Five things you should know for doing business in Scandinavia (Team Bernadotte)

Scandinavian Region

It is not just geographical region that consists of five countries that makes the region, it is more about the culture. They all share the Viking heritage and can understand each other’s language for the most part (applies to Denmark, Norway and Denmark).

Organizational Structure

Companies are following flat structure rather than hierarchies. They believe that direct communication and more casual atmosphere can drive the creativity and efficiency better than layered organizations can do.

Tax Structure

Personal income tax for most people in Scandinavia is around 40-50% and higher earners pay around 60%. Business tax is in the mid-range compared to other European countries (higher than Ireland and lower than Spain).

Leisurely Scandinavian

One of the most important things to be considered before starting a business is the fact that unlike US they have 5-6 weeks of paid vacation each year.

Team Players

This part mostly applies to Swedes rather than other parts of Scandinavia. Swedes tend to make most of the strategic and important decisions in teams rather than individually. It may take more time but data shows that the outcome is far better.

In this journey we will visit Volvo, Ericson and Spotify in Sweden and Rovio Entertainment in Finland. We will have the opportunity to see and observe first hand. We will weigh in more on these topics throughout the trip.