A little more than one year ago Scandicorp incorporated the Swedish subsidiary of Elevon and has been assisting with administration and accounting services. We wish here to celebrate Elevon’s growth in Sweden and abroad. Going forward, we hope to continue our support and strengthen our relationship.
Elevon provides tailored project logistics exclusively to the wind industry. In Sweden, Elevon has become a leader in port management and transport solutions to support efficient delivery of wind projects.
We always want to give our clients the best service regardless (almost!) of their core business. It is, however, especially exciting when their core business involves solutions to current environmental issues and aims at improving our collective future.
Here’s to Elevon’s achievements over the past year, their continued success in Sweden and growth in the wind industry!
If you are considering embarking on an adventure as an international entrepreneur – then England is a great place to establish yourself. Here you can check out the reasons why.
England has always been a popular destination for exports for European companies. It is a huge market, and it paves the way for reaching the whole of the English-speaking market.
By having a presence in England, entry into the English market becomes so much more accessible to you. By establishing a company in the UK, you can also avoid the administrative burden of selling goods outside the EU.
Another important fact to bear in mind is that England is the financial centre of Europe. If you want funding and investors, England is one of the countries with the most opportunities because it is already a growth-generator and trading nation.
Many Scandinavians look to England
3 reasons why England is an important market:
1. There is access to a huge market of about 65 million people.
2. You get the best start for internationalisation of the company.
3. England is one of the most business-friendly countries in Europe and also a financial centre.
Several studies show that Scandinavian entrepreneurs do extremely well in the English market. It is easy to establish yourself, as there are fewer demands than in some other parts of Europe.
9 benefits of an English company
1. There is no minimum capital requirement
English companies can be established with a very low share capital of £1.00.
2. Minimal auditing obligation
British companies are significantly cheaper to maintain than most European companies. The first set of accounts are filed 21 months after the incorporation of the company.
3. Shareholder loans are permitted
4. Lower tax rate (corporation tax has fallen to 19%)
If you live in England, the tax is around 20%, depending on the size of the amount earned. However, depending on the structure, shares and assets can be placed in an English company instead. Then there is only 19% in tax on the profit. Something worth considering.
5. You can launch without VAT registration
There is no requirement for VAT registration until the annual turnover in UK reaches £85,000. If you sell outside the UK to an international market, you do not have to pay VAT.
6. Director services available
7. Better creditor protection
8. England provides large deductions on development costs
An advantage of establishing a head office of a franchise chain in the UK is that you can obtain large tax deductions on business development and product development.
9. England is part of The Commonwealth
The Commonwealth is an association of 54 countries with a combined populace of 2.5 billion people.
Scandicorp is proud to announce that we are extending our Range of Services, from now on providing Corporate Services in Denmark. Scandicorp Group is already operating in Sweden, Finland and Norway and we are happy to tell you that we now covering the four largest regions in the Nordics.
“Denmark is an exciting place to do business! Apart from having world-class beer and delicious pastries, Denmark also has an attractive business environment with excellent infrastructure, low corporation taxes and business costs, a stable socio-economy, a highly educated workforce and a flexible labour market.” says Pavel Teplykh, Managing Director of Scandicorp Sweden.
We are excited to welcome Malaly Safi, as Managing Director in Norway at Scandicorp.
She joined us 1st of February bringing management and accounting experience from retail, banking and finance with a focus on sales and customer advisory.
Looking forward to work in an international environment with amazing colleagues. I believe that Scandicorp is a company with a great potential for development. I’m grateful for the opportunity and to be a part of this growth journey.
Did you know that there are no longer any requirements on minimum share capital for Finnish companies?
Since the 1st of July 2019 the previous minimum requirement of € 2500 as paid up share capital for Finnish limited companies was abolished. This has led to easier company registration as previously the company under formation had to open its own bank account and the share capital had to be deposited at the bank and the bank had to issue proof of the share capital having been paid before its registration. Today it is possible to incorporate a company without any deposit of share capital and the bank account opening can be delayed until later.
For more information please contact Till Sahlgren at the Helsinki office of Scandicorp.
We are excited to welcome Claudia Cantell, as Administrative Assistant at Scandicorp.
She joined in mid-September and will be working with us while finalising her law degree. Claudia brings years of administrative expertise both from global corporate services providers and Finland’s second largest bank. She speaks Swedish, Finnish and English and will be working out of the Stockholm office.
Fun fact! Except from being an administrative genius our new team member won the Finnish championships in cheerleading twice and finished second in the World Championships!
We are excited to welcome Pavel Teplykh, newly appointed Managing Director of Scandicorp.
Based in Stockholm, Pavel brings over 10 years of experience in the legal field, most recently as Senior Lawyer at a global Corporate Services Provider.
“I’m really pumped up to start delivering at Scandicorp! As this is my first MD appointment I was a bit nervous the first day or so, but I have to say, now three weeks in it feels like home already. Time to roll up the sleeves and get down to business!” Says Pavel Teplykh.
Establishing a business in another country, starting a branch or subsidiary, needs careful preparation and specific knowledge of the country. Getting started with registration and submitting an address is not always easy. The threshold will be significantly lower if you request help from Scandicorp.
Says Till Sahlgren, responsible for business development at Scandicorp, located in Sweden, Finland and Norway. We help foreign companies to establish operations in the Nordic market, both large groups and smaller entrepreneurs. It can also be, for example, Finnish companies who want to reach the Swedish market and vice versa.
Register and run your business in the Nordics
It is difficult to administrate the registration process, understand the laws and run a business in a new country. It is a completely new culture with many details to keep track of; to understand different regulations, tax legislation, customs management, corporate information and paperwork. This is where we have our expert competence, emphasizes Till Sahlgren.
It is about creating tailor-made solutions and services in business administration to international companies ready to establish their operations in the Nordics. But it can also be Swedish, Norwegian or Finnish companies that plan to start a branch or subsidiary here in another country in the Nordic region. In most cases, it is a matter of selling services and goods.
Subsidiaries in the Nordic region
We have a large number of European customers within the Nordic region, also from the USA and India. Most of them expanded to Sweden, the Nordic region’s most important and interesting market from an international perspective. This is not a surprise, says Till Sahlgren and points out the fact that Sweden is the Nordic region’s largest economy with very strong consumers. International companies therefore often initiate an investment abroad in Sweden in particular by establishing an office in Stockholm. The same applies to Nordic companies.
Solutions according to the customer’s needs
Some customers are satisfied with the initial help, registering the company and a company address. Others want help with most things until you are running your own office and your own employees. We structure and streamline customers’ operations with a range of administrative services, such as accounting, payroll management, tax and financial statements. We are flexible and put together different solutions according to the customer’s needs and wishes, says Till Sahlgren.
The ambition for the future is continued growth with the establishment of offices also in Copenhagen and that we will thus be comprehensive in Scandinavia.
In collaboration with the Finnish-Swedish Chamber of Commerce (FINSVE)
“The outlook for Nordic banks is stable as operating conditions will remain supportive for banks in 2019 amid robust economic growth”, says Moody’s Investors Service in a report published on the 12th of December. The credit rating agency expects economic growth of 2 to 2.5% across the Nordic region to support loan quality in 2019, and protective features built into banks’ underwriting standards will mitigate the risks posed by high household debt and fast-rising house prices.
“Nordic banks are among the most strongly capitalized in Europe and we expect this to continue to be a key attribute,” said Jean-Francois Tremblay, an Associate Managing Director, at Moody’s. “Most banks have material headroom above their regulatory capital requirements and strong capital generation capacity.”
Large Nordic banks will remain more profitable than most of their European peers, supporting their robust capital levels. The banks are among the most cost-efficient in Moody’s rated universe.
Access to capital markets, an important source of funding for Nordic banks, will remain strong over 2019, although funding costs may rise marginally. Reliance on volatile market funding will be partly mitigated by the wide use of more stable covered bonds.
The report is available to subscribers here: moodys.com.
The Swedish government plans to lower corporate taxes in two stages from 22% down to 20.6%. The rate is to fall to 21.4 percent from Jan. 1, 2018 and to 20.6 percent in 2021, Finance Minister Magdalena Andersson said on Wednesday.
At the same time, the intention is to take measures against aggressive tax planning and make the tax system more transparent. This will involve new rules on deductible interest payments which have been quite generous so far. The proposal includes restrictions for deductible interest payments in certain cross-border situations (hybrid rules) as well as restrictions for deductible interest in certain internal loans. New rules on financial leasing agreements are also to be expected.
The original plan was to reduce the corporate tax rate to 20% (the prevailing rate in Finland).