Swedish Credit Union
Thetaworld Corporation incorporates Swedish Credit Unions directly with the company registry in Sweden.
- The Purpose of a Swedish Credit Union
- Swedish Credit Union Formation
- Requirements Swedish Credit Union Formation
- Online Order Form for Swedish Credit Union Formation
- Swedish Credit Union is Financial Legal Entity
- Protection of business name of Swedish Credit Union
- Responsibility of Members of Swedish Credit Union
- Obligations of Swedish Credit Union
- Swedish Credit Union Package
- Online Order Form for Swedish Credit Union Formation
The Purpose of a Swedish Credit Union
The purpose of a Swedish Credit Union is to promote its members' economic interests through economic activity in which the members participate:
- as consumers or other users;
- as suppliers;
- by contributing labor;
- by using the services provided by the Swedish Credit Union; or
- in another similar way.
Swedish Credit Union Formation
Thetaworld Corporation provides service of effective and fast Swedish Credit Union formation and cooperates closely with Swedish auditors, attorneys and business providers.
To form the Swedish Credit Union it is required to have minimum of 3 members, physical persons or entities. The enterprise is represented by Board of Directors' Managing Director. Swedish Credit Union pays tax in Sweden and can have employees.
The corporate tax in Sweden is 30%. The taxes can be greatly reduced of course if the Swedish Credit Union is owned by foreign persons or companies. Basically most of profits can be accumulated in other country where the foreigner owner (company) is located. To lower taxes, you can let other financial offshore company to handle transaction clearing, customer service, Internet banking management in order to lower any more tax liabilities.
The statute of company is very simple and similar to limited company or corporation and we can prepare the Articles of Swedish Credit Union of the Swedish Credit Union mostly in the way members require or wish.
The Swedish Credit Union is exempted from the licensing and supervision requirements as long as it comply with the membership limit of not more than 1000 members and provides financial services to own members. It is of course possible to have any number of members.
Swedish Credit Union is Financial Legal Entity
A Swedish Credit Union is a legal entity, set up by a minimum of three physical persons or legal entities which represent members (owners) in the company.
The business activities of the Swedish Credit Union are of financial benefit to its members which can be for example producers, consumers, clients or employees.
Usually, each member has one (1) vote. Swedish Credit Union functions by the principles of democracy and a sense of responsibility.
Swedish Credit Union is allowed to have a split financial year, with such advantages which this can bring.
Protection of business name of Swedish Credit Union
The registered business name of an Swedish Credit Union is protected throughout the Sweden.
Thetaworld Corporation can register Swedish trademark or European Community Trademark for the Swedish Credit Union.
Responsibility of Members of Swedish Credit Union
Every member of Swedish Credit Union is usually obliged to pay a certain contributed capital and, normally, to pay an annual membership fee which is decided by the general meeting of members. There is, however, no demand for a minimum starting capital similar to a share capital.
Apart from the amount contributed, the members of an Swedish Credit Union are not personally responsible for the debts and other obligations of the business enterprise.
Swedish Credit Unions must keep accounts and shall draw up annual reports. These are to be keep available to the public, but only in the case of large Swedish Credit Union do they have to be filed with company registry, unless especially instructed to do so.
Contrary to what many people believe, a Swedish Credit Union cannot be terminated voluntary dissolution to remove it from the public register. This can only be done by a merger, bankruptcy proceedings or liquidation.
Obligations of Swedish Credit Union
A Swedish Credit Union is to be registered at Swedish company registry after the Swedish Credit Union has been established by means of the members resolution. When members decide to establish Swedish Credit Union, there is 6 months time period to fullfil the registration. In this way, it is similar to a limited company, but there are certain differences.
An approved or authorized public accountant is not compulsory if the Swedish Credit Union is a small one. It is sufficient for the auditor to have the necessary competence to carry out his or her duties.
The half or more directors shall provide the European Union address. If you don't have such directors, Thetaworld Corporation can provide European based nominees.
Swedish Credit Union Package
To mention some of important company documents, with the registration you get the Swedish Credit Union documents which includes apostille for bank account opening, certificate of authorized activities (loans, deposit and financial), appointments of directors, forms and the rest.
Basic business services are setup as well: Swedish address with forwarding and Swedish phone number which will work in any other country with call forwarding.
If you require other services like helping you get bank account in Sweden that is included.
Further, you are not required to maintain bank account in Sweden, as it is up to your company how and where you keep the finances.
We charge EUR 6000 for incorporation of Swedish Credit Union, with EUR 3000 payable in advance and EUR 3000 payable upon the receipt of the documents.
If all informations and due diligence are in place, we can finish the formation of Swedish Credit Union in about two weeks.
Requirements for Swedish Credit Union
To register online the Swedish Credit Union, please complete all bold fields in the below online form and provide any other additional informations. Alternatively, you can use the PDF Online Order Form for Swedish Credit Union for fax or written orders. Your Swedish Credit Union will be formed within 35 business days and afterwards delivered within -28 business days. In average, you will receive the company documents within 7 business days.
Basic requirements and facts for our registration of Swedish Credit Union are following:
- Swedish Credit Union must have one of the following suffixes: EKONOMISK FÖRENING, EK. FÖR;
- The duration of the Swedish Credit Union is perpetual;
- The minimal number of directors is (3);
- Directors can be only living individuals;
- The Power of Attorney is not included, but can be ordered optionally;
- There is no legal requirement to appoint any officers for Swedish Credit Union;
- Officers can be only living individuals;
- Capital can be in Swedish Crowns or EURO;
- The standard total capital or contribution at incorporation time is EUR 10000;
- The minimal number of members is (3);
- It is required to appoint an auditor for Swedish Credit Union and our assistance is included;
- The management of Swedish Credit Union requires accounting (bookkeeping) to be reported law;
- Resident agent for Swedish Credit Union is required and provided by our company;
- We need to keep confidential details of the ordering party, name, contact details, scan/copy of the ID or passport and some utility bill or other evidence of residency (Know Your Clients or KYC)
- The documents of Swedish Credit Union are delivered within -28 days after the formation;
- We incorporate Swedish Credit Union within (35) days, the total time to get the documents at client's place being about (7) days;
Contact form
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