Norway is one of the most attractive European countries for entrepreneurs nowadays. Its safe environment, strong economy, and friendly and easy-going business culture all contribute to an impressive average number of new businesses a year, which is 35,000. The World Bank’s ‘Doing Business’ report lists Norway among the top 10 countries (out of 189) for Ease of Doing Business.
There are three main types of businesses in Norway. You can register your business as:
- Norwegian-registered Foreign Enterprise (NUF);
- Sole Proprietorship;
- Private Limited Liability Company (AS).
Private Limited Liability Company is the most common choice for foreigners starting a business in Norway. This type of business requires a business owner to deposit a fixed minimum capital amount of at least 30,000 Norwegian Krone (NOK), or around 3,000 EUR into a corporate bank account.
The next important step, after choosing the type of business is to register that business at the Norwegian Company Registry (the Bronnøysund Register Center). At the same time, as a foreign national, you can apply for a Norwegian identification number (or D-number). This number allows access to all public services.
According to Legalee.nl, the full company setup including the basic legal structure and tax advice, bank account guidance and obtaining a D-number will cost from 1,500 EUR. On top of that, the Norwegian Company Registry charges between 600 EUR and 700 EUR, depending on the type of business being registered. The overall process takes approximately 4-8 weeks to get everything done efficiently. Once your business is registered, annual maintenance costs vary between 2,000 EUR and 4,000 EUR.
The whole registration process, including opening a bank account can be done online and that requires a lower fee.
