How to Issue New Shares in a Swedish Aktiebolag

Issuing new shares (nyemission) in a Swedish aktiebolag (AB) is governed by Aktiebolagslagen 2005:551 chapter 13 (ABL Ch. 13). The mechanics are straightforward but procedural — a shareholder resolution, a Bolagsverket filing, payment for the shares, and registration. This how-to walks through the standard cash subscription nyemission for a private AB. It does not cover apportemission (non-cash subscription), kvittningsemission (set-off against debt), or fondemission (capitalisation of reserves) — those have additional rules.

The ABL is at:

• https://www.riksdagen.se/sv/dokument-och-lagar/

Bolagsverket’s English-language hub:

• https://bolagsverket.se/en

The verksamt.se cross-agency portal:

• https://verksamt.se/

Step 1 — Confirm Authorised Share Capital Range

Under ABL Ch. 3 §1(4), the bolagsordning specifies the share capital either as:

• A fixed amount; or
• A range between a minimum (lägsta aktiekapital) and maximum (högsta aktiekapital), where the maximum may not exceed four times the minimum.

If the new issuance keeps the company’s total share capital within the existing range, no bolagsordning amendment is needed. If the new issuance pushes the share capital above the existing maximum, the bolagsordning must first be amended (separate Bolagsverket filing).

For an AB with bolagsordning specifying minimum SEK 25,000 / maximum SEK 100,000 share capital, any nyemission keeping the total below SEK 100,000 can proceed without amendment.

Step 2 — Decide Subscription Authority

Under ABL Ch. 13 §3, the general meeting (bolagsstämma) is the primary authority to issue new shares. Alternatively, the bolagsordning or a general meeting decision may authorise the board to issue shares within specified limits (a “bemyndigande” — authorisation):

• The authorisation must specify the maximum number of shares;
• The authorisation must specify the validity period (typically the next general meeting);
• The board can then decide subscription terms within the authorisation.

For founder-led AB, the typical pattern is:

• Annual general meeting authorises the board to issue up to X shares within the next year;
• Board executes nyemissions within the year as needed;
• Each nyemission is filed separately with Bolagsverket.

Step 3 — Prepare Shareholder Resolution or Board Decision

The decision (general meeting resolution or board decision under bemyndigande) must include, under ABL Ch. 13 §4:

• Number of shares to be issued;
• Subscription price per share (teckningskurs) — must be at least the nominal value (kvotvärde);
• Subscription period — start and end dates for subscription;
• Identity of subscribers if the subscription is directed (riktad emission) — i.e., not open to existing shareholders pro rata;
• Pre-emptive rights treatment — under ABL Ch. 13 §1, existing shareholders have pre-emptive rights to subscribe pro rata, unless waived by 2/3 majority of votes and shares;
• Payment terms — full payment in cash; deadline for payment;
• Date from which new shares carry rights to dividends and other rights.

For a small AB issuing shares to a new investor, the resolution typically waives existing shareholders’ pre-emptive rights (with the required 2/3 vote) and directs the issuance to the new investor.

Step 4 — Subscription and Payment

The subscriber signs a subscription form (teckningslista) within the subscription period, committing to pay for the specified number of shares at the specified price.

Under ABL Ch. 13 §31, the share capital corresponding to the new shares must be paid in full (in cash) before the company files for registration. Payment is made to a separate bank account (similar to the bankintyg requirement at incorporation, but for the nyemission).

The bank issues a bankintyg confirming payment, dated within the subscription window.

Step 5 — File Application with Bolagsverket

Under ABL Ch. 13 §28, the board must file an application for registration of the nyemission with Bolagsverket within 6 months of the subscription period’s end.

Bolagsverket form for nyemission registration: Bolagsverket form 821 (or relevant variant) — available at the Bolagsverket forms hub:

• https://bolagsverket.se/en

Required attachments:

• Resolution (general meeting protokoll or board decision);
• Subscription forms;
• Bankintyg confirming payment;
• Updated share register (aktiebok) snapshot, if requested.

Filing fees (verify current):

• E-service: typically SEK 1,000 (varies by transaction type);
• Paper: typically SEK 1,500.

Step 6 — Bolagsverket Review and Registration

Bolagsverket reviews the application for:

• Compliance with the resolution and the bolagsordning;
• Valid bankintyg;
• Proper subscription documentation;
• Share capital range compliance.

If anything is missing, Bolagsverket issues a föreläggande (correction order). The board responds with corrections.

Once approved, Bolagsverket registers the nyemission. The new shares become effective. The AB updates its share register (aktiebok) to reflect the new shareholders.

Timeline: typically 1–4 weeks from filing to registration.

Step 7 — Update Internal Records

After Bolagsverket registers the nyemission:

• Update the share register (aktiebok) — which is mandatory under ABL Ch. 5 and reflects the legal ownership;
• Issue share certificates if the AB issues physical certificates;
• Update beneficial owner declaration (verklig huvudman) with Bolagsverket if a new shareholder crosses the 25% threshold or otherwise changes the UBO position;
• Update any aktieägaravtal to reflect the new shareholder, with accession deed if applicable;
• Update Skatteverket notification if the nyemission triggers tax events.

Step 8 — Tax Considerations

Capital contributions in cash are generally not taxable to the AB. However:

• Founder shares issued at below market value may trigger benefit taxation for the founder under Swedish tax law if the founder is also an employee;
• Non-cash contributions (apportemission) require an auditor’s valuation report and may have different tax treatment;
• Repurchases of shares from existing shareholders are taxable events for the seller.

Skatteverket guidance:

• https://www.skatteverket.se/

Step 9 — Pre-Emptive Rights Mechanics

If the resolution does not waive pre-emptive rights, ABL Ch. 13 §1 requires existing shareholders to be offered the new shares pro rata to their existing shareholdings. This typically means:

• Notice to all existing shareholders specifying their entitlement;
• Subscription period during which existing shareholders may exercise pre-emptive rights;
• Subscription by existing shareholders;
• Allocation of unsubscribed shares to other parties (typically the new investor).

Pre-emptive rights are routinely waived in venture financing rounds (the new investor is the target of the issuance), but must be formally waived by the 2/3 supermajority vote.

Step 10 — Special Cases

• Share class issuances — issuing a new class of shares (e.g., preferred stock for VC investors) requires a bolagsordning amendment to define the class rights, plus the issuance under Ch. 13.
• Convertible instruments — issuing convertible debt or warrants requires separate procedures under ABL Ch. 14 (convertibles) or Ch. 14a (warrants).
• Apportemission (non-cash contribution) — requires an auditor’s valuation report (revisorns yttrande) under ABL Ch. 13 §8 and additional Bolagsverket scrutiny.
• Kvittningsemission (set-off against debt) — used to convert outstanding debt into equity; specific rules under ABL Ch. 13 §15.

Common Mistakes

• Subscribing above the share capital maximum without first amending the bolagsordning;
• Forgetting the 2/3 supermajority for pre-emptive rights waiver;
• Stale bankintyg — the bank certificate must be recent at filing;
• Wrong subscription price — issuing below the nominal value (kvotvärde) is prohibited under ABL Ch. 13 §3;
• Late filing — the 6-month deadline from subscription period end is strict;
• Missed UBO update — the verklig huvudman declaration must be updated when a new shareholder crosses the 25% threshold.

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Disclaimer

Legal information, not legal advice. MmowW Scrib🐮 is operated by a licensed Gyoseishoshi (行政書士) office in Japan. We are not Swedish advokater or revisorer. For Swedish company-law advice, retain a member of Sveriges advokatsamfund.

Sources

1. Aktiebolagslagen 2005:551 — https://www.riksdagen.se/sv/dokument-och-lagar/
2. Bolagsverket — https://bolagsverket.se/en
3. Verksamt.se — https://verksamt.se/
4. Skatteverket — https://www.skatteverket.se/