10 reasons why you should consider expanding your business into the Nordic countries
Despite cultural, economical and business differences the Nordic countries have many positive aspects in common. The choice on where to locate a business in this part of the world will naturally depend on the specific nature of the business in question. Scandicorp will happily discuss with you about the benefits of a particular country for your business, but in this context we will look at 10 good reasons for a foreign business to establish a presence in the Nordic countries, common to both Norway, Sweden and Finland.
1. High international rankings
The Nordic countries rank very high in international benchmarks in the top places of the most secure and best places to live, least corrupt countries and one of the best health systems in the world.
Everything works. If something doesn’t work, it will usually be fixed a.s.a.p. You save a lot of time and nerves when you can rely on the infrastructure, logistics, timekeeping and so on.
Most people speak fluent English. This can make learning local languages difficult, as everybody answers back in English.However, it is easy for visitors to ask for directions and help.
4. Highly skilled workforce
Because of a good public schooling system and a high overall level of education, recruiting locals will be relatively easy in most fields of business.
5. Moderate corporate taxes
The Nordic countries have traditionally been perceived as high-tax jurisdictions. However, the corporate tax rates are very moderate in international comparison.
6. Business environment
A strong financial sector, a stable, ethical and predictable business environment, with no surprises lurking around the corner provides a solid base for long-term business decisions. Good logistics due to modern airports, efficient ports and railways.
7. Lively start up scene and pioneering new technology
The governments of the Nordic countries as well as local communities have encouraged and supported research and development, the creation of start-up hubs and events. The atmosphere for start-ups has proved to be very inspiring.
8. Relatively easy to find local partners
It’s good to find local partners who you could collaborate with on common projects as this will help build your credibility.
9. Over 25 million consumers
In a fairly consistent market with a strong purchasing power due to the relatively high GDP per capita.
10. Good place to test new ideas and products
Nordic consumers and businesses are usually among the first to adopt to technologically new products and concepts. Testing your new products and technologies in the Nordics first before going global may be a smart move.