By Caitlyn Buchanan, 22.11.2019
One of the main reasons to open a company in Norway is to gain access to the European single market, as well as the EEA and Nordic markets. Having a Norwegian registered company can make it easier to get loans, contracts and permits in Norway. It may also be easier to handle tax matters and reporting if running a business through a Norwegian company.
Norway constantly ranks in the top 10 countries for ease of doing business which has made opening a company in Norway a popular choice for both local and overseas entities. The Norwegian government has a strong track record for promoting foreign investment, allowing the country to become a global leader across various sectors including maritime, energy, communications and tech. Due to a strong influx of foreign investment over the last decade, there is now an estimated 6,000 foreign-owned limited companies operating in Norway (as well as many additional branch offices). Foreign companies represent roughly 25% of all value-creation in Norway as well as providing roughly 20% of the employment.
Is Norway part of the EU?
No, Norway is not a member of the European Union. However, Norway is a member of the EEA (European Economic Area) and has full access to the EU single market through this agreement. Although Norway is not part of the EU, Norwegian companies can benefit from the same opportunities as companies registered in EU member states.
Why should I Open a Company in Norway with Euro Company Formations?
- Remote company set up
- Remote corporate bank account set up through a Norwegian D Number (personal identification number)
- Tax registration
- Registered office address in Norway
- Full company formation package in a little as 4 weeks
What are the Norwegian Company Types?
- Private Limited Company (AS)
A private limited company is the most popular structure for individuals and corporates who open a company in Norway. The main benefit of limited companies is that the shareholder’s liability is limited to their contribution to the capital.
- Public Limited Company (ASA)
Public ownership structures are commonly used for ventures that intend to trade on the stock exchange.
- Branch Office or Subsidiary
Forming Branch or Subsidiary may be an effective option for an existing company, however, it is important to understand the two and make the best decision.
A Branch Company is not its own legal entity and can only operate under the direct supervision of the parent company.
A Subsidiary Company is the preferred option for many corporations because it is a separate legal entity meaning that management decisions can be made autonomously. The appropriate company type is an AS company where the majority share capital is owned by the foreign company.
What are the Benefits of Opening a Company in Norway?
- Access to the EU single market
- A top 10 country for ease of doing business (ranked out of 180 countries)
- Preferred country for R&D due to close cooperation with 40 government-funded clusters
- Stable democratic political system supporting a competitive investment climate
- The second-highest GDP per-capita in Europe (after Luxembourg), and the sixth-highest GDP per-capita in the world
- One of the world’s largest exporters of oil and gas with world-class industries in technology, communications, hydro-energy, and marine resources.
- Ease of transport with more than 50 airports operating within the country
- Approximately 35,000 new businesses are registered in Norway each year
When expanding your business to a foreign country we strongly suggest using a licenced company formation agent who understands the location regulations.
Euro company formations are a leading European company formation agent. Our processes are streamlined to set up a company in the shortest possible timeframe with minimal stress. To learn more about our 100% remote setup option and expand your operations in Norway please Contact Us today or visit our Netherlands Company Formation page for more information.
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