Reasons for Investing in Norway
Reasons for Investing in NorwayUpdated on Monday 09th January 2023
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Although Norway is a small country, it represents one of the most trusted states worldwide from the investment’s point of view, among many other significant aspects which we are going to describe below. It is good to know that our lawyers in Norway are able to provide you with comprehensive information and details about the legal services you can receive for your company or in other important matters.
The benefits of investing in Norway
With around 5 million habitants, Norway succeeded to surpass by 11% rate the GDP (gross domestic product) for the last year. Norway is a highly developed country, with a stable and transparent political situation and a strong economy, significant reasons why foreign investors choose this state as an investment destination. As for the unemployment rate in Norway, this is settled at a 3.5% rate according to statistics for 2016, which is considered to be the lowest in Europe.
The energy sector, the maritime, the manufacturing, the financial services, the retail, the oil and gas sectors are the main industries in Norway, where the investment possibilities are huge. It is good to know that the workforce in Norway is highly-skilled, with suitable experience, and people here have knowledge of many foreign languages, important reasons why overseas entrepreneurs choose to open businesses in Norway.
Norway can fulfill an important requirement related to businesses or investments here, and we refer to the proper infrastructure which involves about 93,000 km of road and 98 airports. The innovations have always been considered important aspects in Norway, which is why the authorities and the government offer complete support in this important sector. As for the double taxation treaties, Norway signed many important agreements with numerous countries, to avoid the double taxation and the fiscal evasion. We remind that our attorneys in Norway are ready to offer suitable information in taxation matters in the country, besides any other legal services for your company.
The taxation system in Norway
The investors from abroad who want to establish their presence on the Norwegian market can benefit from numerous incentives and from a suitable taxation system in the country. One should know that there are no withholding taxes on royalties and interests, the corporate tax rate is 28%. The double tax agreements will help any investor in Norway to pay the taxes on profits only in the home country and not in the state where the activities take place.
We invite you to contact our law firm in Norway if you are interested in making investments in the country or if you need our legal services for your business. We can also advise on immigration matters. For people looking to settle in Norway, there are two different sorts of permits available: the temporary stay and the permanent residence permit in Norway. You can obtain a temporary permit similar to this while moving to Norway for the first time. Renewal is possible after one to three years. You can rely on our immigration lawyers if you want to file for residency.