18th Aug 2021
Norway, full name — the Kingdom of Norway, is a country with a thriving economy and a flexible legal system. It is the largest oil and gas producer in Northern Europe. Norway is rightfully considered to be a rich country, receiving huge revenues from the sale of the aforementioned oil and gas.
Although Norway has chosen to remain outside the European Union, the country is a well-known important player in the international business arena. It has close trade relations with such powerful nations as the United Kingdom, Germany, and the Netherlands.
The stability of the political, legislative, and economic environment in Norway contributes to the growth of its attractiveness for foreign entrepreneurs. The government of the country succeeded in creating conditions for conducting profitable business. It is proved by the 9th position in the World Bank's Ease of Doing Business 2020 report with a result of 82.6 scores.
Setting up a company in the jurisdiction allows for building profitable relations with international organizations. Highly qualified employees of Clevver perform registration of a company in Norway online, without a personal visit of the client to the jurisdiction. More information about starting a business with us in Norway is here.
Typical taxes for businesses in Norway are the following:
In Norway, the corporate income tax rate is 22%. It is imposed on all income of the Norway-resident company, regardless of where it is earned — in the country or not. The tax base is the sum of operating profit/loss, finance income, and net capital gains less tax depreciation. This charge ought to be paid out once in a 6-month period for the year in which the income is earned.
The portal Nordea insist on the following rates for the withholding taxes: Dividends: 0%/25% (for distributions to shareholders resident in low-tax jurisdictions and to non-resident individuals); Interest: 0%/15% (on payments made to certain related companies domiciled in low-tax jurisdictions, from 1 July 2021); Royalties: 0%/15% (on payments made to certain related companies domiciled in low-tax jurisdictions, from 1 July 2021).
Norway has a 25% VAT on most goods and services. The rate is reduced to 12% for some cultural/sports activities and transportation services; the rate is reduced to 15% for food and beverages, and 11.11% for raw fish supplies. The registration threshold for VAT is 50,000 NOK.
Stable economic growth, investment security, and developed banking systems attract many investors wishing to open a company in the Kingdom of Norway to do business and take advantage of benefits that can suggest this jurisdiction.
Clevver specialists will readily start your Norwegian company registration procedure once you’ve applied to us and all is clear on both sides.
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Norway is a world leader in various industries such as shipping, energy, communications, and technology. It is a highly developed country with advantageous conditions for creating and doing business. The state can boast an attractive investment climate and beneficial conditions for entrepreneurship.
With Clevver, setting up a business entity in Norway for non-residents is not difficult: the requirements for registration are clear and easy for understanding, and the procedure itself is straightforward. For detailed information on Norwegian company registration, please, be free to contact us already today.