Norway is a thriving member of the global economy, driven mostly by gas and oil exports. Many believe that it will continue to be one of the richest countries for many years to come, in spite of the coronavirus outbreak. Norway is currently facing a milder recession than the rest of Europe. The economy suffered a contraction, but it seems that things are getting better. Starting a business amid the COVID-19 pandemic might sound counterintuitive. However, it’s the best thing you can do. You can serve customers in ways they’ve never been served before. If you’re seriously thinking about starting a business in Norway, please continue reading to find out what to do.
You don’t have to be a Norwegian citizen to start a company
The corporate law in Norway allows foreigners to start bedrift, so, in theory, just about anyone can sell their services or goods. If you would like to set up a company in Norway, make sure to check out the laws and regulations. For starters, you’ll need a Norwegian company address and a post box. Equally important is to obtain a Norwegian identification number, for which you can apply when registering your company. It will allow access to public services while you’re living here and prove your identity to public authorities. If you don’t receive a national identification number, you’ll most likely be assigned a D number.
You can start an AS or ENK
AS, which is the most common type of company in Norway, is the equivalent of the limited liability company. It’s available for individual and corporate clients alike, who have to contribute a minimum of NOK 30,000 (3, 100 euros). The company is responsible, so you’re not liable for its obligations to creditors. If you want to start firma, it’s imperative that more than half of the members of the board of directors are of Norwegian origin. Keep in mind that you must appoint a statutory auditor at the time of incorporation and submit annual financial statements.
Perhaps you’d like to start an ENK, which is a type of sole proprietorship. You don’t need any capital when starting out, which means that you’re personally liable for any financial obligations. The company is run by one person and, generally speaking, it doesn’t have any employees. If you’re, say, a translator or a writer, this is a great choice. Advantages include minimum requirements for auditing and low registration fees at the national government agency. It’s up to you to decide what’s best in your case.
You need to register your company with the Register of Business Enterprises
If you conduct business in Norway, it’s obligatory to file for VAT registration. The registrere firma process can be difficult, which is why it’s recommended to seek professional help. You have to make available details of the company, sign the documents electronically, and more. If you’re incorporated in another country and register in Norway as a foreign company, you’re exempt from the registration obligation provided your turnover doesn’t exceed NOK 50,000.