Complete guide to Swedish Residence permits for global entrepreneurs with their own business

Sweden is an attractive country for entrepreneurship because of its focus on innovation and dedication to research and development. It has one of the highest per-capita GDPs in the European Union and has a well-developed infrastructure and an excellent educational system, making it attractive for entrepreneurs worldwide. Sweden offers residency permits for people owning businesses or are self-employed, but you must know English or Swedish. Read on to learn more about the Sweden Startup Visa and the Sweden Residence Permit and how they work.

What is the Sweden Startup Visa?

The Sweden Startup Visa is a residence permit for entrepreneurs who own their businesses. You must apply for the Sweden Residence Permit if you plan to stay in Sweden for more than three months and have it issued before you travel to Sweden. This permit is valid for at least one year and requires you to live in Sweden for that entire time.¹

While this residence permit is available for all startup entities, Sweden offers a specific residence permit for highly qualified individuals to look for work or start a business. This permit is granted for at least three months and a maximum of nine months. If approved, you must apply for the regular Sweden Residence Permit within the time frame.²

Sweden offers visa-free entry to European Union (EU) nationals and the US for short stays. Entrepreneurs from other countries must check whether they need a visa to enter Sweden for both short and longer stays. Here is a list of countries requiring citizens to obtain a visa to enter Sweden.³

Benefits of the Sweden Startup Visa for Entrepreneurs

The Sweden Startup Visa for Entrepreneurs offers benefits to startup founders to open a company, conduct business activities, and reside in Sweden:

• Business-friendly ecosystem - Sweden ranks among the top ten countries worldwide for providing a business-friendly ecosystem. The country promotes innovation and is home to Ikea, Ericsson, Volvo and Spotify. Establishing your business in the Swedish market can also help you enter the broader European market.
• Path to residency - The Sweden Startup Visa is a residence permit issued for at least one year and opens the doors to Swedish residency. This visa allows your family members to apply for a residence permit with you. However, the Sweden Residence Permit for highly qualified persons granted for a maximum of nine months does not allow your family to live with you in Sweden.
• High-quality education - Sweden has a strong and well-developed academic system which can be beneficial for hiring new talent or for research and development for your products.
• Top-class infrastructure - Sweden has advanced infrastructure facilities connecting it with other European Union nations. It has a well-developed rail and road network to make cross-border travel simple. This residence permit allows you to visit other Schengen nations without applying for a separate permit.

Requirements for Sweden Startup Visa

To apply for a self-employed Sweden Residence permit, you must meet the following requirements:⁴

• You must have a valid passport.

• You should show considerable experience in your industry or sector and running your own business.

• You must know Swedish or English. Knowing Swedish is beneficial because it enables easy communication with local vendors or suppliers.

• You should prove you are running the company.

• You must show evidence of sufficient financial capability to finance your stay in Sweden. The minimum requirement for a two-year permit is:

• Kr200,000 SEK for self

• Kr100,000 SEK for spouse

• Kr50,000 SEK for each accompanying child

• You must show supporting documentary evidence for your budget.

• You should demonstrate having created contacts or a customer network.

• Pay the fees for your resident permit.

You must meet the following additional criteria to apply for the Sweden Residence Permit for highly qualified persons to start a business:⁵

• You must have completed an advanced-level degree.
• You must be looking to start a business.
• You should have sufficient funds to cover your stay in Sweden and the cost of your return journey.
• You must have a valid health insurance policy for your stay in Sweden.
• Your passport should be valid for the entire stay in Sweden.
• You must be located outside of Sweden.

The visa processing fees for the Sweden Startup Visa are as follows.⁶

Application process for Sweden Startup Visa

You can apply for the Sweden Residence Permit online through the E-Service Portal. If you can’t use the E-service platform, you can apply at the Swedish Embassy, Consulate General Office or authorized service providers in your country.⁷

Here are the requirements for using the E-service portal:

• Copies of your valid passport
• Bank statement showing you have sufficient funds to support yourself and your family for two years
• Bank certificate showing you have adequate funding for your business
• A purchase contract if you intend to buy an existing company
• Copies of share register or trading company agreement
• Copies of contracts with suppliers, customers, and premises
• Two most recent annual financial statements if the company is already in operation
• Financial statement for the current year up to the previous month
• Evidence of knowing Swedish or English
• Copies of education or qualification certificates
• Copies of employer certificates from previous employers
• Certificate of companies you have outside Sweden

If you apply for the Sweden Residence Permit for highly qualified persons through the E-service portal, you must submit digital copies of the following documents.⁸

• Your valid passport
• Examination certificate, if applicable
• Official Transcript of academic record
• Bank statement showing availability of sufficient funds
• Health insurance policy
• A signed Letter of Consent gives the Swedish Council for Higher Education to verify your educational documents.
• Fees payment receipt

To apply for the Sweden Resident Permit, you can use the E-service platform. This allows you to apply from your current place of residence or home. You can complete your family’s application for the visa at the same time.

You may be asked to present your passport to the Swedish Embassy or Consulate General Office. The Embassy will decide on your application and issue a residence permit card to allow you to travel to Sweden.

It can take around 4 weeks to process your Sweden Residence Permit. Once the permit is issued, you will not be allowed to work anywhere else besides your own company listed on the application. You can extend your permit before it expires. Once you’ve moved to Sweden, you can apply for a permanent residency after 2 years.⁹

Moving to Sweden from abroad

Once you have a visa, there are many other things to have set up before and after moving. Here are factors to consider when shifting abroad:

• Update bank and credit card accounts: Before you move, inform your bank that you will be living outside the country and take any actions that are required. For example, Indian passport holders will need to change their Resident bank accounts to Non-Resident accounts. Let your credit card know as well that you may be using your card abroad so the account isn’t frozen for international transactions. And if you have any recurring payments at home, have a setup so you don’t miss or default on any payments.
• Staying connected to family and friends: Moving can be tough, and homesickness is a common occurrence. Stay in touch with family and friends through apps like WhatsApp and social media like Instagram so they can follow along on your journey. Getting a local SIM card can also help you connect with local Swedes and save money on international roaming fees.
• Language: The primary language in Sweden is Swedish, and it can be helpful to operate your business locally with a working knowledge of the language. You may find that many Swedes speak English as well, although to assimilate to the country, knowing Swedish will be helpful.
• Cultural changes: The Swedish have a long history and deep culture, which can take time to adjust to. Keep yourself open to learning more about Sweden and their culture. At the same time, maintain your own culture and traditions to stay rooted in your home country.
• Accommodation and logistics: The internet allows you to search for local accommodation in Sweden before you move. Finding a place to live beforehand can save you unnecessary hotel and lodging expenses when shifting to Sweden and have a place for your moving boxes to arrive. However, if you want to take your time to find your ideal place to live for you and your family, booking a hotel can help bridge the gap before you move in. Living costs will also vary in the country; living in the city centre of Stockholm will be more expensive than in the suburbs or smaller Swedish towns.
• Healthcare: You are required to have health insurance that covers you during your stay in Sweden. Once you arrive in the country, identify the nearest hospital and available doctors to stay healthy and be prepared in the case of a medical emergency.

Banking in Sweden

You’ll find several global and local banks in Sweden. If you intend to stay in Sweden, it can be a good idea to open up a personal bank account. It can help you earn locally and pay for bills like for an apartment or groceries.

Learn more in our complete guide to opening a bank account in Sweden.

Your business will likely need a business bank account. An account will help separate your business transactions from your personal and help you account for revenue and expenses. A banking relationship can also open you up to credit or financing options.

One thing to consider when opening a bank account is international fees, especially if you are sending money often. Banks can charge a high transfer fee and tack on a hidden fee in the exchange rate. The hidden exchange rate fee, which is the difference between the bank’s rate and the rate you see on Google, can seem small but it can take a big bite out of your transfer.

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