Company Formation in Norway

Our accounting department can take care of all of your Norwegian company bookkeeping, as well as consult about financial and tax questions. The monthly cost of bookkeeping depends on the company profile, for example on the number of transactions and payroll calculations. We can also provide the VAT registration form and assistance with its completion. Financial statements have to be submitted annually while VAT returns and social tax declarations have to be submitted monthly. We hold the official certified accountant status in Norway.

We work with several banks (e.g. Danske Bank) to ensure the most time efficient opening of a business bank account for your company in Norway. To set up the account, a board member has to be present for a face to face meeting during the first application stage. The payment card and online banking security token are received in the second stage. Our compliance team will consult on choosing the best bank for your business and provide support through the account opening process.

D-number is a number which can be assigned to foreign people who do not have a Norwegian national ID number (fødselsnummer), but need it in order to identify themselves to Norwegian authorities. It is required for company setup (in order to be appointed to the management board position) and further government services. We hold the necessary state certification to apply for a D-number on your behalf remotely.

In Norway, a statutory audit is required for companies and other accounting entities unless the company qualifies for exemption by opting out of audit when it does not exceed any of the following thresholds in the financial year:

• Operating revenue of NOK 7 million or more (approx. EUR 600,000)
• Total assets on the balance sheet of NOK 27 million or more (approx. EUR 2.3 million)
• Average annual headcount exceeding 10 employees

If a company exceeds at least one of these thresholds in a financial year, it will generally be required to have its annual accounts audited in the following year. Certain entity types (such as public limited companies and regulated financial institutions) are subject to mandatory audit regardless of size.

Dividends paid by Norwegian companies to non-resident shareholders are generally subject to a 25% withholding tax. However, the withholding tax rate may be reduced or eliminated under an applicable double tax treaty or under the domestic participation exemption. Corporate shareholders resident in the EU/EEA may be exempt from withholding tax provided that substance and business activity requirements are met.

The standard VAT rate in Norway is 25% and applies to most supplies of goods and services. Reduced VAT rates apply, including a 12% rate for passenger transport, accommodation, and certain cultural and sporting services, and a 15% rate for foodstuff. A special VAT rate applies to the domestic supply of raw fish. The VAT registration threshold is NOK 50,000 in annual taxable turnover.

Employers in Norway must pay employer’s social security contributions (arbeidsgiveravgift), generally at a rate of 14.1% of gross salary, although reduced rates may apply in certain regions. Employers are also required to provide a mandatory occupational pension scheme, with a minimum employer contribution of 2% of the employee’s gross salary.

Norway does not have a statutory minimum wage. Instead, wages are primarily determined through collective agreements between employers and trade unions, many of which are generally binding and set minimum pay levels in specific sectors.