5 key steps to establish a Norwegian Limited Liability Company - Aksjeselskap (AS)

June 27, 2022

A Norwegian Limited Liability Company is called Aksjeselskap (AS). It is a legal entity which is required to be registered in both Enhetsregister and Foretaksregister of Brønnøysundregistrene in Norway. What are the key-steps to establish an AS in Norway? 

How to establish a Norwegian LLC - Aksjeselskap

  1. Shareholders - These can be both private and legal persons from Norway or abroad. In Norway it is possible for an LLC to have just one shareholder.
  2. Share capital - In Norway, the share capital should be of NOK 30 000 or more. Under certain circumstances, it can be paid in kind. 
  3. Board of Directors - If you are a foreign citizen take a closer look at the Norwegian Limited Liability Companies Act. There is a requirement of 50% of the Board being EU citizens living in a EU country. 
  4. Bank Account - Establishing a bank account in a Norwegian bank can be a challenge and can take quite a long time. Make sure to be prepared for a time-consuming application process. 
  5. Authorized Accounting Office and Authorized Auditor - makes sure to use services of an accountant who is authorized by the Norwegian Financial Supervising Authority - Finanstilsynet. Only such accountants and auditors can legally offer their services to clients. 

Norwegian companies operate in one of the most transparent markets in the world. One has to take several other challenges and requirements that a company faces into consideration, before entering Norway. If you wish to learn more, please follow us on LinkedIn and come back to our blog. Or contact us directly at: office@novum.no

An important question from someone who wishes to establish a company in Norway:

"So where is the carrot? We only see the challenges..."

Well, Norway is one of the most secure and prosperous economies in the world. It is true that there are some challenges one might face that do not exist in other European countries. That is primarily due to the fact that Norway is not an EU member.  However, conducting business in Norway is also a safe, transparent and rewarding process. The key to having a successful Norwegian company is to be prepared for the various differences and challenges that can be expected.

Lykke til! Good luck! 

Author: Anna Korpalska 
Image: <a href='https://www.freepik.com/photos/mountain-sea'>Mountain sea photo created by wirestock - www.freepik.com</a>

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