The Kingdom of Norway is a country with a stable economic and political situation, which helps to attract foreign investment to Norway. Under certain conditions, you can get tax benefits for doing business here. Norway allows cooperation with international organizations in various industries.
In the World Bank’s Doing Business rating of the most attractive jurisdictions for doing business, Norway has occupied a key position in the top ten for several years. In Norway, novice businessmen are allowed to get a loan without confirmation of solvency and repay it after starting a business.
How to open an offshore company in Norway?
Do you want to open a company in a reliable European country with a reasonable tax burden? In this case, an excellent option is offshore in Norway. This country is not officially considered offshore. Norway has never been on the list of tax havens, and taxation is standard here. However, under certain conditions, the tax burden on your company can be significantly reduced.
Norway: features, benefits
The main advantage of Norway as a country of registration of enterprises is political and economic stability. In addition, it is part of the eurozone, which allows you to freely do business in Europe. That is why this state is not considered offshore:
- the obligation to pay income tax, VAT, and dividend tax;
- the obligation to keep records, file reports, and undergo an annual audit;
- the requirement that the managing director and half of the board of directors be EU residents.
As a rule, foreign investors are attracted by the following types of organizational forms:
- analogue of LLC – Aksjeselskap (AS);
- analogue of OJSC – AllmentAksjeselskap (ASA);
The choice of one of them will depend on the specifics of the business. Despite the presence of taxes and accounting, it makes sense to open a legal entity in Norway. Jurisdiction has the following advantages:
- lack of currency control;
- the presence of treaties on the absence of double taxation with a large number of countries, which allows you to not pay taxes at all on activities that are conducted outside the country;
- the ability to register or buy a company within a few hours due to the ease of bureaucratic procedures;
- reliability of the economy and the banking system, which allows you to effectively preserve capital;
- prestige and credibility of the jurisdiction in the international arena, firms from Norway have a positive reputation in the business environment;
- confidentiality when using the nominee service.
Startup in Norway
Norway has been famous for start-up business projects, investment promotion, and tolerance of immigrants for years.
In Norway, like in other Scandinavian countries, there is stable state support for business, a system of benefits, and subsidies. For example, for foreign citizens living for a long time (from 3 years) in Norway, there is a subsidy program from various entrepreneurship support funds, the funds from which can be invested in business development.
Directions for business in Norway
When choosing a field of activity for a business in Norway, first of all, you need to familiarize yourself with the industries that require obtaining permits. Local authorities do not always issue licenses to foreigners. Here are the main ones:
- Agriculture and forestry
- Mining of oil and gas
- Fishing and hunting
- Construction and construction works
- Wholesale and retail trade
- Car Repair
- Sphere of information broadcasting
- Healthcare and education
- Real estate, financial, and insurance services
If the need for a license is not an obstacle on the path of a business immigrant, then it is worth paying attention to the most profitable, but at the same time competitive industries: the oil and gas sector, fishing, shipbuilding, and real estate. The rest of the flight of fantasy is limited only by the rules of the law.
As in other developed countries, the IT and high-tech sectors are on the rise in Norway. If we are talking about smaller cities than Oslo or Bergen, a small business, for example, a cafe bar, a beauty salon, or a fitness club, may become a promising option. Even a small number of the population can provide a good profit. As you know, the income level of the inhabitants of Norway is one of the highest in the world.
Business visa to Norway
To do business in Norway, you need to obtain a business visa. This procedure is directly related to the granting of a Norwegian residence permit. That is, the issuance of a residence permit practically guarantees a visa in the passport.
An application for a visa (residence permit) is submitted through the official website of the Norwegian Department of Foreigners UDI. There you can also pay the visa fee and reserve time for submitting additional documents to the Norwegian Consulate.