Doing Business in Norway: A Guide by Thomas Reinholdt
Thomas Reinholdt is an experienced professional within legal and financial matters, including business and compliance aspects related to legal and tax issues. Full service provider within legal and financial matters for small- and medium size companies.
Doing business in Norway – this is what you need to know.
Doing business in Norway can be quite easy given one has taken the necessary and important steps to make a solid foundation for a structured approach to fulfill the Norwegian legal requirements of the country. In general, Norway has digitalized business reporting to a large extent and is also known for innovation, stability, and a strong focus on sustainability, making it an attractive place for your business. This article will guide you on how to start and run your business in Norway, and explain the most important requirements you must follow to ensure compliance. Det norske skattesystemet (tax) er en sentral del av disse kravene, og bedrifter må forholde seg til ulike skatteforpliktelser gjennom hele virksomhetens levetid. For most entrepreneurs, the most common company structure is the limited company (aksjeselskap (AS)), which is the most popular form due to its security and limited liability for the owner. As a business owner, you must be aware that businesses in Norway have obligations to the authorities, and they must follow the Norwegian laws and regulations from the start. If you have completed the setup of your business processes, you will need to continue monitoring compliance and deadlines to the authorities. They are responsible for reporting and fulfilling their duties, which provides security for both the owner and creditors.
Register a company in Norway
After the incorporation of the company it needs to be registered in Brønnøysundregistrene. A Norwegian company must have a registered address, including postal address, post number, and city, to fulfill the legal requirements for business registration. It is important to be aware of the deadlines for registration and reporting when establishing your business. The deadlines for submitting required documentation to the authorities must be met to ensure compliance. This can be done electronically through their website. In Norway you can register a so called NUF “norsk registrert utenlandsk foretak” which is a Norwegian branch of a foreign company. Altinn.no has a good article about NUF.
Employment law
Norway has laws that protect the employees to a large extent. The relevant laws that governs this area is the Working Environment Act, the National Insurance Act, the Act on obligatory occupational pension (OTP Act) and the Annual Holidays Act, as well as employment law.
The general rule in Norway is permanent employment. In some cases temporary employment can be used or consulting contracts can be used. To employ a foreign worker working permit through UDI may be required. It is advisable to accertain that working permit is not needed or apply for this.
In certain sectors there are minimum salaries that apply. The average salary per month in all sectors in 2024 was 59 370 NOK. The information in different sectors can be found on Statistisk Sentralbyrå website.
The standard workweek in Norway is 37.5 hours. Employees are entitled to sick pay from the first sick day, and certain benefits apply from the 17th sick day to the end of the employer’s period of liability.
Using a legal advisor when entering into employment contracts is recommended.
Feel free to get in touch with us if you need legal assistance. Phone +47 23 68 85 58 or e-mail: post@reinholdt.no
