Setting up an LLC (AS) in Norway as a foreigner may be complicated. Corporate taxation, documents processing and legal compliance are not always exactly straightforward. In this article we will walk you through the process of opening a business in Norway. Let’s take a closer look at it.
The process of company registration in Norway
Registering LLC includes the following stages:
- Preparation for setting up a company
- Company registration
- Post-registrational steps
We will now address them one by one as well as cover additional aspects of establishing and successfully managing your business in Norway towards the end of the article.
Preparation for setting up a company in Norway
Here is a checklist of the steps you need to complete before you can register a company in Norway.
- Ensure you have a minimum share capital
- Appoint a Director
- Register office address
- Set a bank account
- File your company formation documents and pay the share capital.
Let’s address every step in more detail:
Share capital and shareholders
To register a Norwegian LLC (Limited Liability Company), you are required to contribute a minimum amount of initial share capital, which is set at NOK 30,000. Ultimate decision-making power rests with the shareholder(s) and is exercised through the Annual General Meeting of Shareholders. It’s shareholders who appoint and dismiss Directors.
Directors
To initiate company registration in Norway, you need to appoint at least one Director and a member of the Board. Directors can be of any nationality and reside anywhere in the world but at least one Director must reside in an EEA country. Nominee Directors are not permitted. Managing Director/CEO is optional but must be an EEA resident. Nordic GEM can provide experienced Directors resident in Norway.
Registered office address
Opening a company in Norway requires a legal address. Nordic GEM can simplify the process of office address registering for you. We will make sure that your business’s official address is properly recorded and in compliance with local regulations. Besides meeting the legal requirements we will take care of the branding aspect providing the credible address at our trusted business premises.
Bank account
Starting a business in Norway involves setting up a bank account. Dealing with a traditional Norwegian bank may be a challenging task for a foreign owned legal entity. If this is the case, you can choose to deposit the share capital into an escrow account and then open a bank account with a challenger bank such as Revolut or WorldFirst. Nordic GEM can assist you with opening a corporate account with a challenger bank.
Filing your company formation documents
The last step involves filing the form with the Brønnøysund Register Centre, submitting all the required documents and paying the share capital contribution.
Company formation
Once all preceding steps are finished, the company formation typically takes 2-4 weeks, beginning with the filing of incorporation documents with the Brønnøysund Register Centre.
Contact Nordic GEM and we will guide you through the whole process of setting up your LLC.
Read more in our Company Formation Guide
After the LLC is registered
Once your LLC is registered there are some crucial elements remaining before the company is fully compliant in Norway.
- The Director’s access to Altinn, an electronic authentication and signing tool
- Registrations with the Norwegian Tax Administration
- Registration of your corporate bank account with the Norwegian Tax Administration
The above part can get tricky without help. Nordic GEM can assist you all the way and provide practical solutions so you can go ahead with your business ventures in Norway.
Accounting
Managing ongoing accounting and annual filing of financial statements is mandatory in Norway. Providing these services from outside Norway is not practical and can be very challenging indeed. Nordic GEM collaborates with a chartered accounting partner in Norway who can assist you with these essential tasks.
Payroll
If you are going to hire a team in Norway, you can count on Nordic GEM to help you with the payroll.
Your partner for compliant company formation in Norway
Contact Nordic GEM to discover how we can assist your company through the whole process of setting up your LLC in Norway, making your business establishment possible.
