How to start a company in Norway
In Norwegian a Limited Liability Company literally means “a share company” – Aksjeselskap (AS). It is a legal entity and is required to be registered in two of Brønnøysundregistrene in Norway. What do you need to know about setting up an AS in Norway?
Expect…. The expected!
Norway is a boring market and as a consultant working for an authorised accounting office for 10 years, that is a compliment. The legal system is stable, with only minor changes to the implementation of the law instead of significant revolution of legal acts. The business culture is extremely transparent: you can check any information about your clients or business partners online, including official correspondence with the authorities. The stability and prosperity together with the high level of digitalisation make an extremely safe business environment for investors.
Norway is undoubtedly in the top 10 most prosperous and safe economies in the world. The few challenges you might encounter on the way to setting up a business in Norway, can easily be solved, if you use the support of the proper partners and institutions. Remember, that Norway is not really part of the EU, but it is part of the EEC and thus meets several requirements of the common market. Of course after Brexit, the situation of potential AS’ owners from the UK has changed. The crucial step to take before entering the Norwegian market, is to be prepared and patient.
Look at our simple guide to opening a company in Norway:
How to open a company in Norway – Aksjeselskap
- Capital stock, Share capital– Share capital in Norway amounts to minimum NOK 30 000. It can be paid in, once certain conditions are met. Ask your authorised accountant in Norway, if this is the best option for your company.
- Stock owner, Shareholders – Owners can be private and legal people, of both foreign or Norwegian origin. It is also quite common for an AS to have just one owner.
- Bank Account – Norwegian banks have quite strict policies when it comes to new clients. The applicant is required to give very detailed information on their finances from the country of origin. The process may also be very time-consuming.
- The Executive Board– Note, that in case of Non-EU citizens you might face a challenge while appointing the Board members. According to the Norwegian regulations (Aksjeloven), at least 50% of the Board have to be EU citizens residing in one of the EU countries.
- Articles of Association – Of course all registrations and documents should be prepared according to the Norwegian law. It is thus advisable to contact an accounting office or a law firm that would help you create the right documentation for the process.
- Authorised Accounting Officeand Authorised Auditor – only accountants and auditors authorised by the Norwegian Financial Supervisory Board can offer accounting services to their clients. You can check, if the company is authorised at the Finanstilsynet’s website: https://www.finanstilsynet.no/en/