done digitally via verksamt.se.
8. Open a Bank Account:
Once the tax agency approves the application, you can set up a meeting with the bank. The procedure varies between banks. Some banks require an in-person meeting before activating banking services, while others facilitate the process remotely.
9. Accounting Agency:
With all these steps completed, your business is ready to operate. Many entrepreneurs outsource their accounting. Choosing the right accounting agency can be challenging, but it's essential for the smooth financial management of your business.
Feel free to contact us at Ekonomibolaget, and we'll assist you throughout the entire process, from idea to reality.
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