Norway appeals to foreign and national investors for many reasons but its stable and growing economy probably comes top of the list. This is partly due to being the third largest exporter of oil in the world, after Saudi Arabia and Russia.
In Norway, national entrepreneurs and foreign investors are treated equally and any investor can establish a company without having to live there, even though a permanent Norwegian address is required.
A flat corporation tax rate of 28 per cent in Norway is another reason to consider doing business here, along with a fairly quick and easy incorporation procedure making it possible to set up a corporation in just a few days.
Register a public or private limited company in Norway
Before you can establish a Norwegian company, the shareholders must provide the minimum required capital, open a bank account and deposit a set amount and a deed that certifies the deposit is needed prior to registration.
An auditor must study the balance sheet and issue a statement confirming all is in order.
Registering for employees injury insurance in Norway
Founders must apply to the administrative institution from the first day of work, identifying the firm and the worker.
Mandatory occupational pension plan for employees
Employers are legally bound in Norway to arrange an occupational pension plan for its employees. The minimum requirement is 2 per cent of each employee’s salaries.
Registering with the Register of Business Enterprises in Norway
This is a quick and easy procedure that can be carried out via the web. It allows electronic signature of the registration form and the possibility to upload copies of articles of association, auditor statements and the certificate from the bank which can be sent as attachments via email. At the same time, the founders of a
business may also apply for registration with VAT, filling in a form, a procedure that gives protection of the business name. VAT registration is required when the company’s turnover exceeds NOK 50,000.
Breakdown of time it takes to incorporate in Norway
Deposit initial capital……………………………………….……1 day
Balance sheet examined by certified auditor……………..….1 day
Registering with Register of Business Enterprises and filing for VAT registration…………………………………………….…. 3 days
Employer enrols in mandatory workers’ injury insurance…..1 day
Mandatory occupational pension plan application for employees………………………………………………….….. 3 days
The banks are well attuned to the needs of international investors looking to set up in business in Norway, but opening a bank account can be a bureaucratic challenge. So although it should be a quick and easy process to get your company established in Norway, it’s advisable to seek advice from a professional firm of experts, with a long history of helping foreign investors establishing themselves in Norway.
For further information please visit the Norway country page or contact us using any of the methods you see at the top of this article.