Every business established in the Nordics must have a board of directors. Depending on the country, one or two company directors must reside in the European Economic Area. However, the best option is to have a local representative.
If you are not ready to invest in a full-time board member or simply don’t know anyone suitable, Nordic GEM can provide fiduciary services to ensure your business complies with local regulations in any of the Nordic countries.
Residency requirements for board members
All Nordic countries have specific residency requirements for board members. In Denmark and Norway, only one director is required, and that person can reside in any country within the European Economic Area (EEA). If a director resides outside the EEA, an additional director from an EEA country is required.
Finland and Sweden have a minimum requirement of two company directors. Both of them must reside in an EEA jurisdiction. If there are directors from outside the EEA, additional EEA-resident directors are required. Furthermore, in Sweden, if all directors reside outside the country, the company must appoint a process agent who is resident in Sweden.
Bringing your board of directors into compliance with the local rules will enable you to set and run your LLC in the Nordics.
Compliance of your LLC with Nordic laws and regulations
Having an experienced local director who knows the local rules and regulations is a significant advantage for any company, and this is true for all Nordic jurisdictions.
This is particularly important when operating in Denmark and Norway, where many aspects of annual compliance depend on at least one director having local electronic identification to perform the necessary filings and procedures. Unless foreign-based directors are familiar with doing business in the Nordics and speak the local language, a local director is strongly recommended.
How Nordic GEM can help you staff your Nordic board of directors
- Nordic GEM provides local representation on the board of directors or similar positions through experienced professionals
- Nordic GEM provides a resident process agent for your entity, allowing us to act as the recipient for service of legal documents related to communications from local authorities, courts, and arbitration proceedings.
Please contact us if you have any questions regarding directorships and any other fiduciary services in the Nordics!
