The Norwegian government welcomes foreign investments. The tax system is neutral toward foreign and local investments. An industrial production facility placed in an under developed area would be favored by local and central governmental bodies.
The government supports free trade and non-interference. Some limitations do exist but only applied to the protected areas like fisheries & agriculture and based on environmental considerations.
The Norwegian government is generally positive toward all investments, foreign and local. For this reason, Invest in Norway, an official and nationwide body for attracting foreign investments, was established in 1993. Invest in Norway is an affiliate of the Norwegian Industrial and Regional Development Fund (Statens Narings og Distriktsutviklingsfond – SND), whose main purpose is to enhance profitable business and economic trade development throughout the entire country. It will contribute to product development and new establishments as well as expansion. The SND provides aid through loans, guarantees, subsidies, and investments with share capital stocks.
Norway imposes no currency and foreign exchange controls there are no licensing requirements in force. The only exchange control requirement is a reporting requirement for international payments and financial transactions. This reporting is generally taken care of by the transaction bank.
Norway supports the following types of business enterprises:
A private limited liability company (abbreviated AS) must have minimum share capital of NOK100,000. A public limited liability company (allmennaksjeselskap-ASA) must have a share capital of at least NOK 1 million.
Subject to taxation, funds are freely and fully remittable. Dividends are distributed once annually, interest as agreed.
To establish a company (A/S or ASA), one founder is sufficient. At least one-half of the founders must be residents of Norway and have lived in Norway for the last two years, or be citizens of an EEA member state if resident in that state.
The Norwegian Industrial and Regional Development Fund-SND
The Norwegian Industrial and Regional Development Fund (Statens narings- og distriktsutviklingsfond – SND) was established in 1993 and has played an important role in the value-creating process of Norwegian trade and industry. SND promotes new and innovative business development by finding, refining, funding and following up interesting projects and enterprises. As from 1 January 2004, the new state owned company, Innovation Norway, has replaced SND and the following organisations:
The Government Consultative Office for Inventors
Innovasjon Norge (Innovation Norway)
Address: Akersgaten 13, N-0104 Oslo, Norway
Tel: +47 22 002500
Fax: +47 22 002501
E-mail: [email protected]
Norway is rich in natural resources, including renewable energy. 98% of our electricity production is based on renewables. We utilise this electricity to create energy intensive products with the world’s lowest carbon footprint, and to pilot the zero-emission society of the future. Half of the new cars sold in Norway in 2019 were electric, and we are piloting battery driven ferries as well as boats powered by ammonia.
Norway has world-class industries within oil and gas, energy, maritime and the seafood sector. We are currently building new, green industries on this foundation, pioneering such technologies as floating wind, zero-emission shipping and carbon capture, utilisation and storage (CCUS). More than 40 clusters engage in world-leading research and development within, and across, a wide range of industries.
Norway was recently ranked the world’s most resilient country. We also rank among the top ten countries in the world on the world happiness ranking, the world talent ranking, the world competitiveness ranking, the environmental performance index and the ease of doing business ranking.
Norway’s skilled workforce, characterized by high competence, independence and efficiency, and the balanced three party cooperation between the government, labour unions and industry confederations are an important basis for Norwegian competitiveness across industries. These mechanisms ensure flat hierarchies which combine low conflict levels, high efficiency and flexibility both on local and national level.
Although not a member of the EU, Norway is fully integrated in the European single market through the EEA and Schengen Agreement.