If you are planning to expand your business to the Nordics, you might need a local representative. You might not be ready to invest into a full-time Board member or simply don’t know anyone that is suitable. Nordic GEM can provide fiduciary services needed to keep your business compliant with local rules in any Nordic jurisdiction.
All Nordic countries have requirements regarding the residency of the Directors (Board members). In Denmark and Norway only one Director is required, and that person can reside in any country in the EEA (European Economic Area). If the Director is resident outside the EEA Directors from an EEA country are required.
Finland and Sweden have a minimum requirement of two Directors. Both Directors can reside in a EEA jurisdiction. If there are Directors from outside the EEA further EEA resident Directors are needed. Further, in Sweden the company must appoint a Process Agent resident in Sweden if all Directors are residing outside Sweden.
Having an experienced local Director who knows the local rules and regulations is a big advantage for any company, and this goes for all Nordic jurisdictions. However, it’s especially the case when operating a business in Denmark and Norway. A lot of elements of annual compliance in these two countries are dependant on at least one Director having local electronic identification to perform the necessary filings and procedures. Unless the foreign bases Directors are familiar with doing business in the Nordics and speak the local language – a local Director is strongly recommended.
NORDIC GEM:S PROPOSAL
- Providing local representation on the Board of Directors or similar positions through experienced professionals
- Providing resident Process Agent for your entity, allowing us to act as recipient for service of legal documents relating to communication by local authorities, courts, and/or arbitration proceedings
Please reach out if you have any questions regarding directorships and any other fiduciary services in the Nordics!