12 steps to incorporating in Norway in 2021
Incorporating a business in Norway is simple, and in 2019 the Scandinavian country was ranked the world’s 9th easiest place to do business. Healy Consultants takes a transparent and professional approach to Norway company incorporation. As such, the process typically takes around five weeks to complete, with the steps as follows:
- Before Healy Consultants Group PLC proceeds with company incorporation, our Client settles our engagement fees and signs our standard engagement letter. Healy Consultants provides our Client with a detailed Engagement Project Plan, outlining expected procedures, and Norway incorporation timelines. This helps minimise any unexpected surprises, or inconvenience, to our Client;
- Healy Consultants Group PLC collects the required due diligence from our Client, including passport copies, proof of address, and details of the company’s intended activities;
- Prior to incorporating the company in Norway, our Client and Healy Consultants agree the company name and the optimum corporate structure, including shareholders and directors. Check the availability of your preferred company name here;
- Healy Consultants Group PLC assists our Client to open a local capital account within four weeks. Once the account is set up, our Client is required to pay the minimum paid-up capital of NOK30,000 (€3,100). Thereafter, our Client will provide Healy Consultants Group PLC with a proof of payment or bank statement showing the same;
- Healy Consultants Group PLC will assist our Client to secure a local D-number from the Norwegian Tax Administration. This process will take approximately four weeks;
- Healy Consultants Group PLC provides our Client the KYC documents of our local nominee director. Once the Client agrees to proceed with this step, Healy Consultants Group PLC will prepare a nominee director agreement for signature;
- Healy Consultants Group PLC prepares Norway corporate documents for our Client’s signature. Once signed, our incorporation team submits the corporate documents, along with proof of payment of minimum capital, to the Norwegian Register of Business Enterprises;
- Approximately one week later, the Register of Business Enterprises issues a Certificate of Registration, along with a business enterprise organisation number. Copies of these documents are scanned and e-mailed to our Client;
- Following Norway company set up, Healy Consultants Group PLC provides our company with a complete company kit including i) original Certificate of Incorporation ii) a bound copy of Norway government-approved Articles of Association iii) original share certificates iv) an original Norway government receipt as evidence of payment of annual Norway incorporation and licence fees and v) a company incorporation services feedback survey for our Client to complete;
- To support Norway company setup, Healy Consultants’ Banking Team completes corporate bank account opening for our Client. The account includes world-class multi-currency internet banking facilities;
- To support company, Healy Consultants Group PLC provides our Client with a local business address in Norway for invoicing purposes, together with telephone, fax, and email support, where required. If needed, Healy Consultants assists our Client to locate business premises in Norway and recruit local staff;
- After Norway business incorporation, Healy Consultants Group PLC assists our Client to obtain corporate finance, trade finance, and to open merchant accounts.
Frequently asked questions
What are the documents required to incorporate a company in Norway?To incorporate a Norway company, the Norwegian companies request several documents including from individual shareholders and directors i) copy of their passport ii) proof of address iii) an extract of judicial record iv) evidence of funds available to inject the company’s share capital and v) evidence of qualifications (if applicable). Corporate shareholders are required to provide i) a copy of their M&AA ii) a company printout (or equivalent document) and iii) a Board resolution authorizing the establishment of a Norwegian subsidiary. Healy Consultants will also request from our Clients due diligence information and a Power of Attorney (PoA) to assist them with incorporation procedures of their company in Norway.
How much time does it take to incorporate a Norway company?A Norway company can be incorporated within five weeks. Corporate banking opening and ibanking services approval will usually take an additional seven weeks.
Is it mandatory for a Norway business to register for Value Added Tax (VAT)?No, only businesses with over €5,500 (NOK50,000) are required to register for VAT. However, Healy Consultants usually recommends our Clients to proceed with voluntary registration, as unregistered businesses are not allowed to claim for input VAT refund.