Ranked amongst the easiest countries in the world for doing business, Norway is a modern and stable market offering attractive opportunities for global investors. With vast natural resources, accumulated wealth and a healthy economy, it’s also one of the richest countries, boasting an envious standard of living backed by one of the highest GDPs per capita in the world. The outlook certainly remains bright for Norway.
- Stable, modern and efficient economy
- Wealthy market with high GDP per capita
- Easy to do business and low levels of corruption
- Developing sectors (e.g. power generation)
Its economy is dominated by the offshore oil and gas sector, while other priority and developing sectors include shipping, hydropower, seafood, timber, metals, telecommunications and healthcare.
Norway is not a member of the European Union but is a member of the European Economic Area and acknowledges the same trade practices as the EU.
Setting up a business in Norway
TMF Group is your trusted partner to help you to set up a new business in Norway.
Corporate secretarial services: We manage the legal set-up of new operations and then help you stay compliant, manage your risk and stay on the right side of Norwegian regulators and filing requirements.
Ready-made shelf companies: We can provide you with a ready-made company that will make your expansion into Norway faster and easier. Our set-up includes a registered address, registration with Norway’s authorities, a bank address and the establishment of company’s management board.
Accounting and tax: We take care of Norwegian tax registrations, bookkeeping, consolidation, and statutory accounts preparation and filing. We can also prepare corporate management reporting as required by Norwegian or international accounting standards.
HR and payroll: We provide services for companies of any size by applying and implementing international and/or local policies in employment contracts and handbooks, and paying your staff in compliance with local law.
Once registered, we can offer you a flexible and tailored solution to assist you with local back office operations, ongoing accounting, tax, payroll and statutory compliance and filing obligations, as well as your management reporting requirements.
The most common types of business entities when entering the Norwegian market are:
- Limited Liability Company (Aksjeselskap, AS / public: Allmennaksjeselskap, ASA)
- Joint Stock Company (Aksjeselskap, AS / public: Allmennaksjeselskap, ASA)
- Branch office (Norskregistrert utenlandsk foretak, NUF)
- Limited Partnership (Kommandittselskap, KS)
- Registered Partnership (Ansvarlig selskap ANS, ANS/Delt Ansvar DA)
Several legal documents are required in order to form a company, such as a trading licence, a registered office, a bank account, and several documents related to the shareholders and the company executives or representatives.
Subsequently, the newly incorporated company needs to register with the tax office and, in the case that it has employees, with the social and health insurance bodies as well.
Are you planning to expand into Norway? Make an enquiry!