Norway, the country with the highest standards of living in the entire world, is a world leader in three industries: gas and oil, seafood, and maritime transport. Given the country’s location, its industrial orientation doesn’t come as a surprise. Norway is a slim country lined by the Norwegian Sea, with an impressive length of coast owing to its countless fjords. Although Norway isn’t a part of the EU, many contracts are in place to ensure easy and convenient trading with its European neighbors.

Like the rest of Scandinavia, Norway focuses on clean energy and green solutions. The country is the largest market for electric cars in the world and offers a wide array of investment opportunities in the fields of renewable energy, the clean-tech industry, and innovative eco-solutions of all kinds. IT, environmental research, mining metals, and manufacturing are other viable options.

The beautiful, rugged, and scenic Norway is also a travel destination gaining greater exposure and popularity every year. Unsurprisingly, the tourism sector is growing at a quick rate.

Take advantage of the beneficial policies, low running costs, highly-skilled workforce, and smooth registration process in Norway with the help of CompyCo’s experts.

Forms Of Companies In Norway
  • AS “Aksjeselskap”—Private Limited Liability Company
  • NUF “Norskregistrert utenlandsk foretak”—Norwegian branch
  • A.S.A “Allmennaksjeselskap”—Norwegian joint stock company
  • ANS/DA “Ansvarlig selskap”/ “Selskap med delt ansvar”—Partnership
  • ENK “Enkeltpersonforetak”—Sole proprietorship
What is the difference between AS and A.S.A companies in Norway?

In Norway, most foreign investors start an AS or A.S.A, a company type unique to Norway.

AS has to have a Board of directors that consist of a minimum of 1 board member. 50% of your company’s board members have to be from Norway or should be EEA residents. Foreign board directors have to obtain the D-number; this is a tax number in Norway. The minimum capital deposit that has to be paid in full is 30 000 NOK. The company must have at least one owner/ shareholder. The Board of directors has to appoint a General Manager, but the same person can fulfill all three roles too.

A Norwegian joint stock company, A.S.A., is intended for larger companies. The minimal capital which has to be paid in full is 1 million NOK. This type of company can be registered by 1 shareholder and may offer stocks to the public.

Fundamentals Of A Limited Liability Company

Corporate Tax in Norway

VAT in Norway

22%

25%

Fundamentals of limited liability companies in Norway
Limited liability companyAS
Minimum Share capital30 000 NOK (approx. 2800 EUR)
Registered office requiredYes, but PostBox's are not accepted
Physical office requiredNo
Min. number of Shareholders1
Min. number of Directors1
Local directors requiredYes
Other requirementsAt least 50 % of the board members must reside in Norway or another EEA country.
Bank signatory must travelIn many cases not
Timescale for company formation4 weeks
Timescale for bank account opening14 days
Timescale for obtaining VAT number2 weeks
Statutory audit requirementsYes
Shelf companies availableYes
How can I set up my company in Norway?

Norway is an ideal country to do business in, primarily owing to its unrestricted access to the vast EU market. Luckily, setting up a company in Norway is a fairly simple process as long as you provide the necessary documentation. CompyCo’s experts make the process of setting up your company easier by providing in-depth knowledge, guidance, and practical solutions to seamlessly establish your business.

In Norway, registering a new company can take up to 5 weeks. The bank account must be opened so the share capital can be paid; this part of the process takes the most time. After meeting the initial requirement and reserving your company name, CompyCo will assist you with the corporate bank account opening.

We’ll obtain D-number for board members and, when the share capital has been paid, we’ll submit all the documents to the Norwegian Register of Business Enterprises.

The process will be quicker after this step and your company will be registered within 2 weeks after that.

To avoid the payment of the share capital of 30 000 NOK and the travel to Norway that becomes necessary, we can offer shelf companies with already paid-up share capital. These companies are ready to be purchased without the need for traveling and don’t require you to submit as many documents or complete any registrations.

Whichever kind of company you choose, CompyCo’s support helps you bring your vision to life and hit the ground running in the quick, most hassle-free process possible.

Small and medium businesses thrive in Norway’s business climate, offering a safe and stable environment to grow your business. The process of incorporation, however, can come with some hiccups along the way. If you’re setting up a company outside your jurisdiction, you might be intimidated by the processes ahead of you.

Working with CompyCo ensures you get the best incorporation services that are prompt and cost-effective. We help you meet all the Norwegian compliance and formality needs, ensuring the process is as smooth as possible.

CompyCo works with an extensive network of contacts all over Norway, each one an expert in the areas you might need assistance in. By working as your point of contact, we bring all the valuable information and guidance to you from local professionals who’ve worked with countless foreign investors before.

Bank Account Opening

Regardless of which company type you choose, opening a bank account is an essential step in the registration process. Obtaining a corporate bank account is necessary for your company’s legitimacy and to deposit the share capital to get started. Future and newly established businesses can benefit from CompyCo’s full-service banking solutions, all the way from selecting the best financial institution to obtaining the necessary documentation.

Norway has several international and local banks that you can choose from when opening your bank account. Our consultants will guide you on the best choice for your business, depending on your country of residence and business activities. Since getting approval from the bank is the first step to opening your account, we ensure you increase your approval chances by gaining insight from our contacts in the financial sector.

A Norwegian identification number is necessary for all foreign investors looking to open a bank account. Other forms of identification include your passport and a reference letter from your home country bank.

Depending on your situation, some investors may be allowed to open their bank account remotely without traveling to Norway for the process.

Learn more about opening a bank account here.

Accounting & Taxation

The accounting and taxation obligations you should consider are:

  • The tax year is the calendar year in Norway
  • Taxable profits are investments, trading profits, and selling assets for more than their original cost
  • All businesses have to keep accounting books
  • The corporate income tax is levied at 22%. 
  • Norwegian private limited companies must apply for VAT if there has been more than 50,000 NOK taxable turnover in a year
  • If the turnover is less than 6 million NOK, the company can be exempted from an audit
How can you employ staff in Norway?

Norway operates under much the same employment regulations as the European Union and EEA countries. The first step to hiring employees for your Norwegian company is ensuring they’re entitled to work in the country.

Some factors to keep in mind before you hire employees is that a written work contract is essential, you’re obligated to sign insurance agreements on behalf of your employees, and that you need to meet the requirements of minimum wages and working hours. All of this can be daunting. That’s why CompyCo oversees all the employee-related needs of your business.

Leverage Norway’s top-notch workforce by hiring well-educated, highly-skilled talent and retain the best employees through our services. We obtain all the licenses, complete your company registration, and take care of all post-incorporation HR services. From payroll management to employee onboarding, we’ll make sure everything’s running smoothly.

If you need to hire just one employee to work from home, we can help you avoid local company registration as a non-resident employer. Find out if this is possible for your business’s activity.

Have any questions? Take a look at our HR services page for more information about our International HR services!