Register Company in Norway

Tetra Consultants assist our clients to register company in Norway. Our service package includes Norway company formation, D-number application, opening Norway corporate bank accounts and Norway business visa applications. Tetra Consultants is the one-stop solution for you to start legally conduct business in Norway.

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Register company in Norway

The process to register company in Norway is straightforward if you know the exact steps required. With Tetra Consultants at the wheel, you will be able to dedicate your time and resources to other more important business channels.

With our lean-and-mean mentality, you can rely on our team of experts to provide you a seamless experience throughout the whole process to register company in Norway. Our ultimate goal is for your Norway company to be operationally ready within the stipulated time frame.

Our service package includes everything you will require to set up business in Norway:

  • Norway company registration
  • D number registration
  • Local company secretary and registered address
  • Local nominee resident director
  • Opening a corporate bank account
  • Annual accounting and tax services

Introduction to register company in Norway

  • Norway, officially known as the Kingdom of Norway, is located in Northern Europe. In recent years, Norway has successfully captured the attention of multiple foreign investors due to the country’s high economic freedom. In accordance with the annual Index of Economic Freedom by The Heritage Foundation and The Wall Street Journal, Norway has the 28th freest economy, performing well above the global averages.
  • Furthermore, Norway ranked 6th out of 190 countries in terms of GDP per capita derived from the Purchasing Power Parity (PPP) method, assessed by the International Monetary Fund.  Apart from having one of the highest GDP per capita in the world, Norway’s strategic geographical position grants businesses with a vast amount of offshore natural resources.
  • Norway serves as an ideal location for an offshore jurisdiction due to exemplary economic performance and the presence of pro-investment government policies emplaced to attract foreign direct investments into the jurisdiction. With a supportive government accompanied by convenient transportation, Norway is an exemplary place for onshore and offshore jurisdictions.

How long to register Norway company and open corporate bank account?

  • Tetra Consultants will complete the steps to register company in Norway through a seamless and fuss-free procedure. Upon receiving the required due diligence documents of the directors and shareholders, Tetra Consultants will proceed ahead with the search for the availability of your preferred business trade name.
  • Within 6 weeks of engagement, you can expect to receive the documents of your new company including a certificate of formation, memorandum & articles of association as well as a register of directors and shareholders.
  • Within 4 weeks upon company registration, Tetra Consultants can assist in opening a corporate bank account with a domestic Norway bank or with an overseas global bank depending on your business goals and objectives.
  • Consequently, you can expect to start operations and issue invoices with your Norway Company within 10 weeks upon engaging Tetra Consultants.

How to register a company in Norway?

The following are the general steps to register a company in Norway:

Step 1: Planning and Strategy

  • Tetra Consultants will learn more about your company- its business activities, requirements, and more. Based on this information, we will advise you on the most suitable form of business entity for you and inform you about any additional requirements you need to meet.

Step 2: Obtaining a D-number

  • Tetra Consultants will help you acquire a D-number, which is a temporary national ID number given to foreigners. This is required to set up and conduct business in Norway. For this, we will apply to the Brønnøysundregistrene (Brønnøysund Register Centre).

Step 3: Pre-registration requirements

  • You must check to see that you meet all the requirements of your chosen business entity.
  • Tetra Consultants will then assist you in depositing the required paid-up capital (which depends on your chosen legal entity) into your share capital bank account.

Step 4: Reserve preferred company name

  • Tetra Consultants will check for the availability of your preferred business name with the Norway company register.

Step 5: Preparation and submission of relevant documents

  • Once paid-up capital is deposited into the bank account, the bank will issue a receipt of the same. We will begin to prepare and submit the required documents, including the Memorandum and Articles of Association and the application form, personal information about the directors and shareholders, proof of address, and more.
  • The process to register company in Norway can be carried out remotely and you will not be required to travel to Norway during the registration process.

Step 6: Post-registration

  • Upon successful registration of your company, Tetra Consultants proceed to send you the incorporation documents, which you will need to conduct your business activities, to your preferred location.

Step 7: Opening a corporate bank account

  • Opening a bank account in Norway as a non-resident may be cumbersome and therefore, our team of experts at Tetra Consultants will help you open your account with the best bank in Norway for foreigners.
  • We will leverage our extensive banking network to help you set up a corporate bank account for your newly incorporated firm.

Step 8: Tax Registration

  • Tetra Consultants will help you in registering for tax with the Norwegian Tax Administration to obtain the Tax Identification Number (TIN).
  • The Norway tax number format differs for different types of TINs which are National identity numbers, D-numbers, and Legal Entities.

Step 9: Compliant with the laws

  • Even after the registration process is completed, Tetra Consultants will continue to ensure your compliance with the government policies by filing annual tax returns and preparing your financial statements on time.

Types of companies in Norway

Norway’s government offers foreign investors several options on the different types of business entities to choose from when registering a company in Norway. Tetra Consultants will advise you on the steps required to register a company in Norway with the Ministry of Trade and Industry.

Additionally, corporate entities with an annual net operating revenue exceeding NOK 6 million are also subjected to a compulsory annual statutory audit, usually conducted at the end of each fiscal year. These regular and timely reviews ensure business integrity, keeping corruption rates low.

Limited Liability Company

  • A limited liability company is a private limited company regarded as a separate legal entity by the Norwegian government. Business owners are not personally liable or responsible for the company’s debts and liabilities.
  • A Limited Liability Company is often the common choice amongst foreign investors setting up a business entity in Norway as liability is limited to share capital.
  • In Norway, Private Limited Liability Companies are termed as Aksjeselskap (AS).
  • In order to start Aksjeselkap, the following requirements must be met before private business registration is completed:
    • Norwegian resident manager
    • Locally registered business address
    • At least two Directors, one of whom must be a Norwegian or European citizen
    • At least one shareholder of any nationality
    • Minimum paid-up capital of NOK 30,000 (approximately US $3,600)

Public Limited Company (ASA)

  • The Norwegian Public Limited is commonly known as Allmennaksjeselskap (A.S.A). Norway’s Register of business enterprises enables and authorizes an ASA to issue shares and securities to the public.
  • In order to set up such a business entity, the following requirements must be met:
    • At least one shareholder of any nationality
    • At least three directors, two of whom must be Norway residents
    • Minimum paid-up capital requirements of NOK 1,000,000 (approximately USD $120,000)
    • Appoint a statutory auditor

Branch Office

  • This form of legal entity is a viable option when foreign companies wish to expand their business in Norway. International business owners can establish an extension of the parent company by setting up such a business entity in Norway. The purpose of a Branch is to facilitate operation and revenue generation in Norway on behalf of the foreign parent business entity. A Norwegian Branch Office is run by a local management team.
  • The parent company will be completely liable for all the debt obligations of the branch office.
  • In order to set up this type of legal entity, the following requirements must be met:
    • Norwegian resident manager required
    • One shareholder of any nationality
    • Locally registered business address
    • No minimum share capital required
    • The Branch Office does not have to have a separate Board of Directors from the parent company

Types of business activities in Norway

The Norwegian business sectors mainly revolve around the Service, Petroleum, hydropower, and shipping industries. However, in recent years, the Norwegian government seeks to digitalise its economy by encouraging the establishment of a FinTech friendly business environment. The government’s goal to shift the country’s reliance on the oil and gas industry facilitates Norway’s growth as an emerging FinTech hub.

Norway company registration

  • The oil and gas industry serves as a primary contributor to Norway’s Gross Domestic Product. In accordance with The World Factbook, Norway is the World’s 14th largest oil exporter. As such the Petroleum industry has contributed heavily to the nation’s economic growth, financing the Norwegian welfare state.
  • The Norwegian oil and gas business industry accounts for up to 70% of the country’s exports. Recently, due to an increment in the development and utilisation of renewable energy, there has been an overall downward trend in the global demand for the traditional oil and gas sector.
  • Hence, the Norwegian government is divesting from the oil and gas industry to other industries to prepare for a smooth transition into the post-oil world.
  • In tandem with the nation’s efforts to diversify away from the traditional petroleum business sector, there has been a greater emphasis on renewable energy sources. Hydro-power plays a crucial part in fuelling the country’s economic growth. Additionally, Hydro-power accounts for the bulk of Norway’s total power production. The nation exports renewable hydropower to several countries through subsea high voltage cables, opening up export business opportunities to foreign investors.
  • With approximately 78% of Norway’s work population under the service sector, the service sector generates the largest amount of employment opportunities for Norwegians. Norway’s supply and service business sector is the 2nd largest contributor to the country’s Gross Domestic Product, with a total turnover of NOK 304 billion.
  • Accompanied by an increase in interest in recent years, FinTech has been heavily discussed in Norway in light of an increment in the demand for global digital connectivity. Norway has an extensive and leading digital infrastructure which sets out as an ideal foundation for the nation’s Fintech businesses.
  • According to the Global Connectivity Index, Norway ranked 8th out of 79 countries. Norway’s favourable and exemplary ranking can be attributed to its exceptional ICT investment, maturity, and digital economic performance.
  • The Norwegian government is implementing new measures to improve the start-up environment within the nation. Innovation Norway is one of the governmental efforts emplaced to create a conducive start-up environment in the country.
  • With the primary objective to aid businesses in establishing an exclusive competitive advantage, Innovation Norway provides grants ranging from 50,000 Kr to 100,000 Kr. In addition to the grants provided, Innovation Norway offers networking services as well.

Pros and cons of choosing to register company in Norway

The Norway government highly values foreign direct investments and has provided foreign investors with a business-friendly environment accompanied by established transport systems in Norway. The nation lays out numerous attractive benefits to facilitate and ease the integration of international business owners into the country’s economy.

Tetra Consultants will address any queries you have at any point in time during the process to register company in Norway. Additionally, we adopt a PESTLE framework to help you comprehensively analyse the feasibility and practicality of setting up a business in Norway.

Political

  • Norway maintains a stable and commendable political relationship with its neighbouring countries. With the help of the nation’s European Free Trade Association Membership, it has opened up a wide array of business opportunities for Norway due to high market exposure across multiple countries in the region.
  • Norway establishes global diplomacy relationships with several nations and is a member of the United Nations and World Trade Organisation (WTO). Furthermore, the nation’s healthy diplomatic relations led to Free Trade Agreements, facilitating Norwegian business access to international markets and hence opening up numerous business opportunities.

Economic

  • With reference to the Global Competitiveness Report published by the World Economic Forum, Norway ranked 17th out of 141 countries listed. Norway’s outstanding performance on the Global Competitiveness Index illustrates the country’s high productivity in utilising its available resources to ensure sustainable economic prosperity.
  • Corporate entities in Norway are subjected to a relatively low Corporate Income Tax (CIT) of 22%. Norway’s CIT is relatively low in comparison to the Worldwide Average Statutory Corporate Income Tax Rate of approximately 24%, measured across 176 jurisdictions.

Social

  • According to the EF English Proficiency Index, Norway is highly proficient in English. Norway ranked 3rd out of the 100 countries listed under the EF English Proficiency Index. Despite the nation’s remarkable performance on the EP English Proficiency Index, Norwegian is the official language in Norway. If required, Tetra Consultants will arrange for translation services conducted by a certified translator.
  • According to the United Nations, Norway ranked 1st out of 189 countries under the Human Development Index. Norway’s outstanding results under the HDI illustrate the country’s ease of access to knowledge and a high standard of living, making it an ideal place to live in.
  • Norway has a population size of approximately 5.3 million, with a labor participation rate of 70%. As such, foreign investors will gain access to a sizeable labor population. However, it is necessary to understand that a large proportion of Norway’s work population falls under the Services Sector.

Technological

  • Due to an increment in global interest and development of renewable technology, the Norwegian government aims to diversify Norway’s economy and reliance on the oil industry. Divesting efforts away from the oil industry freed up investment funds which led to technological innovation renaissance in Norway. Foreign investors can leverage the government’s recent empowerment of global tech-start-ups to establish a vibrant international start-up ecosystem in Norway.
  • Norway’s Ministry of Finance recently launched a regulatory sandbox in hopes to assist the nation’s FinTech business sector to compete effectively against those located in other Nordic countries. A regulatory sandbox will encourage the growth of Norwegian FinTechs, facilitating the adoption of their products and services. Not to mention, FinTech companies can test ideas without the need to enter a costly and time-consuming authorisation process.
  • Norway has been steadily building up its FinTech ecosystem and the nation is home to several FinTech Innovation Hubs such as Finance Innovation and the Oslo FinTech Hub. These FinTech hubs are committed to unifying FinTech start-ups and innovators with a joint objective to help start-ups succeed. As such, foreign investors will be provided with business opportunities to integrate seamlessly and grow nationally in the FinTech business sector.

Legal

  • According to the latest annual ratings issued by the World Bank, Norway is ranked 9th worldwide in terms of the jurisdiction’s ease of doing business. The nation’s high ease of doing business ranking exhibits Norway’s conducive regulatory environment for business activities.
  • Norway’s Free Trade Agreements with several countries through its European Free Trade Association Free Trade Agreements grant corporate entities in Norway access to foreign markets, facilitating the increase in trade volume with partner countries. The expansion of Norwegian trade volume creates business opportunities for foreign investors.
  • The Norwegian government introduced the SkatteFUNN R&D tax incentive scheme in hopes to provide a conducive and productive environment for research and development in the trade industry. Corporate entities can apply for a possible deduction from the corporate tax payable as long as research and development costs incurred can be attributed to the future revenue of the company.

Environmental

  • Norway ranked 9th out of the 180 countries assessed on the Environmental Performance Index (EPI). The nation’s exemplary ranking highlights Norway’s proficiency in addressing the environmental challenges that it faces. There is a sufficient understanding of the detriments of environmental progress in Norway.
  • Oslo, Norway was awarded the title of European Green Capital by the European Commission recently in commemoration of the country’s successful green urban development. Norway demonstrated impressive efforts in preserving nature and improving the environment amidst economic expansion.
  • Norway places heavy emphasis on the production and adoption of renewable energy. The nation takes pride in its achievements, with 98% of the country’s production of electricity originating from renewable energy sources such as hydropower. As such, environmental protection efforts carried out by the government illustrate the country’s deep understanding of a need to balance the nation’s industrial growth and environmental well-being.

Norway startup visa

How to get residence permit in Norway?

To get a residence permit in Norway and apply for different visas, you can follow the simple steps below:

Step 1: Check if you require a visa

  • Firstly, all individuals who are non-EU/EEA citizens and wish to travel to Norway and conduct business there need to have a Resident Permit.

Step 2: Choose the most suitable type of visa

  • There are different types of visas and work permits available for you which depends on the purpose of travel, the time period, and more. Our team of experts at Tetra Consultants will learn more about your business needs and advise you on the most suitable type of visa for you.

Step 3: Check for requirements

  • Before applying for any visa, you need to meet certain requirements. Tetra Consultants will inform you about these requirements and help you in meeting them.

Step 4: Apply for a visa

  • Once we receive all the due diligence documents including your passport, photographs, and flight tickets, our team of experts will proceed with the application to the Norwegian Directorate of Immigration (UDI) on your behalf.

The following are the different types of visas available for you:

Norway Work Visa:

  • This work visa is required by employees and entrepreneurs needing to travel to Norway for work purposes.
  • In order to obtain this visa, you need to meet the following requirements:
    • Completed vocational training of at least three years, received a degree from a college, or have “special qualifications” as a result of long work experience
    • A valid passport and visa application form
    • Proof of full-time job offer from a Norwegian employer
    • Proof of residence in Norway

Norway Self-employment Visa:

  • This self-employment visa is required by an individual wishing to start their business in Norway.
  • To obtain this visa, you need to meet the following requirements:
    • Completed vocational training of at least three years, received a degree from a college, or have “special qualifications” as a result of long work experience
    • A detailed business plan
    • Business must generate a profit of at least 246,246 NOK (approximately US $27,000)
    • Business permit or license from respective authorities
    • A valid passport and visa application form

Norway Investor Visa:

  • This investor visa is required by an individual who wishes to invest in these Norwegian markets.
  • This type of visa is issued to attract foreign investment in the country.
  • The Norway investor visa requirements include:
    • Minimum amount of 1,000,000 NOK (approximately US $122,000) for initial investment
    • Proof of adequate funds to cover expenses in the country
    • Invest in sectors including Information Technology, Oil & Gas, and Green Energy
    • A valid passport and visa application form

C- Visa:

  • This C-visa is also a short stay visa which is required by an individual who is looking to transit through Norway or staying in the Schengen Area for up to 90 days in a 180-day period.
  • For this type of visa, the requirements that need to be met include:
    • A valid passport and visa application form
    • Travel insurance
    • Proof of adequate funds to cover expenses when living in the country

D- Visa:

  • This D-visa is required by the immediate family members of an individual who is applying for family immigration (family visa).
  • For this type of visa, you need to meet the following requirements:
    • Cover letter from the Application Portal in Norway
    • A valid passport and visa application form
    • Proof of relationship with the individual in Norway
    • Proof of adequate funds to cover expenses when living in the country
  • This D-visa is also required by skilled foreign workers who have received an offer of employment in Norway (entry visa) and are waiting on the previous application for a work visa.
  • For this type of visa, you need to meet the following requirements:
    • Cover letter from the Application Portal in Norway
    • A valid passport and visa application
    • Travel insurance
  • This visa can also issue to individuals who do not meet the above criteria, depending on a case-by-case basis.

Accounting and Tax Obligations

  • However, selected business entities under the financial sector are subjected to a 25% Corporate Tax Rate.
  • It is compulsory for a public limited company and a branch office to submit their audited financial statements to the Norway Tax Authorities.

Contact us to find out more about how to register company in Norway. Our team of experts will revert within the next 24 hours.

FAQ:

Can a foreigner register a company in Norway?

  • Yes, foreigners can register a company in Norway and have complete ownership of their business.

How do I set up an LLC in Norway?

    For starting your own limited company, you need to follow these steps to complete registering:
  • Obtain a national ID number (D-number) by applying to the Brønnøysund Register Centre.
  • Open a share capital account and deposit a minimum paid-up capital of NOK 30,000 and get a receipt of the same.
  • You must ensure that you meet the following requirements for starting a private company:
    • Local business address
    • Resident manager
    • Minimum two directors, with at least one local
    • Minimum one shareholder of any nationality
  • Reserve your preferred company name with the Norway trade register.
  • Prepare and submit the relevant documents, including the Memorandum and Articles of association, required for incorporation.
  • Open a corporate bank account.
  • Register your business for tax with the Norwegian Tax Authorities and obtain the tax identification number.
  • Throughout this registration process, you will be required to pay the government fees. The costs of incorporating private limited company depend on the services you require from us at Tetra Consultants. This total fee includes a one-time fee of NOK 5570 to be paid to the Register of Business Enterprise and any additional administrative fees.
  • You may also wonder how long to set up a limited company. With Tetra Consultants, this incorporation process will be hassle-free and completed within a period of 10 weeks.

Is it easy to start a business in Norway?

  • Yes, it is relatively easy to start a business in Norway. Norway has a rank of 25th out of 189 countries in terms of the ease of starting a business. Besides this, the business-friendly policies of the government allow easier conducting of the business. In fact, Norway has a rank of 9th out of 189 in terms of ease of doing business.

Can foreigners buy property in Norway?

  • Yes, foreigners can buy property in Norway. There is no property tax levied on these individuals. However, a 2.5% transfer tax is levied on each sale.

How to be a Norwegian citizen?

  • In order to be a Norwegian citizen, you must have lived in the country for at least seven years out of the past ten years on a valid work permit or visa. Another requirement to be a citizen is to be fluent in the local language of Norwegian.

What is an EEA company?

  • An EEA (European Economic Area) company is a company that abides by the First Company Law Directive. It is not determined by the geographical location of the company in an EEA country.

How much is VAT in Norway?

  • Companies in Norway must register for VAT if their annual turnover exceeds NOK 50,000. The standard VAT rate in Norway is presently 25%, which applies to most goods and services. The reduced VAT rate of 15% is levied on food products and beverages, the VAT rate of 5% is levied on cultural and sporting activities and transport services, and the VAT rate of 4% is levied on the supply of fish.

What business can I start in Norway?

  • There are multiple business opportunities to choose from when starting a business in Norway. One such opportunity includes starting a business in the FinTech industry. The government has imposed policies to create a better and stronger FinTech ecosystem within the country. With the implementation of a regulatory sandbox, there will be an increase in growth and investment in this sector. Moreover, the authorisation process will be inexpensive and less time-consuming.

What is the Norwegian business culture?

  • In Norway, businesses usually have a flat structure leading to a little hierarchy. With the involvement of employees in the decision-making process, the Norwegian business culture encourages openness and cooperation. There is trust amongst the people and employees are empowered to improve themselves and to strive for greater accomplishments. With willing employees and complete equality, businesses flourish further in this country.

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