with Clevver Professional Team
Overview:
- Norway is the second richest country in the world;
- The jurisdiction has an advanced economy and optimized legislation to start up a business;
- The state enjoys an impeccable reputation in international business circles;
- The country's legislation is simple and straightforward, loyal to non-resident companies;
- Businesses are able to get tax benefits here;
- There is no currency control in the country;
- Norwegian government signed agreements with more than 30 states on avoidance of double taxation;
- Clevver specialists assist in the fully remote company registration in Norway. All the necessary documents are accessible digitally.
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 support the 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.
Taxation in Norway
Typical taxes for businesses in Norway are the following:
- Advance Tax (Corporate income tax)
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.
Formation of a Norwegian Company
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 assist with your Norwegian company registration once you’ve applied to us and all is clear on both sides.
CHOOSE CLEVVER TO OBTAIN:
- The assistance of the highly qualified in global incorporations experts;
- Online support from Clevver;
- A complete package of digital documentation on the company incorporation;
- Opportunity to obtain numerous great add-on services in Norway (a registered address, mail and parcel handling assistance, and a local phone number);
- Constant customer support and individual approach to each client.
Bottom Line
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's helping hand, 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.
DISCLOSURE NOTICE: Any legal or tax advice in this communication (including any attachments) is for information purposes only and is not intended to be used, and cannot be used against Clevver or its Sender. The sender is neither an Accountant nor a Lawyer and cannot be made liable. Please, contact your tax accountant for individual consultation. Clevver does not provide any legal advice itself. Clevver works together with a network of lawyers and tax advisors that provide all necessary individual legal advice.
