BEFORE YOU ACT
Setting up an LLC (AS) in Norway is a complicated process if the owners and/or the Directors are not resident in Norway. For a foreign company or private person, this means that professional help is absolutely necessary. Below is a summary of the issues one needs to address before going ahead and forming a legal entity.
Below is a summary of the issues one needs to address before going ahead and forming a legal entity.
SHARE CAPITAL AND SHAREHOLDERS
To register a Norwegian LLC, you need a minimum share capital of NOK 30,000. Shareholders appoint and dismiss Directors. Ultimate power within the company is with the shareholder(s) and the Annual General Meeting of Shareholders.
DIRECTORS
At least one Director and member of the Board. Directors can be of any nationality and reside anywhere in the world but at least one Director must reside in an EEA country. Nominee Directors are not permitted. Managing Director/CEO is optional but must be an EEA resident. Nordic GEM can provide experienced Directors resident in Norway.
REGISTERED OFFICE ADDRESS
It is mandatory to have a legal address for your LLC. Nordic GEM can provide you with a registered office address where your official letters will be delivered and scanned for you.
COMPANY FORMATION
Nordic GEM is happy to assist the whole process of setting up your LLC. The formation usually takes 2-3 weeks from filing incorporation documents with the Brønnøysund Register Centre. The share capital needs to be paid into a corporate bank account before the registration is complete.
BANK ACCOUNT
Setting up a bank account with a traditional Norwegian bank is very difficult for a foreign owned legal entity. If your company has problems with this, you can choose to deposit the share capital into an escrow account and then open a bank account with a challenger bank such as Revolut or 3S Money. Nordic GEM can assist you with opening a corporate account with a challenger bank.
AFTER THE LLC IS REGISTERED
Once your LLC is registered there are some crucial elements remaining before the company is fully compliant in Norway.
- The Director’s access to Altinn, an electronic authentication and signing tool
- Registrations with the Norwegian Tax Administration
- Registration of your corporate bank account with the Norwegian Tax Administration
The above part can get tricky without help. Nordic GEM can assist you all the way and provide practical solutions so you can go ahead with your business ventures in Norway.
ACCOUNTING
Ongoing accounting and annual filing of financial statements is mandatory. Providing these services from outside Norway is not practical and can be very challenging indeed. In Norway, Nordic GEM works with a chartered accounting partner that can assist you.
PAYROLL
If you are going to hire a team in Norway, you can count on Nordic GEM to help you with the payroll.
