Overview:

With the freedom of establishment regulations, you can always incorporate your own business in Norway, without having to be a citizen. You have the opportunity of starting a business or selling services, but you must meet some requirements first, to be able to do so.

Process:

1. Important things to take into consideration:

• The trading of some goods and services may be regulated, which means that you would need permits, and some others may even be banned. You can find all exceptions here.
• That you may need to consult Norwegian law enforcement, an accountant, an auditor, or a lawyer before proceeding.

2. Obtaining a D-number:

• You must have a national ID-number if you wish to do business, work, or hold positions on a board of directors in Norway. That means you need to get your D-number (a unique, temporary national ID).
  Request for assignment of a D-number through here.

Note: D-number is required for tax purposes, opening bank accounts, as well as getting access to national health care. The D-number does not grant permanent residence

3. Meeting Capital requirements:

To start your business, there is a minimum requirement of 30 000 NOK.

Note: It has been proven that companies with a higher starting capital were more profitable over time.

4. Meeting Accounting requirements:

The founders of the company will need to decide on:

• whether to hire an accountant do the books personally.
• whether to hire an auditor or not.

Note: In case you do decide to outsource your accounting, it is mandatory to enlist a registered public accountant.

5. Prepare the required documents:

Please note that all documentation must be in Norwegian.

• Minutes: contain details about the company’s operations including, but not limited to, headquarters’ location, board chairperson, board members, the number of shares, the price per share.

The minutes must be signed by all founding members.

• The coordinated register notification:  contains detailed information about the company and its founders.

• The opening balance: the company’s share capital doesn’t have to be paid only in cash. It can be physical objects, equipment, patents, copyrights, and other assets (In this case, it is mandatory for an auditor to verify the value of the non-cash objects or assets for purchases dating back more than 3 months).

• Board meeting minutes: where a decision must be made whether to use a certified auditor and the name of the auditor

• The articles of association : The internal rules that govern how the company will operate.

Amendments to these articles at a later date require a majority vote of two thirds.

• The shareholder register: identifies the shareowners and their stake in the company.

• Confirmation from a bank that the share capital has been paid: The confirmation has to be enclosed from a Norwegian bank, proving that the share capital has been paid in full into the company’s account.

Starte-AS.no :

Starte-AS.no will provide you with the necessary documents within seconds after submitting it. You just need to Fill in the order form.

Once the form is filled:

• Deposit the starting capital into the company’s bank account by printing out the document «TilBanken.pdf», and taking it to the bank.
• Sign electronically through the Altinn.no portal once you receive a notification telling you to do so.

References
1.Starte AS, accessed October 2020, https://starte-as.no/ 2.Altinn, accessed October 2020, https://www.altinn.no/en/