Interesting facts about Norway in 2023?
- Norwegians rejected EU membership twice in referendums, but the country have implemented more EU directives than any of the actual EU member states;
- Norway is the world’s second-largest natural gas exporter;
- Norway saves state revenue from the petroleum sector in the world’s second largest sovereign wealth fund, valued at over $700 billion in January 2013 and uses the fund’s return to help finance public expenses;
- Grocery stores are not allowed to be open on Sundays, but gas stations and kiosks can (and they sell groceries);
- Norway was one of the first countries to establish a Ministry for the Environment (1972);
- Hydropower accounts for 99 per cent of the electricity generated in Norway;
- In Norway, wine and liquor is only sold in a monopoly store called “Vinmonopolet”, which translates to “The Wine Monopoly”;
- The Nobel Peace Prize is awarded in Oslo, Norway’s capital, every year;
- In Norway, education is free, even college and university education;
- In Norway, speeding fines are often more serious than if a person is caught with drugs;
- Before starting a new enterprise, an entrepreneur should draft a business plan. There is no obligation to produce such business plan, but in-depth work at this stage will increase the likelihood of the project turning out well, and will provide a better overview of the real risks in the business concept.
Frequently asked questions
How difficult is it to open a corporate bank account for a Norwegian company?It is very easy to open a corporate bank account with an internationally recognized bank in Norway.
Am I required to visit Norway to incorporate a company there?No. Healy Consultants can legally incorporate your Norway company without you needing to travel.
What is the minimum number of directors required for a Norwegian company?The minimum number of directors depends on the size, type and share capital of your company. As a general rule, a Norwegian company must have at least three directors. A private limited liability company with a share capital of less than NOK 3 million (US$557,973) may have less than three directors. If the company has a corporate assembly, the board must have at least five directors.
Is a resident director required?At least half of the directors must be resident in Norway, EU, or EEA.
Are shareholder/director details available for public viewing?Yes. A register of directors and shareholders is available for public viewing.
Is a Norwegian company required to submit an annual return and/or financial statements?A Norwegian company is obliged to submit an annual tax returns and audited financial statements.
How much tax does a Norwegian company pay?The corporate tax rate in Norway is 28%.
Does a Norwegian company need to register for VAT?A Norwegian company is required to register for VAT, the standard rate is 23%.