Norway flag

NORWAY


Norway is one of the most developed European countries where you can enjoy the benefits of doing business. It has a skilled workforce and offers a secure legal environment for business as a whole. This is a short profile of this country. You may need to be aware of this when considering options for setting up a future company abroad.


Main forms of business presence in Norway


If you want to establish your business presence in Norway, you can do this in one of the following ways:

  • Limited Liability Company (AS) – a company in which the founders (shareholders) bear no responsibility for the debts and obligations of the enterprise. To start a business in this form, you may require the creation of a share capital of 30,000 Norwegian kroner (about 3,000 Euro). You must have at least 50% of the board of owners composed of Norwegian or EU/EEA residents. This type of company provides more security and convenience for doing business.
  • Public limited liability company (ASA) – a company mainly suitable for large enterprises. A minimum share capital of 1,000,000 NOK (about 90,000 Euro) is required to set up this type of company. As in the case of AS, you must form a board of Norwegian or EU/EEA residents for at least 50%.
  • Private company (ENK) – this is the second most popular type of company in Norway, which is privately owned by a specific person. Therefore, the founder bears sole responsibility for all actions in the company. This type of business is much cheaper and is usually run by just one person. This is some kind of equivalent to a Soleholder Partnership.
  • Norwegian branch of a foreign company (NUF) – the form may be suitable for testing business opportunities in Norway only.


    • Registration Requirements and Steps


    If you choose Norway as your destination jurisdiction, you must go through these preliminary steps:

  • Defining your business priorities.
  • Choosing and verifying the company name for a future legal entity.
  • Choosing your registered address in Norway for company headquarters.
  • Collection of information about founders and beneficial owners.
  • Establishing the composition of the company's management bodies and obtaining D-numbers (identification numbers) for non-residents.
  • Opening a bank account for depositing the full amount of the authorized capital.
  • Preparation of statutory documents for a future company.
  • Submission of registration documents together with registration forms to the Norwegian Business Register.
  • Registration for tax purposes, in particular obtaining a Tax Identification Number (TIN). Obtaining a VAT number is required if you sell VAT-related services and goods and your turnover exceeds 50,000 NOK (around 4,500 Euro).
  • Registration for social security purposes.


    • These steps are preliminary, as each registration procedure is individual and may vary from case to case.


    Legal and Regulatory Framework


    Norway's legal framework is very transparent with a strong emphasis on AML compliance. Certain types of activities may require obtaining licenses and special permits. In the case of the establishment of the company, the main legal acts that regulate this process are the Law on Joint Stock Companies, the Law on Limited Liability Companies and the Law on the Register of Commercial Enterprises. All companies are required to carry out a statutory audit every year, except for small businesses.


    Advantages of Jurisdiction


    If you decide to set up a company in Norway, you can enjoy, among others, the following benefits:

  • Highly developed economy.
  • Very high standards of quality of life.
  • Experienced and qualified employees.
  • An environment that promotes innovation and technology.


    • Tax system


    Here are the main highlights of the local tax system:

  • Corporate income tax (CIT) rate – 22% (25% for certain types of financial activities)
  • Personal income tax rate (PIT) – 22%
  • Rate of VAT – 25%
  • Withholding tax rates (for non-residents) – (i) dividends – 25%, (ii) royalties – 0% and (iii) – interest – 0%
  • Capital gains tax rates – (i) corporate – equal to the normal tax rate on taxable income, (ii) individual – equal to the normal income tax rate.


    • If you are considering setting up a company in Norway or another country, Smart Startup UK's specialists can advise you on all the advantages and help overcome any difficulties that may arise. Our specialists can help you choose the most suitable tax regime, register a company in Norway and open its corporate bank account. Smart Startup UK can help you resolve any other issues that may potentially arise. Contact us soon for more detailed discussions via email or phone.


    CREATE A COMPANY


  • Company registration, including state fees
  • Legal physical address for 1 year
  • Set of founding documents
  • Account Discovery
  • Nominee Director Services
  • Company stamp
  • Opening a corporate bank account in a local bank DNB Bank; Norges Bank
  • Issuing a VAT number
  • Free consultation
  • Help with online trading and opening an account at viva.com for online trading
  • Accounting services - 12 months
  • Annual renewal (payable from the second year)

    • *Within 30 days


    IMPORTANT! We can provide you with the initial share capital (if the amount is over EUR 5,000) for the registration of your company in the form of a loan from our company. Please, if you are interested, make an inquiry to us.


    What is the procedure!

    1. You submit a request for company registration using the request form.

    2. We check if the registration company name is free and eligible for registration.

    3. Choose a bank that suits your company's needs from a list of Smart Startup UK partner banks provided.

    4. We send you a proforma payment invoice to pay to our bank account + the initial capital amount of your company.

    5. You receive all necessary company documents for verification.

    6. You receive details of your newly opened bank account.

    7. In the specified period (for Norway it is 30 days), you receive all the services included in the package.

    8. You can manage through our platform all the services included in the package, as our team works 24/7 and you can get help from us within up to 30 minutes. We have built an internal ticketing system for our customers through which we process your every support request.


    All services like management, accounting, request to open bank accounts, licensing, filing tax returns, paying taxes and more are done through your account on our platform, it makes it easy managing your business!