Our accounting department can take care of all of your Norwegian company bookkeeping, as well as consult about financial and tax questions. The monthly cost of bookkeeping depends on the company profile, for example on the number of transactions and payroll calculations. We can also provide the VAT registration form and assistance with its completion. Financial statements have to be submitted annually while VAT returns and social tax declarations have to be submitted monthly. We hold the official certified accountant status in Norway.

We work with several banks (e.g. Danske Bank) to ensure the most time efficient opening of a business bank account for your company in Norway. To set up the account, a board member has to be present for a face to face meeting during the first application stage. The payment card and online banking security token are received in the second stage. Our compliance team will consult on choosing the best bank for your business and provide support through the account opening process.

D-number is a number which can be assigned to foreign people who do not have a Norwegian national ID number (fødselsnummer), but need it in order to identify themselves to Norwegian authorities. It is required for company setup (in order to be appointed to the management board position) and further government services. We hold the necessary state certification to apply for a D-number on your behalf remotely.

If a company’s turnover in Norway exceeds NOK 6 million, the company will be subject to an audit obligation in the following financial year. Foreign companies that are obliged to keep accounts in accordance with the Norwegian Accounting Act are obliged to have a Norwegian public accountant (registered or state-authorised public accountant) – we hold the license.

Non-resident shareholders are generally subject to withholding tax at a rate of 25% on dividends in Norway, but the actual tax withholding may be reduced or there may be an exemption from withholding tax under an applicable income tax treaty. Corporate EU/EEA-based shareholders are generally fully exempt from withholding tax on dividends under the domestic participation exemption (although subject to a substance requirement and a comparability criterion).

Until recently, the Norwegian tax administration operated a simplified procedure where the shareholder and nominees could receive their dividends with a reduced or even no withholding tax, as long as the company paying the dividends had positive knowledge of the shareholder’s identity and tax status. Now, the rules have been tightened and all foreign shareholders must document their identity and tax status in order to receive a reduced (or zero) withholding tax.

Norway levies a 25% VAT rate on most goods and services. There is a 12% reduced rate on certain cultural/sporting activities and transport services; a 15% reduced rate on foodstuff and beverages as well as a 11.11% reduced rate on supply of raw fish. The registration threshold for VAT is NOK 50.000.

The employer’s contribution is differentiated regionally and ranges between 0% and 14.1% on gross earnings. There is also mandatory occupational pension, which is paid by the employer and the minimum rate is 2% of gross income. Norway has no defined minimum wage, but wages are based on collective agreements between employers and trade unions/workers.