QuickStart: to Market Entry

Whether entering the market or simplifying operations, we can give you a QuickStart.

Nordics tmf-group.com Whether entering the Nordics for the first What makes us different? time or simplifying existing operations, we TMF Group is the global expert that understands local needs. can give you a QuickStart.

KNOWLEDGE: Based in-country, TMF Group has local experts in Norway, Sweden, Denmark and Finland providing our independent experts accounting, compliance, corporate secretarial and HR and payroll services across understand the local market and the Nordics. all its associated legal, We can get you set up, provide a single point of contact and take care of those financial and regulatory ‘non-core’ elements that keep your business moving, while you focus on what compliance requirements. you do best: selling your products and services. FLEXIBILITY: We can offer an By taking the burden of the back office and centralising it through a single individual and tailored service provider, we work with you to increase efficiency and help strip out any that is scalable in line with unnecessary costs. business needs and is invoiced in whatever currency the client prefers. QuickStart: to Market Entry Nordics has five main elements: CONTROL: Through our worldwide network of wholly- owned offices, we can offer global reporting and one single point of contact to businesses We help you We help you operating across multiple regions. understand the set up your company SPEED: Our local presence local market and handle the full helps businesses to take an process for you agile approach and enter new markets more quickly than their competition. RANGE: We are the only global organisation to offer a complete We help keep you We handle your We help you with suite of complementary business solutions. stay compliant with accounting and local employment local regulations bookkeeping contracts, including and filings visas, and get your staff paid on time

 International incorporation and structuring: We get you legally set up and structured.  International entity management: We help you stay compliant, manage your risk and stay on the right side of regulators and filing requirements.  Office premises: Whether you need a registered address, a rented office or assistance managing your own premises, we can help. TMF Group serves clients of all sizes and from all  HR and payroll: We help you to hire the right people, apply and implement sectors; everyone from a international policies in employment contracts and handbooks, and pay your staff in compliance with local law. small start-up to a large multinational. We work  Accounting and tax: We take care of local statutory bookkeeping, full consolidated accounts and reporting, and management reporting to relevant local with more than 40% of and international standards. the current S&P 500 and Fortune 500. Thinking of doing business in the Nordics?

The challenges ... most business-friendly in the world according to the World Bank’s Doing Business rankings. Leading the Nordics is Lack of local knowledge may result in: Denmark (ranked fourth globally), where you can set up a business in one day and have residence and work permits TAX PENALTIES issued within five weeks. LOST BUSINESS Transparency: The region has the lowest corruption CRIMINAL AND CIVIL LITIGATION perception rating in the world, with the Nordics dominating four of the top five positions in the latest Mixed outlook: Sweden and Norway are gaining global index from Transparency International. momentum while Denmark’s economic growth remains High-tech: The Nordics are world leaders in pursuing weaker. Finland is still finding it hard to shake off the new technology and investing in research and economic crisis, but the ongoing restructure of the development, with Finland leading the charge (according country’s economy should encourage new growth sectors. to the latest Global Creativity Index). These sectors Open for business: Like all small and open economies, continue to push boundaries, invite competitiveness and the Nordics are sensitive to external economic influences, offer exciting opportunities for foreign investors. particularly Europe’s current low-growth, low-inflation Trade: There are low barriers to free trade and little environment. Lower oil prices will impact on activity product market regulation. Nordic countries rate very high in Norway, while developments in the Ukraine and the in product market freedom according to OECD rankings. downturn in the Russian economy are not working in They’ve also proven that it’s possible to achieve high Finland’s favour. levels of economic output while promoting equality and High tax: All Nordic countries have high levels of social wellbeing. taxation. Overall tax burdens (as a percentage of GDP) are Talented workforce: When it comes to talent, a key among the world’s highest, but corporate income tax is driver in wealth and progress, Nordic countries are at the on par or lower than other major European counterparts – top, according to the Global Creativity Index, with Finland ranging from 20% (Finland) to 27% (Norway). and Sweden taking first and second place, Denmark in fourth, and Norway sixth. The workforce is highly- ... and the opportunities educated and disciplined, with a strong work ethic. The level of spoken English is generally very high. Great reasons to invest in the Nordics Quality of life: People in the Nordics enjoy a high standard of living, with high average incomes and net Doing business: It’s easy to do business in the Nordics, worth, supported by a robust and modern welfare system. with the region boasting stable government and legal Add to that a landscape of world-class cities, rich cultural systems, efficient processes, strong property rights and heritage and breathtaking natural beauty, and there are contract enforcement. All Nordic countries are among the countless incentives to call the Nordics home. Meet our Nordics Directors

Denmark TMF Denmark A/S Daniel Proychev has been with TMF Group for more than 17 years. He is an Bredgade 6, 1st floor, 1260 experienced accounting and finance professional. Prior to joining the Nordics Copenhagen, Denmark region, he was instrumental in building the TMF Group offices in Bulgaria (1998- T. +45 58 59 59 18 2007) and Croatia (2007-2012). Daniel is currently Regional Director for the Nordics [email protected] and Managing Director of TMF Group Denmark operations. TMF Finland Oy Jochem van Rijn is a Dutch commercial lawyer who has resided in the Nordic Erottajankatu 9 B 3, 4 krs. 00130 region for more than 12 years. Before joining TMF Group in 2012 as a Commercial Helsinki, Finland Director for the Nordic region, Jochem acted as Managing Director for the Nordic T. +358 9 315 89 000 offices of a competing international service provider. Aside from being responsible [email protected] for TMF Group’s commercial activities in the Nordics, he is responsible for all legal services in Denmark and he frequently conducts legal courses for the region’s bar TMF Norway A/S associations. Torgeir Vraasplass 4, 3044 Drammen, Norway Sweden T. +47 22 86 2200 Rikard Öberg is a Swedish tax lawyer specialising in indirect taxes. He joined Tollbugata 27, 0157 TMF Group in 2005 and assisted in building up the VAT Compliance Service Line Oslo, Norway based in Brighton, UK. In 2006, he assisted in the incorporation of TMF Group T. +47 22 86 23 50 Sweden and today acts as Managing Director of the company. Rikard has vast [email protected] experience in dealing with international taxation matters and the challenges facing international companies when establishing a presence in Sweden. TMF Sweden AB Sergels Torg 12, 111 57 Finland Stockholm, Sweden Natalia Orlova, Director of Client Services, joined TMF Group Russia in April 2011 T. +46 8 55 11 28 80 as a deputy chief accountant. She was promoted to account manager in 2012, [email protected] before taking on her current role in 2014. Prior to joining TMF Group, Natalia worked as a chief accountant for seven years in different spheres. She holds Whilst we have taken reasonable steps to provide accurate a master’s degree in accounting and audit, as well as the title of Accountant and up to date information in this publication, we do not give any warranties or representations, whether express Professional. By pursuing several trainings and courses, Natalia has further or implied, in this respect. The information is subject to change without notice. The information contained in this developed her skills in international accounting and taxation. publication is subject to changes in (tax) laws in different jurisdictions worldwide. None of the information contained in this publication constitutes an offer or solicitation for business, a recommendation with respect to our services, a Norway recommendation to engage in any transaction or to engage us as a legal, tax, financial, investment or accounting advisor. No Ole Hallvard Haugen is a Chartered Accountant and tax consultant. Specialising action should be taken on the basis of this information without first seeking independent professional advice. We shall not be in tax and business advice for medium-sized companies, Ole Hallvard has held liable for any loss or damage whatsoever arising as a result of the role of Managing Director in Norway since the merger of Accepta AS and TMF your use of or reliance on the information contained herein. This is a publication of TMF Group B.V., P.O. Box 23393, 1100 Group in December 2013. Prior to working for group, Ole Hallvard was an audit DW Amsterdam, the Netherlands ([email protected]). TMF Group B.V. is part of TMF Group, consisting of a number of partner of PwC in Norway. companies worldwide. Any group company is not a registered agent of another group company. A full list of the names, addresses and details of the regulatory status of the companies are available on our website: www.tmf-group.com. © February 2015 TMF Group B.V.

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