Set up a Bank Account in Norway

Set up a Bank Account in Norway

Updated on Thursday 27th July 2017

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Set up a Bank Account in Norway

Many investors in Norway need to open a bank account prior to opening a business in this country. There are certain requirements that a person needs to meet in order to be allowed to set up a bank account in Norway. The Norwegian banks offer as well deposit insurances which protect account owners from the most frequent risks.

Our law firm in Norway can guide you through the procedure of opening your bank account in this country so that you can set up your enterprise as soon as possible. 

Main rules for opening a bank account in Norway

One of the key requirements that banks make in order to open a bank account is that the client provides a Norwegian Identification Number. This number is issued to people who plan to stay in Norway for more than six months in order to live there or open a company in this country. It consists of eleven digits containing the birthday of the person and his/her personal code.
The Norwegian banking system is stable and provides to foreign investors a safe financial climate. They offer a wide range of banking services such as savings accounts, checkable deposits and term deposits. Natural persons as well as companies can make loans from the Norwegian banks.
Our Norwegian lawyers can help you decide what bank account type is the most suitable for your business interests in Norway.

Other details regarding the set-up of a bank account in Norway

A bank account in Norway is useful as deposit place for an initial investment capital of a business but also for money transfers and bill payments. As our lawyerss in Norway can confirm, most of the Norwegian banks will ask you about the purpose for opening the account.
Apart from the proof of identity and address, that clients need to provide, the Norwegian banks ask as well for further information or documentation, depending from person to person. In some cases, at the opening of a bank account in Norway, you will need to give more information on the source of the money you intend to deposit and some banks may ask from their clients a good history in terms of relationships with other financial institutions. 
Don’t hesitate to contact our attorneys in Norway in order to clarify any questions you may have on the procedure of opening a bank account in this country.