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Company Formation in Norway

Overview :

Norway has a predictable business climate, high productivity rates and an open economy with good access to major markets. Oil, gas and seafood are important exports, and the availability of hydropower resources has enabled Norway to develop a significant process industry. Our longstanding experience of oil and gas production has made Norway a technological leader in the field, and more recently we have also developed a dynamic ICT industry.


Advantages
  •  Technologically advanced through considerable investment in education, research and development and innovation.
  • Stable and Transparent Political Framework that ensures a predictable and transparent business environment with minimal corruption, respected judicial system and a well-functioning market.
  • High Purchasing Power due to a strong economy, a high standard of living and a favourable exchange rate, make Norway an attractive export market.
  • Responsible Resource Management of substantial oil and gas reserves, attained through fiscally responsible spending and investment of government surpluses via the Government Pension Fund, the country’s sovereign wealth fund. Prudent financial regulations ensure a robust financial and banking system.
  • Technological Advanced Environmental Solutions supported by a growing environmental industry.
Tax Regime
  •  Corporate income tax is 28%
  • For resident individuals, all worldwide income derived from investments and    capital gains are treated as ordinary income with a tax rate of 28%.
  • A foreigner who has a temporary stay in Norway can claim a standard deduction in his/her gross salary. The deduction is made in accordance with national rates.
  • Norway has entered into various DTAAs.
Types of entities

Sole Proprietorship :

The sole proprietorship is a type of organization where a single and real person is responsible for the business. As indicated by the term identifying the type of business, such a company will have just one owner. In such a company you have extensive financial freedom. You are, however, also financially responsible for all debts and obligations incurred by the company.


Unlimited Liability Company :

In a company with unlimited liability there are two or more owners, often referred to as companions (partners). In such a company the owners have a personal responsibility for the overall liability of the company, in full or in part, however, in a way that collectively covers the debt of the company.


Business with Limited Liability :

Limited liability companies – identified by AS – or public limited liability companies – identified by ASA – are enterprises where none of the participants are personally liable for the company’s obligations. In a limited liability company, none of the owners is responsible for more than the sum paid as share capital.


Cooperatives/Part Ownership (BA) :

This type of company is used when the purpose is either to promote the owners’ interests as consumers or professionals or to employ the owners. The company is established by an initial assembly where the founders decide on company articles and elect members of the board and an auditor. To register the company as a BA, the company articles must state that the partners, in addition to owning the company, intend to use it – known as the principle of correspondence between owner and company.


Other types of enterprises:

Associations and Societies: There are types of organizations which are not regulated by specific acts, but nonetheless, are subjected to certain rules and conditions. Such organizations may be societies, associations and for instance charity organizations (often referred to as NGOs – non-governmental organizations).


Time Period

It usually takes 7 days to set up a business in Norway.