Shelf company/turnkey solutions for Norway in 2021
Norway business turnkey solutions services. There are a number of ways foreign entrepreneurs can conduct business in Norway to optimize profits. There are broadly two ways an investor can engage in business in Norway namely i) establishing a limited liability company from scratch and ii) buying of a shelf company/turnkey solution;
The name of the already approved corporate bank account is that of the existing ready-made company. To maintain the corporate bank account, the shelf company name cannot be changed. Consequently, our Client must use the existing name of the shelf company for their customers. The business activity of the company is allowed to change. If our Clients wishes to change the shelf company name, the bank will request a new corporate bank account opening application under the new company name;
Healy Consultants fees
Norway company turnkey solution is an already incorporated legal entity in Norway complete with i) a Hong Kong corporate bank account with internet banking ii) legal registered office iii) resident director iv) registered shares with the Norwegian Central Securities Depository. Provision of turnkey solutions in Norway costs an average of €21,710;
Hong Kong banks are strict and require a face to face meeting with a Client in order to give an approval for a corporate bank account. There is a 50% chance that the Client will travel to Hong Kong for this engagement. However, Healy Consultants Banking Team does everything necessary to reduce this probability and to ensure the Client is exempted from travel;
Subsequent to buying a shelf company in Norway, foreign entrepreneurs are advised to conduct a thorough background check on the company to ensure it has no debts, accounting and tax malpractice or any liabilities whatsoever before finalizing the acquisition.
Steps to purchase a shelf company in Norway.
|Healy Consultants Compliance Team receives the required corporate and personal due diligence information from our Client;||1|
|Our Client signs Healy Consultants engagement letter and returns the original to our Singapore Head Office. Our Client settles our fees;||1|
|Our Client confirms by email the planned corporate structure and e-mails the required due diligence.||1|
|Healy Consultants provides our Client i) a company name and number ii) a company office address and a Norwegian tax ID iii) a Hong Kong corporate bank account number and iv) a tax number. Our Client can inform customers and suppliers;||1|
|The Norwegian shelf company director’ signs the legal share allotment and legal share transfer;||1|
|The existing Norwegian shelf company director’s courier return the originals legal transfer documents to Healy Consultants Singapore office. Healy Consultants’ Company Secretary Team submits transfer documents to Norwegian Companies Registry for processing and immediately the Norwegian registry approves the Norway company change of company ownership application and emails Healy Consultants proof of the same. Healy Consultants then emails our Client i) the certificate of incorporation ii) the new M&AA with the new shareholders and directors;||2|
To change bank signatory, there is a 50% probability our Client must travel to meet the bank in Hong Kong. If the bank signatory is already a customer of the bank, then there is a 75% probability a travel exemption will be granted.
As always, Healy Consultants will aggressively negotiate a travel exemption for our Client, asking the bank to just perform a skype or phone conversation with the bank signatory. Depending on Client nationality, sometimes we are successful and our Client does not have to travel to Norway/Hong Kong.
If the new bank signatory must travel to Hong Kong, then our Client can do this when they are ready. Our Client will be picked up at the airport by Healy Consultants limo and chauffeured to their hotel. Healy Consultants’ Banking Team and our Client attends a meeting with the Hong Kong bank to appoint our Client as the new bank signatory and submit the corporate bank package containing:
|The bank approves the appointment of the new bank signatory and will courier new internet banking documents (login, password etc) to our Client. Healy Consultants is no longer a bank signature to this corporate bank account;||5|
Healy Consultants will courier the following to our Client:
|Our Client receives a courier from the bank comprising new internet banking information. The new bank signatory activates the internet banking.||6|
Frequently asked questions
What is a turnkey business in Norway?A turnkey business, also known as a Norway shelf company, is a company already registered with the Norway authorities. Healy Consultants turnkey solutions providers will only need to update i) the company name and ii) its shareholders and directors in Norway.
What is the main advantage of turnkey projects in Norway?Norway company turnkey solutions enables entrepreneurs to avoid red tape and time consuming procedures required to incorporate a new company. Delivery of complete turnkey solutions can indeed be done in 7 weeks (including bank account procedures), while the setup of an LLC takes an average of 3 months in Norway.
Does the shelf company provided by Healy Consultants come with a corporate bank account?Yes, the shelf company provided by Healy Consultants may come with a corporate bank account. Our Firm will assist our Client to appoint new bank signatories and apply for banking services. However, kindly note that Healy Consultants may also assist our Client to open a new corporate bank account with our Client’s favored banking group and then close the company’s initial bank account.