Norway Company Formation

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Norway

Company Formation and Related Services

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Buying a European shelf company with VAT number

Whenever you need to start doing business immediately in a European country and you need a company with a VAT number, you don’t have to wait for the bureaucratic procedures.

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Partner Law Firms

We encourage you to contact our partner law firms in Bucharest: Rolegal and E&C, both part of our legal network.

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Tax Minimization Structures

BridgeWest is specialized in special corporate structures designed for tax minimization. No matter where you want to incorporate your company, you will need to consider how you can legally minimize costs.

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Set up a Norwegian company

August 12, 2010, 3:28 pm
BridgeWest

Norway is considered a country with a highly developed, stable and evolving economy which offers several opportunities for both foreign and domestic business investors, providing a simple incorporation procedure.

The law provides few requirements in order to establish a Norwegian company and a great benefit can be seen in the low taxes that need to be paid. Thus, the procedure for setting up a Norwegian company is not complicated and can be accomplished in a short period of time.

Preliminary activities before registering a public and private limited company in Norway

There are certain activities that must be accomplished before registering the new business and thus needed to set up a Norwegian company. In the first instance, the entrepreneurs must open a bank account in which the share capital must be deposited. In this sense, there must be deposited as minimum share capital a sum of NOK 30,000 for a Private Limited Company and at least EUR 1,000,000 for a Public Limited Company. The bank institution will issue a deed that certifies the deposit, document which is needed in further proceedings. An outside auditor must be appointed in order to confirm the opening balance and the share capital deposit. The auditor will then issue the company's acceptance of the auditor appointment. This procedure is charged with a cost between NOK 3,000 and NOK 5,000.

Registering with the Register of Business Enterprises in Norway

The law provides that, in order to set up a Norwegian company, both types of companies must be registered with the Norwegian Company Registry. This action can be done via internet, as this step is a web-based procedure. This simplified procedure allows electronic signature of the registration form and the possibility to upload copies of articles of association, auditor statements and the certificate from the bank as attachments.

A company must register for VAT purpose when it has an annual turnover that exceeds NOK 50,000. However, the new incorporated company can apply for VAT purpose in certain situations provided by the law. This procedure can be done in the same manner, by the same online platform, and has the advantage of granting protection of the company name. The registration costs rise to NOK 5,666.

Registering for workers injury insurance in Norway

When the company has employees, there must be submitted an application to the administrative institution. The insurance must be valid since their first day of work. The application must contain the identification information of the company, as well as information of the employee. The employer has the right to choose the insurance company. No fees are charged for this step required to set up a Norwegian company.

Mandatory occupational pension plan for employees

The employer is obliged to arrange for a mandatory occupational pension plan for each employee of the company. This requirement is valid since 2006 and provides that the employer must pay a sum consisting in minimum 2% of the employee’s salary for this fund, but the fees can vary in accordance to the benefits and level of coverage assured by the pension plan.

Setting up a Norwegian company from abroad

Norway is considered an welcoming environment for foreign investors, as there are no restrictions or discrimination between national entrepreneurs and foreigners. The government encourages foreign investment in any domain, but mostly in low developed sectors. Any entrepreneur has the right to set up a Norwegian company, without being obliged to be a resident. However, in order to set up a company in Norway, a permanent Norwegian address is mandatory. When the entrepreneur is not carrying on business activities on Norway's territory, a Norwegian representative of the company must handle tax related issues.

How long does it take to found a Norwegian company?

A company in Norway can be set up in 7-8 working days: the depositing of the initial capital is finished in one day, one day is required for the balance analyzed by a certified auditor, registration with the Register of Business Enterprises is completed in no more than three day, due to the simpler electronic form, and the procedure required for companies with employee are accomplished in maximum three days.




Open Business in Norway
We guarantee a cost-efficient solution for full company setup, bank account and VAT registration
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