2. Kingdom of Norway
• 385 186 km²
• Population of 5 063 709
• 13,15 per km²
• Constitutional Monarchy
• Parliamentary system
• EEA-member
3. Strong economy • GDP pr. capita is the second highest in
Europe. USD 99,462 (Rank 3)
• Continuous growth, with about 3.- 3,5%
through 2015
• Unemployment rate is expected to be
around 3%
• The Government Pension Fund, value of
about 3723 billion NOK. (as of
November 2012)
• Interesting market despite the market
size
Why Norway?
World class industries
R&D activities
Productive and competitive
Rich in resources
Competitive values and structures
in work-life
A great place to live
Network of airports
4. Strong economy
Why Norway?
World class industries
R&D activities
Productive and competitive
Rich in resources
Competitive values and structures
in work-life
A great place to live
Network of airports
• Oil and gas
• Maritime
• Marine (seafood)
• Complementary knowledge industries:
• finance industry, Information and
communications technologies
industry, Knowledge-based services
• Emerging industries:
• Medtech, cleantech and
biotechnology
5. Oil and gas
• Sector represents
some 25% of GDP
• some 250,000 jobs,
directly and indirectly
• More than 50% of
export earnings
• Not only oil and gas
export, but also goods
and services
6. Maritime
• The Norwegian maritime
sector comprises 7 500
companies, 100 000
employees, a turnover of
410 billion NOK and
approx. 10 per cent of the
national wealth creation
• Ship owners
• Service providers
• Equipment manufacturers
• Yards
7. Marine - Aquaculture industry
• Modern, internationally competitive industry that
produces high quality food in an efficient manner.
• Aquaculture products account for almost half of
the total Norwegian seafood export.
• Dominant species are Atlantic salmon and
rainbow trout
• Extensive development with a view toward
farming several new species, such as cod, halibut,
wolf fish and shellfish.
• A license from the authorities is required to farm
fish and shellfish in Norway.
• Future growth in the northern region of Norway
8. Strong economy
Why Norway?
World class industries
R&D activities
Productive and competitive
Rich in resources
Competitive values and structures
in work-life
A great place to live
Network of airports
• Close collaboration between industry
and R&D institutions
• Open and attractive research and
innovation system, global knowledge
hubs and government support schemes
• Costs of setting up R&D activities are
internationally competitive
• Well-developed system to protect
intellectual property rights
• Norway participates fully in all EU
research programmes and activities
9. Strong economy • Norwegian productivity is much higher
than the average of the EU
• Use of advanced technology and a
constant focus on productivity due to
high labor costs
• Extra value from the petroleum sector
• Trust, the flat structures and open
communication at the work place play a
vital part in enhancing innovation
• Norway the sixth most competitive
country in the world
Why Norway?
World class industries
R&D activities
Productive and competitive
Rich in resources
Competitive values and structures
in work-life
A great place to live
Network of airports
11. Strong economy
Why Norway?
World class industries
R&D activities
Productive and competitive
Rich in resources
Competitive values and structures
in work-life
A great place to live
Network of airports
• Norway's economy dependent on the
use of its natural resource base
• governmental regulation in order to balance
economical- and environmental interests
• Oil and gas
• Hydropower
• Fisheries
• Forestry
12. Strong economy
Why Norway?
World class industries
R&D activities
Productive and competitive
Rich in resources
Competitive values and structures
in work-life
A great place to live
Network of airports
• Little hierarchy, flat structures, open
communication and cooperation
• High degree of trust between employer
and employee and people feel
empowered
• Gender equality is stimulated and the
participation of women in the work life
is one of the highest in the world
• Balance between work and private life
13. Strong economy
Why Norway?
World class industries
R&D activities
Productive and competitive
Rich in resources
Competitive values and structures
in work-life
A great place to live
Network of airports
• According to the annual ranking from
the UNDP, the Human Development
Index 2011, Norway is the best place to
live in
• Well-developed welfare state with a high
degree of social security
• Norway is also green and is a real gem
for nature lovers
14. Strong economy
Why Norway?
World class industries
R&D activities
Productive and competitive
Rich in resources
Competitive values and structures
in work-life
A great place to live
Network of airports
15. Doing business in Norway
• «Ease of doing business
2013» (IFC and World
Bank): Norway ranks 6
among the 185 countries
listed.
Denmark
Norway
UK
Finland
Sweden
Germany
Regional avrg
France 34
29
20
13
11
7
6
5
16. Business culture
• Flat structures and little hierarchy
• Quick and informal communication
• Focus on cooperation
• Trust among people
• Empowered employees
• Balance of work-and private life
• Gender equality
• Risk willingness
17. Setting up business
• Formal registration of the Foreign Entity in the
Norwegian Company Registry
• No capital is necessary.
• No need to establish a Board of Directors or
appoint a Managing Director.
• Accounts must be kept for the Norwegian activity.
• The activity in Norway will be taxed in Norway.
Norwegian-registered foreign enterprises
18. Setting up business
• Minimum capital
• NOK 30.000 (€ 4.000) for private limited
• NOK 1 mill (€131.000) for public limited
Limited company
19. Setting up business
• General rule is at least 3 board members
• Share capital below MNOK 3 minimum of 1
member and 1 deputy
• Employees right to elect representatives to the
board (more than 30 employees in the company)
• More than ½ of the board members must be
living in Norway (alternatively citizen of a state
being part of the EEA and living in such state).
Private limited company
20. Setting up business
• Smaller companies (turnover less than
MNOK 5, balance less than MNOK 20 and
less than 10 employees) can decide not to
appoint an Auditor
Private limited company
21. Setting up business
• More flexible regulation for dividends
• Instant online registration
• All Private limited companies may have only
1 board member. No deputy
• No requirement for physical meeting for
board meetings and general assembly
Planned amendments
22. Work and residence
• Residence permit needed as main rule in
order to work in Norway
• Other rules for citizens of EU/EEA-
countries
23. • Skilled workers
• Unskilled workers
• Russian nationals living
in the Barents Region
• Students and
researchers
• Cultural/non-profit
purposes and exchange
programmes
• Diplomats
Types of residence permits for work
Work and residence
24. Work and residence
• Different types of permits for skilled
workers
• Must have specialist training corresponding
to upper secondary education level, hold a
craft certificate, have completed a
university college or university education
or degree, or have special qualifications.
Skilled workers
25. • Skilled worker
• Researcher with own funds
• Job seeker who are newly
qualified or a researcher
• Service provider, seconded
employees
• Norwegian studies for skilled
workers
• Service provider, self-
employed contractor
• Additional education/work
experience
• International companies
• Seafarers on board foreign
ships
• Self-employed persons
• Work on the continental shelf
• Ethnic cooks
• Athlete and trainer
Work and residence
Skilled workers
26. • These permits are options for unskilled
workers, meaning that the position in
question does not require a skilled worker
Work and residence
Unskilled workers
• Seasonal worker • Seafarers on board foreign
ships
27. Work and residence
• Cross-border workers
• Special provisions apply to Russian nationals from the Barents
Region who commute to Norway to work part-time in
Nordland,Troms or Finnmark
• Special rules for unskilled workers
• Russian citizens from the Barents Region who plan to work as
unskilled labour in the counties of Nordland,Troms or
Finnmark can be granted residence permits for up to two
years.This is only possible as long as labour is not available in
Norway or from the EEA or EFTA area
Russian nationals living in the Barents
28. Work and residence
• Norwegian Directorate of Immigration
offers dedicated contact person for
employers employing workers from outside
EU/EEA area
• http://www.udi.no/Norwegian-Directorate-
of-Immigration/
29. • corporate income tax rate is 28%
(proposed reduction to 27% in 2014)
• Employer’s social security contributions are
normally levied at 14.1%, but lower rates
apply to employers that have their place of
business in certain areas of Norway
Tax
30. Tax
• Dividends paid to corporate entities and
capital gains on shares realized by such
entities are exempt from tax
• Dividends and capital gains derived by
individual shareholders are subject to tax at
a rate of 28 % to the extent they exceed a
tax exempt allowance
31. Tax
• Dividends distributed from a Norwegian
company to a non-resident shareholder are
generally subject to a 25% withholding tax
on the gross dividend, unless otherwise
determined by a tax treaty.
• Tax treaty Russia - Norway =>10% (legal
entities and natural persons)