What are the types of legal entities I can register in Norway?
A single entrepreneur which doesn’t have a capital to invest in a large company may start with a sole proprietorship. The owner is considered the same as the entity, that’s the reason why his/her liability is not protected in case of liquidation.
When a small or medium business needs to be organized it’s advisable to be registered as a private limited liability company in Norway- Aksjeselskap, if it has available at least 100.000 NOK (13,000 EUR). The particularity of this business is that unlike the sole proprietorship, the liability of its members is limited only by the initial contribution to the capital. The capital is divided into non-transferable shares. The management is assured by at least one director which takes the daily decisions and reports to the higher authority, the general meeting of the shareholders. Our law firm in Norway can give you more details about this business form and can help you with the entire company formation process.
A public limited liability company in Norway - Allmennaksjeselskapin has a higher share capital, divisible in transferable shares. The capital is equal to minimum 1 million NOK (370,000 EUR).
Just like in the case of the private limited liability company the shareholders are liable for the debts and profits of the company in the limit of their contribution. The management is assured by at least three members, organized into a board of managers, being watched by a supervisory body which will report to the general meeting of the shareholders (organized every year)
The general partnership in Norway- Ansvarlig selskapregistered doesn't require a minimum share capital. This type of company is formed by at least two active owners with unlimited liability for all the company's gains and debts.
The limited liability partnership - Delt ansvar is formed by two or more partners with different liabilities. There are the active partners with unlimited liability and the silent partners with limited liability based on their contribution to the capital.
Our team of attorneys in Norway has an extensive experience in opening any type of company available in the country.
What are the steps for incorporation of a company in Norway?
A legal entity must open a bank account where the initial capital is deposited. The balance sheet attached to the capital is examined and approved by a certified auditor.
The foundation deeds along with the certificate issued by the bank must be submitted to the Register of Business Enterprises for receiving the certificate of registration and for the VAT number. The documents can be submitted electronically which simplifies and shortens the process. After getting the certificate of registration and the VAT number, if the entity intends to hire personnel it is advisable to enroll them in the mandatory workers’ injury insurance and arrange for a mandatory occupational pension plan for employees.
Any foreign investor interested in registering a company in Norway should know that the advisable thing to do in this situation is to ask for the help of a Norwegian law firm, who will guide them through the whole company formation procedure.
If you want to know more details about how to open a company in Norway, we kindly invite you to watch the video below:
What is the minimum share capital of ASA and AS in Norway?
The private limited liability companies must provide a minimum share capital of 100.000 NOK, while the public limited liability companies must have available at least 1 million NOK.
What documents are required for the incorporation of a company in Norway?
Besides the notarized foundation deeds, the applicant must deliver a certificate stating the share capital and the standard application signed by the authorized individual.
How quickly can I incorporate my company in Norway?
The process of company incorporation in Norway was simplified by the introduction of the electronic format and may take up to 8 days.
For more details about the process of opening a company in this country or for a personalized offer, please contactour Norwegian law firm.
There are no comments
*Click on the categories below for full list of articles