Legal and compliance in 2021
- According to the Companies code, a Norway company must have at least one director and one shareholder of any nationality. One of the director must be resident of Norway or of the European Union;
- The company share capital must be deposited in the company temporary corporate bank account prior starting the incorporation; The minimum share capital is NOK30,000 (€3,100) for a private limited liability company and NOK1,000,000 (€10,325) for a public limited liability company. The company cannot be registered until all the shares have been paid and all of the shares must have the same value;
- The Memorandum of Association is a contract between the shareholders and comprises i) company activities ii) registered office address iii) shareholder and director details iv) share capital v) profit distribution method;
- Norway companies are must lodge annual return and tax return. An annual audit is required for all large companies;
- A private Norway company is required to maintain a local registered address;
- Each time a change occurs in the Memorandum of Association of the company or to its officers, the change must be lodged with the Norway companies registry;
- Company information such as capital structure, directorship and shareholder details are publicly available;
- The process of deregistering a company is dictated by the Government. This process will take a minimum of 6 months. Healy Consultants fee to project manage company de-registration is US$1,450. During this 6 months period it is mandatory to maintain a resident company secretary and a legal registered office;
- It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.
Recruitment in Norway
- Recruitment of foreign labour requires the employer to justify the hiring of the foreign worker in place of European Union national. The foreign employee is expected to have professional and educational qualifications relevant to the position.