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Opening a business in Norway

Opening a business in Norway

Updated on Monday 20th February 2017

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How easy is it to set up a business in Norway?

The help of a specialized Norwegian lawyer is advisable in the process of company registration in Norway, mostly in order to overcome language barriers. The process of company incorporation in Norway is not very difficult and takes around seven working days, after submitting all the correct documents at local authorities. The longest period of time is represented by the registration with the Register of Business Enterprises, three working days, but the rest of the operations don’t take longer than one day each. 
 

How easy is it to hire personnel in Norway?

 
The foreign and local investors are advised to contact an employment agency in order to find the suitable candidate for the vacant places in their company.
As a particularity of the Norwegian labor law, all the workers are compulsory members of the Norwegian National Insurance Scheme. As a member, the national insurance contributions must be paid and for that various benefits occurs.
 
Other requirement is registering for the mandatory occupational pension plan for employees. All these steps must be taken by a newly formed company before starting the business. Our law firm in Norway can advise you in regard to these matters.
 

What are the main points of interest for foreign investors?

 
Norway is known for its maritime industry, owning a large maritime fleet which contains traditional shipping and offshore vessels. 
Many foreign investors choose Norway as a destination of their investments even though it is not a large state. This country is known as a large exporter of oil and gas, for this earning the right to be called one of the biggest suppliers of the world’s energy markets. 
 
Norway is also a pioneer in renewable energy as the hydropower provides almost all of Norway’s electricity while almost all gas and oil production is exported. 
 
Norwegian Seafood Industry is also a source of business for the local and foreign investors mostly known for the exports of Norwegian salmon and spring cod. Due to this, this country is one of the world’s major aquaculture countries.
 
The ICT industry is also known to the world and it is composed of many high-tech companies and companies which provide high-end consultancy services.
 

What are the advantages of a holding company in Norway?

 
The holding companies opened in Norway can beneficiate from the regulations of the many treaties signed all over the years by it, beginning with the double tax treaties, which stipulated exempt, credit or minimized taxes on profits or dividends to the Parent-Subsidiary EU directive which clearly stipulates that for the dividends paid to a foreign EU subsidiary no withholding taxes are required.
The holding companies are usually looked by investors who try to obtain control of another company or large properties with less investment or who try to increase the number of shares of the parent company.

For more details about the business options available in Norway, feel free to contact our attorneys in Norway.
 
 
 

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