Guide to Company Incorporation in Norway

1. What is the minimum share capital of a Norwegian AS (Private Limited Liability Company)?
The Private Limited Liability Company is the most common business type used in Norway, founded by one or more shareholders who must provide at least 100.000 NOK or approximately 12.800 EUR.

2. What is the minimum share capital for a Norwegian ASA (Joint Stock Company)?
The Norwegian Joint Stock Company is designated for larger business, and the required capital, divided into shares, should not be less than 1.000.000 NOK, or 127.800 EUR. The shares of a Norwegian Private Limited Company are registered and cannot be made public, or be freely transferred.

3. Are there any special requirements for establishing an AS in Norway?
In order to set up a Private Limited Liability Company in Norway, at least one shareholder must be appointed. An auditor must confirm the statement that the initial capital has been submitted. Another important aspect in setting up this company type is that at least 50% of the board must be resident in Norway, as well as the managing director, if they are not citizens of EEA member states. A Norwegian Limited Liability Company is supposed to have a registered office in Norway, and the process of incorporation may be carried out through a legal representative authorized through power of attorney. The presence of the founders in Norway is not mandatory; however some banks may require that the titular of the bank account be present when the account is opened.

4. How can I register for VAT in Norway?
An important step in conclusion of the incorporation process of a Norwegian company is registering for VAT. The company managers must decide if the company is subject to VAT registration and apply with a simple application form at the local tax office. In Norway this procedure can also be completed with the help of a legal representative, who carries out the registration procedure. After submitting all the required documentation, the company is issued a VAT number.

5. How can I open a bank account in Norway?
A Norwegian Limited Liability Company must open a bank account in which to deposit the initial capital, and where future transactions will be held. Even if in Norway the banking sector is highly developed, the process if opening a bank account can be challenging in terms of bureaucracy. Some banks require the presence of the bank account titular and plenty documentation, other are satisfied if the company is set up through a legal representative. The entrepreneurs should establish a relationship with a Norwegian bank and find out all the necessary requirements for opening a bank account. After opening the bank account the manager can easily manage it through internet banking from anywhere in the world.

6. How can I recruit personnel in Norway?
Norway is a powerful country, economically speaking and this reflects in the quality of life of workers. Unemployment is low and there are high labour costs. In addition to that, bringing workers from abroad can be a tricky procedure, keeping in mind work permits are required. However there are plenty internet websites that help newly established companies to find qualified workers. Through recruitment agencies, new companies can select the most suited candidates for their needs.

7. What is the average salary in Norway?
Norwegian workers enjoy a high quality of life which reflects in the average salary of over 2.500 EUR.

8. What is the overall economical situation in Norway?
In the last decade Norway's economy flourished, as the relationship between private businesses and government intervention has favoured its growth. Another key factor represents the natural resources that contribute to a highly developed commercial trade sector. However in 2008 Norway suffered decay due to world economical recession, but since then efforts have been made to revive the business sectors that suffered the most. Foreign investment is viewed as valuable and encouraged through incentives available for investors. Company establishment is a popular form of investment, as well as creating branches.