What To Know When Starting A Business In Norway

Norway is a small country with a population that is around five million people. However, as small as it is, Norway boasts a thriving economy, standing tall among the leading economic countries of the world. In fact, Norway is one of the best countries to invest in a business idea, as it is a leader in technology, communications, maritime, energy, and many crucial industries for global development. If you want to know all about Norway and what it offers, you can check with Norskeanmeldelser. 

If you are opening a business in Norway, you have an 80% chance of success. Not only is the government supportive of start-ups, but the environment is also fertile soil for the development of new ideas. Check with Finansavisen for information on the business climate of Norway. Doing this will help you to plan extensively and effectively on how to invest in Norway successfully.

What corporate entities does Norway support?

In Norway, there are three major types of corporate entities. These corporate entities are sole proprietorship, private limited liability companies, and Norwegian-registered Foreign Enterprises. If you are only looking to expand your business into Norway, you might want to consider opening a Norwegian-registered foreign enterprises corporate business. The private limited liability structure is for Norway people who want to open the business together as partners. This structure requires partners to invest a minimum deposit before the company can begin its operation in Norway. You have to register your business before you begin any transaction with the Register of Business Enterprises in Norway.

What are the requirements for starting a business in Norway?

The first thing to note is that you can only start a business when you have come of age when you are 18 years and above. Also, if you are going for the private limited liability company structure, you will have to deposit a fixed capital amount of 30,000 Krone into a corporate bank account. You do not need to do this if you are utilising the sole proprietorship structure.

As a foreigner in Norway, you will need to use your registration card to open a business. Can register your business online or visit their office in Norway. When you register online, you will be charged a lower than the standard fee of 6797 Krone.

What are the documents you need to open a business in Norway?

The documents you will require to open your business will depend on the corporate entity structure you are utilising. The requirements for the private limited liability company structure and the Norwegian-registered foreign enterprises’ structure are almost similar. If you are going for the sole proprietorship structure, you do not need to complete much detail.

All you need to do is to submit the name of the company, what the company will do, and the name of the owner. After you have done this, you will sign for the authenticity of these pieces of information electronically. It does not take up to two weeks to thoroughly verify you and complete the process. You will receive an email that will permit you to begin your business. 

On the other hand, the private limited liability company structure will require much detail. The documents you will need to submit are:

1.  Articles of association

2.  Memorandum of association

3.  Bank draft or receipt that proves that you have paid the 30,000 Krone into a corporate bank’s account

4.  Minutes of a board meeting

5.  Auditor’s declaration of acceptance of the assignment.

There are also several legal requirements that you need to meet for the business and your employees if you have them. Norway is an excellent place to invest, and once you have completed all the requirements, you can have a field day with success.