The Kingdom of Sweden is located in Northern Europe. The neighboring countries of Sweden are Denmark, Finland, and Norway. It is the third-largest country in Western Europe that consists of 53 percent of forests and 9 percent of lakes and rivers. Sweden is native to 9.5 million people. One-fifth of them are immigrants or have one foreign-born parent. The major immigrant groups are from Poland, Denmark, Iran, Bosnia-Herzegovina, Montenegro, Norway, Serbia, and Finland. The capital of Sweden is Stockholm. The official language of Sweden is Swedish but English is considered the leading business language.
Sweden became a part of the European Union in 1995 but according to the 2003 consultative referendum, Swedish people refused to adopt the currency Euro so the currency of Sweden remains Swedish Krona. The major revenue generated in Sweden is from hydroelectric power, tourism, fisheries, wood, and ore mining. Sweden is a developed country with high living standards and with lower birth rates The Swedish government provides great employee benefits like maternity and paternity leave, childcare, sick leaves, and old-age benefits.
The health care costs are also very low which is paid by taxes of the Swedish people. In Sweden, people enjoy equal employment opportunities. In such an amazing social welfare state, everyone will wish to start a business in this land of opportunities but before starting the business in Sweden you should know the business culture of Sweden. Let's have a look at it.
Starting a business in a foreign country is not an easy task. You get cultural shocks at every step because the pattern of doing business in every country is different so it is rational for you to be well prepared about the culture and norms of the country in which you want to start your business.
It will depict the professional side of you. When we talk about Swedish culture, one thing that comes to our mind is that Swedish is a very tolerant nation. You will find Swedish people cooperating with you in your business because they understand that doing business in another country can be challenging.Â
Swedish people value time. If you want to have a good relationship with your Swedish partner then you need to be punctual. Most of the Scandinavian countries practice punctuality. If you are late due to any reason, you need to inform them before time. In addition to punctuality, another thing that you need to take care of is exchange of gifts. Giving gifts at the start of the partnership seems inappropriate. You need to wait for your Swedish partner to give gifts first.
Moreover, if you are invited for dinner or get-together you can take flowers, wine, and chocolates as a gift. If there are children in the gathering then you can take little gifts for them because family is very important for Swedish people.
Swedish people value high-quality things. The same is the case with clothes. Swedish people wear casual clothes in their workplace but in the case of business meetings, they opt for formal clothes that are dark attire for men and a pencil skirt with a shirt for women. There is modesty and soberness in Swedish dressing. So, if you are invited to a gathering or a meeting, make sure you dress up properly.Â
The Swedish people are very direct and open in their business communication. They don't like to waste their time and are very straight forward. They value their orators and expect the same from others, so be careful when they are talking. They can communicate with you in English but if you add any Swedish words in your communication, it will make your business communication effective.
In Swedish business culture, people address each other by their first name. One more thing to remember is Swedish people don't like other people to interfere in their personal space. If you want to start your business in Sweden then be aware of the fact that oral negotiation is compulsory there. They jot down the agreements later. If you commit anything then you have to fulfill it.
Swedish people take time in agreements and business contracts because they are very inquisitive about strategies and business decisions. In case you need professional Swedish translation services for your business, we can help!
No doubt Sweden is known as a country with high standards of living. They value a work-life balance. Maximum working hours per week is 40 and you can work for overtime just for 10 hours. The daily working hours are 8. These hours cannot be exceeded more than 200 in a year. Moreover, if you have children under the age of 8, you can request for shortening of hours.
Another amazing thing about Swedish is their holiday time. Employees are entitled to 25 annual leaves and most amazingly these are transferred up to 5 years. The minimum wage rate in Sweden is not fixed. Salary is negotiated with special agreements between employers and employees and every field has fixed its level of income. Regardless of no minimum wage rate, Swedish people never protest about money.
The average per hour salary is 18.50 EUR. Logically, specialists, lawyers, and doctors are in high demand and they earn more. When we talk about the cost of living in Sweden then there are specified rules. It depends on the area in which you reside. The cost of living is higher in capital Stockholm whereas the cost of living is lower in small cities.
Are you ready to expand your business to Sweden? As a tolerant country with a high standard of living, Sweden attracts many foreign investors and global businesses. Many of the facilities are already given by the government. Furthermore, if you need assistance regarding the translation of business documents then Mars Translation is there for you. We provide you with seamless Swedish Translation Services with the help of native and experienced translators.
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