Company registration in Norway

The Kingdom of Norway is situated in Northern Europe on the Scandinavian Peninsula. This country stands as a prestigious, popular jurisdiction for business registration. Generally, Norway offers highly favourable conditions for foreign investors, although certain restrictions apply to non-residents in specific sectors, including energy, insurance and finance, fishing and fish processing, shipping, and air transport.

Norway boasts a stable and developed economy, based on the oil and gas industry, energy, shipping and shipbuilding, fishing, and mining. The banking sector, service industry, and alternative energy are also well-developed here. For many years, Norway has maintained a low level of inflation and unemployment, with one of the highest GDP volumes in the world.

ADVANTAGES OF REGISTERING A COMPANY IN NORWAY

The stability of the economy and the prestige of the jurisdiction are significant reasons for registering a company in Norway. Additionally, this country offers other notable advantages, including:

Membership of the European Economic Area, facilitating access to EU markets;
Political stability;
Clarity and transparency of the legal system;
A favourable attitude towards non-resident investors;
A well-developed infrastructure, including transportation;
Quick company registration.

One of the drawbacks of registering a business in Norway is the high cost of living in the country. Additionally, some of the limitations mentioned earlier can be considered disadvantages. For instance, according to these restrictions, non-residents cannot own more than 40% of a Norwegian fishing vessel or more than 30% of a company engaged in aviation transport.

AVAILABLE TYPES OF BUSINESS ORGANISATION IN NORWAY

Foreign citizens in Norway can register a business in any permitted legal form, with the following types commonly preferred:

AS — closed joint stock company with limited liability. Can be established by a single shareholder. The minimum authorised capital is 30,000 Norwegian kroner (NOK). At least half of the company’s directors must be EU citizens.
ASA — a public limited company. Can be established by a single shareholder of any residency. The authorised capital must be at least NOK 1,000,000. The entire amount must be deposited into a bank account upon registration.
Partnership. The organisation requires a minimum of two partners (individuals or legal entities). There are no requirements for the amount of authorised capital. Their activities are regulated by the Partnership Act of 1985.

According to Norwegian law, AS and ASA with more than 30 employees must have at least one director elected by the employees. If the company employs more than 50 individuals, the board must include representatives of both genders.

FEATURES OF COMPANY REGISTRATION IN NORWAY

Registration of a legal entity in Norway is not significantly different from the similar procedure in other European countries. Initially, the founders need to open an account with a local bank, deposit the company’s authorised capital into it, and receive a confirmation document. Afterward, it is necessary to assemble a complete package of documents (including information on directors and shareholders, passport data, articles of association, meeting minutes, etc.), have them notarised by a local notary, and submit them to the Central Registration Chamber. Additionally, registering a local legal address will be required.

The corporate income tax rate for companies operating within Norway is 22%. Registering a legal entity can take anywhere from 5 days to 3–4 weeks. For more detailed information about opening and managing a business in Norway, as well as for professional assistance in company registration, feel free to contact COREDO specialists.

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