When you run a private limited company, there are a number of formalities that you must follow. The requirements regarding organisation are set out in the Norwegian Private Limited Liability Companies Act (aksjeloven). The same requirements apply regardless of the size of the company.
There are no laws which govern how you should organise and run a sole proprietorship. As the owner of a sole proprietorship, you represent the business externally, and no distinction is made between the sole proprietorship's finances and your own personal finances.
The partners' meeting is the supreme authority in a general partnership and consists of the partners. It is the partners who can collectively make decisions at partners' meetings concerning any matter. The partners can also opt to establish a board, which will be responsible for running the company between partners' meetings.
An association is self-owning and it is the articles of association that establish the framework for the way in which an association must be organised and the rules that apply to the association.
The board and work on the board constitute more than just a mandatory task, and an efficient board can be a resource for the organisation. It is therefore important to be aware of how the board should be composed and what competences the board members possess. This text has been written for the work of boards of private limited companies, but is also ideal for use as a starting point for corresponding work in other organisational forms.
The Act on Beneficial Owners imposes upon most enterprises the duty to keep an overview of their beneficial owners and to be able to show who the beneficial owners of the enterprise are. The Register of Beneficial Owners will open in 2023, and enterprises must register their beneficial owners. The purpose is to provide increased transparency of ownership and control of Norwegian enterprises.
Once you have got through the initial start-up phase, it can be a good idea to set further targets for your business and plan what you will need to do in order to achieve these targets. Budgets are a useful tool in this context.
Statistics Norway (SSB) has primary responsibility for preparing official statistics in Norway. SSB requires information from enterprises to produce accurate and reliable statistics to be used by public bodies, commercial enterprises, researchers, and politicians in planning for the future. Most surveys are conducted monthly, quarterly or annually.
Sole proprietorships, businesses assessed as a partnership, co-operatives and NUFs (Norwegian-registered foreign companies) which carry on activity in the sense of the Tax Act may, subject to certain rules, be converted to a private limited company tax-free. The conditions for tax conversion include a requirement for the limited company to be newly established, the limited company to take over the assets and liabilities of the existing enterprise and the enterprise that is converted not to be closed down or cease operating before the conversion.
Websites, business letters and other business documents (invoices, contracts, credit notes and so on) must always include the business name and organisation number. Envelopes and marketing materials are not considered business documents.
A registered sole proprietorship, general partnership or limited company cannot change the form of incorporation and retain its organisation number.
If your company moves to a different address, gets new Board members, new bank account or similar, you need to make sure these changes are registered. Where to report the changes will depend on the type of changes you make.
Anyone who sells goods or services in Norway is required to promote equality and ensure that they are not guilty of discrimination. The venue and layout should generally be set up so that it is as accessible as possible be for all people.
All businesses that collect and use personal data must comply with the General Data Protection Regulation (GDPR).
Our business consultants are ready to answer your questions about starting a business in Norway. The service is free of charge.
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