The main economic activity in Norway is represented by the petroleum production. Norway is an important player for the extraction of gas, being the world’s 3rd largest producer. In terms of petroleum production, Norway occupies the 8th rank at a global level. Businessmen interested in investing in this sector should take into consideration that Norway registered steady growth rates in the last years as at the level of 2017, the country’s total production increased for the fourth consecutive year.
According to the surveys conducted by prestigious international journals, Norway has proven to be the home country of the companies with the most efficient development strategy in Europe. Companies included in the survey were medium and large companies with revenues from 100.000 euro up to several millions. The legal framework in this country as well as the governmental incentives continue to impulse investors in a continuous and smart development of their enterprises. You can find out more from our Norwegian lawyers about the commercial legislation in Norway.
The monetary and fiscal policies adopted recently by Norway contribute to the positive changes that its economy registers. The social programs that have been conducted with governmental support have prevented negative effects to take place as a result of globalization. Investors in Norway will benefit of a healthy economic framework if they decide to open a company in this country. Our Norwegian lawyers can offer specialized counseling to foreign nationals who decide to invest in Norway and who need to become familiarized with the local provisions of the legal system.
The largest city in Norway, Oslo is the cultural, governmental and economic center of the country. Foreign investors can find a lot of business opportunities in Oslo in some of its main economic sectors. Three world leading industries – gas and oil, maritime and seafood – are established in Norway. If you want to invest in Oslo you can receive important tax incentives, grants and subsidies from the Norwegian authorities. Opening a company in Oslo is a very easy process and takes around seven days to complete.
With a government financial balance equivalent to 3.0 per cent of GDP, Norway had a very good year in 2016. Now, the Norwegian budget of 2017 focuses on key aspects of a nation's wellbeing: employment and security but it also allocates funds to restructuring and growth. Another 2017 decision which is important for company owners in Norway is the tax reform. Businesses and natural persons are all going to benefit from tax cuts this year. The government had the possibility to adopt a tax shift thanks to a minutely examined fiscal policy.
As all Scandinavian countries, Norway is known as an honest and open state, where businesses are correct, fair and transparent. The same goes for the taxation system where the authorities have always put an accent on transparency, for both natural persons or businessmen. Before we enter into details we remind that our Norwegian lawyers can offer suitable assistance in taxation matter for your company, branch or subsidiary registered in Norway.