How to Open a Business Bank Account in Sweden
Written by Yijin(Freda) Liu
Sweden is renowned for its stable economy and business-friendly environment, attracting entrepreneurs and investors worldwide. The country boasts a highly skilled workforce, cutting-edge technology sectors, and a transparent legal system, all of which contribute to a conducive atmosphere for business growth. Whether you’re a Swedish national, a student studying in Sweden, or a foreigner not residing in the country, opening a business bank account in Sweden is a crucial step in conducting business.
By establishing a business account, you gain access to a range of financial services, including efficient online banking platforms, multi-currency accounts, and international transaction support. Swedish banks are known for their reliability and advanced digital infrastructure, making it easier to manage your finances securely from anywhere in the world. Additionally, the Swedish banking system emphasizes customer service and compliance with international standards, ensuring that both local and foreign entrepreneurs can navigate the process with relative ease. This facilitates smoother operations, whether you’re launching a startup, expanding an existing enterprise, or engaging in international trade.
Major Banks in Sweden
The major banks in Sweden include:
• Swedbank
• SEB (Skandinaviska Enskilda Banken)
• Handelsbanken
• Norde
These banks offer business accounts suitable for various types of enterprises. Below,we will detail the fees, pros, and cons of these banks to help you make an informed decision.
For Swedish Nationals or Permanent Residents
Recommended Bank: Swedbank
Swedbank Business Account
Pros:
• Low Fees: The monthly fee for Swedbank’s business account is around 100 SEK, which is relatively low.
• Extensive Branch Network: Branches available nationwide for convenient in-person services.
• Good Online Banking Services: Offers user-friendly online and mobile banking applications.
Cons:
• Limited International Services: May not be ideal for businesses requiring extensive international transactions.
Fees:
• Account Opening Fee: 0 SEK.
• Monthly Fee: Approximately 100 SEK.
• Transaction Fees: Domestic electronic transfers are usually free.
Required Documents:
1. Certificate of Registration (Registreringsbevis)
2. Articles of Association (Bolagsordning)
3. Identification of Directors and Beneficial Owners
4. Bank Application Forms
Steps to Open an Account:
1. Online Appointment: Schedule an appointment via Swedbank’s official website.
2. Prepare Documents: Gather all required documents.
3. Interview: Visit the branch to submit documents and complete an interview.
4. Account Approval: Typically takes 1–2 weeks.
Source: https://www.swedbank.se/
For Students Studying in Sweden
Recommended Bank: SEB (Skandinaviska Enskilda Banken)
SEB Business Account
Pros:
• Student Offers: SEB provides special offers for student entrepreneurs.
• Multilingual Support: Offers services in English, convenient for international students.
• Good International Services: Suitable for businesses with international transaction needs.
Cons:
• Slightly Higher Fees: Monthly fee is around 125 SEK, slightly higher than other banks.
Fees:
• Account Opening Fee: 0 SEK.
• Monthly Fee: Approximately 125 SEK.
• Transaction Fees: Domestic transfers are free; fees apply for international transfers.
Required Documents:
1. Certificate of Registration
2. Articles of Association
3. Proof of Student Status:
• Valid Student Residence Permit
4. Valid Passport
5. Bank Application Forms
Steps to Open an Account:
1. Online Application: Fill out the application form on SEB’s official website.
2. Submit Documents: Upload all required documents.
3. Interview or Phone Verification: May be required.
4. Account Approval: Typically takes 1–2 weeks.
Source: https://seb.se/
Recommended Bank: Nordea
Nordea Start-up Business Package
Pros:
• Offers for New Businesses and Students: Nordea provides favorable banking services for newly registered businesses and students.
• Multilingual Customer Service: Supports English, making communication easier for international students.
• Digital Banking Services: Offers advanced online and mobile banking platforms.
Cons:
• May Require In-Person Meeting: Account opening may require a visit to a branch.
Fees:
• Account Opening Fee: 0 SEK.
• Monthly Fee: Approximately 120 SEK.
• Transaction Fees: Domestic electronic transfers are free.
Required Documents:
1. Certificate of Registration
2. Articles of Association
3. Proof of Student Status:
• Valid Student Residence Permit
4. Valid Passport
5. Bank Application Forms
Steps to Open an Account:
1. Contact Nordea Customer Service: Schedule an appointment for account opening.
2. Prepare and Submit Documents: Provide all required documents during the appointment.
3. Account Approval: Typically takes 1–2 weeks.
Source: https://www.nordea.se/
Bank Comparison: SEB vs Nordea
Fee Comparison:
• SEB Monthly Fee: Approximately 125 SEK.
• Nordea Monthly Fee: Approximately 120 SEK.
Service Comparison:
• SEB: Better suited for student entrepreneurs needing international transactions.
• Nordea: Offers advanced digital services, appealing to tech-savvy students.
Conclusion:
If you’re a student studying in Sweden, Nordea and SEB are both good options. Nordea’s slightly lower fees and robust digital platform may be more attractive to students who prioritize online convenience, while SEB has advantages in international transactions.
For Foreigners Not Residing in Sweden
Recommended Bank: Handelsbanken
Handelsbanken International Business Account
Pros:
• Personalized Service: Offers tailored banking solutions suitable for international clients.
• Experienced: Has extensive experience in dealing with non-resident clients.
Cons:
• Higher Fees: Monthly fee around 200 SEK, account opening fee may be up to 3,000 SEK.
• Slower Account Opening Process: Approval may take 4–6 weeks.
Fees:
• Account Opening Fee: Approximately 2,500–3,000 SEK.
• Monthly Fee: Approximately 200 SEK.
Required Documents:
1. Certificate of Registration
2. Articles of Association
3. Copies of Passports of Directors and Beneficial Owners
4. Proof of Residence
5. Business Plan
6. Proof of Source of Funds
7. Declaration of Ultimate Beneficial Owners (UBO)
Steps to Open an Account:
1. Contact Handelsbanken International Customer Service: Arrange a phone or video meeting.
2. Submit Application and Documents: Submit via email or postal mail.
3. Identity Verification: May require notarized documents or third-party verification.
4. Account Approval: May take 4–6 weeks.
Source: https://www.handelsbanken.se/
Alternative Option: Wise Business Account
Pros:
• Fast Account Opening: Online application can be completed within days.
• Low Fees: No account opening fee, transparent transaction fees.
• Multi-Currency Account: Supports multiple currencies for international business.
Cons:
• Limited Features: Does not offer loans, cheques, or other traditional banking services.
• Not Suitable for Cash Transactions: Cannot handle cash deposits or withdrawals.
Fees:
• Account Opening Fee: 0 SEK.
• Monthly Fee: 0 SEK.
• Transaction Fees: Based on transaction amount, transparent fees.
Required Documents:
1. Certificate of Registration
2. Director Verification
3. Proof of Business Activity
Steps to Open an Account:
1. Online Registration: Create an account on the Wise website.
2. Submit Documents: Upload required documents for verification.
3. Account Activation: Usually completed within a few days.
Source: https://wise.com/us/business/
Summary of Bank Pros and Cons Comparison
Conclusion
Opening a business bank account in Sweden requires choosing the bank that best suits your specific situation and business needs.
• For Swedish nationals or permanent residents, Swedbank is the best choice for its low fees and convenience.
• For students studying in Sweden, both Nordea and SEB offer discounts and support, with Nordea having an edge in digital services.
• For foreigners not residing in Sweden, Handelsbanken’s expertise in international business makes it a suitable choice despite the higher fees. Wise is an economical alternative suitable for small or online businesses.
We recommend that you:
• Prepare all necessary documents in advance
• Contact multiple banks to understand their requirements and services
• Consider your business needs and budget to choose the most suitable bank
Disclaimer: Bank fees and policies may change. It is recommended to contact the banks directly or visit their official websites for the most current information before making a decision.
This story was written by a graduate student at NYU. Read stories about other 50 countries here