In the variety of legal and organisational forms of companies permitted to be established by the law of Norway, the most popular among foreign investors may include:

• Aksjeselskap (AS) - private company limited by shares
• Aksjeselskap (AS) - public company limited by shares
• Partnership

Aksjeselskap

Private company limited by shares (Aksjeselskap) may be established by one founder and is characterised as follows:

• minimum charter capital is NOK 30’000. The charter capital is paid up at the time of registration;
• at least half of company’s directors and the managing director should be residents of the European Union;
• company’s shares may not be freely transferred to third parties.

Allment Aksjeselskap

Public limited liability company (Allment Aksjeselskap) may be established by one founder and is characterised as follows:

• company may have an unlimited number of shareholders;
• minimum capital is NOK 1’000’000. The charter capital is paid up at the time of registration.
• at least half of company’s directors and the managing director should be residents of the European Union;
• company’s shares may be freely transferred to third parties.

Both types of companies must carry out audit and file annual financial statements. The audit report must be submitted to the Registrar of Companies no later than 7 months after the end of the reporting year.

The Companies Act requires that all Norwegian companies hold annual general meetings.

Partnerships

There are three types of partnerships in Norway:

• KS is a limited partnership where at least 10% is held by the general partner who bears unlimited liability for the partnership’s debts. The general partner, in turn, can be a limited liability company. All the other partners must contribute at least NOK 20’000 in the capital. Partnership is managed by general partners;
• ANS is an unlimited liability partnership where all partners bear equal liability for the partnership’s debts. Partnership is managed by its partners.
• DA is a joint-stock partnership with unlimited liability where partners bear unlimited liability for the partnership’s debts pro rata to their shares in the capital.

Partnership is manage by managers who may be either partners or hired managers to manage the partnership.

No minimum charter capital is required to establish the partnership.

Norway's laws have detailed provisions on the acquisition of Norwegian businesses by foreigners; and the country has a number of restrictions on foreign investments.

This mainly concerns the acquisition by foreigners of shares of Norwegian companies engaged in air transportation, shipping business, finance, insurance, fisheries and electric energy. Each foreigner who has purchased a share of a Norwegian business has to notify the Ministry of Trade of Norway if the foreigner has become the owner of 1/3 to 2/3 of the operating business in Norway. This requirement applies if:

• the business had more than 50 employees at the time of purchase, or
• the business sales turnover is more than NOK 50’000’000, or
• the business received state support of more than NOK 5’000’000 for at least one of its projects in the 8 years preceding the purchase.

In Norway, companies pay income tax at a rate of 28%.

Income from capital gains is included in the total company’s income and is charged with income tax.

Dividends paid to foreign shareholders are charged at a rate of 25% unless otherwise provided by the double taxation agreements. Dividends received by a Norwegian company are included in its total income and are charged with income tax at a rate of 25%, unless otherwise provided by the double taxation agreements.

Norway is not a tax heaven or offshore jurisdiction and a concept of Norway tax exempt company (and/or Norway offshore company, trust, foundation etc. registration) does not exist in Norway as such. A company’ formation in Norway could be arranged with a professional registered agent providing incorporation, virtual office and other corporate services in Norway. To set up a company in Norway is possible by correspondence, but to open a bank account in Norway will, most probably, require a personal visit.

Norway Double Taxation Agreements

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