Norway is a safe and easy country for doing business and the aim of Norway’s government is that the tax system shall be competitive in order to attract foreign investment. Greenstep offers global consultancy services to ensure smooth and effortless operations in Norway and over 100 other countries.
Are you looking to expand your business to Norway? There are many financial, regulatory, and legal considerations for companies operating in Norway. Greenstep Norway offers global consulting services for the possible challenges of internationalization locally.
Avoid unnecessary trial and error and common mistakes with a financial advisory partner who can guide you through the various steps of internationalization and ensure that you comply with all requirements. With a comprehensive global partner, expansion into Norway and over 100 other countries is as easy as possible. Are you ready to go?
VAT in Norway
Norway’s default VAT rate is 25%, reduced to 15% on food and 12% on e.g. public transportation, hotel accommodation.
Corporate tax in Norway
In general, the Norwegian corporate tax rate is 22%. However, companies in the financial sector are subject to a tax rate of 25%.
Income tax in Norway
Salaries are taxed at rates of up to 38.2%, consisting of a flat rate of 22% and a progressive 4 steps tax of up to 16.2%. The highest tax rate is levied on annual salary exceeding NOK 999 550.
Setting up a business in Norway
Everybody that conducts business activities within Norway must register with the centralized Registry at Brønnøysund. The Registry provides the enterprise with a nine-digit Norwegian ID number, called “organization number” or “org.no.”. This ID number is required when entering into contracts, invoicing, reporting, communicating with public authorities, etc.
Auditing in Norway
A statutory audit is required if one of the following criteria is met: Operating revenues exceed NOK 6 million (NOK 5 million for a branch), balance sheets assets amount to more than NOK 23 million, or the average number of employees is more than 10 full-time equivalents.
Accounting regulations in Norway
All entities engaged in business activities must keep books of accounts according to Norwegian GAAP. However certain businesses are obliged to use international accounting standards, IFRS.
NetSuite clarifies your processes
NetSuite is a cloud-based business management system that is tailored to support the unique needs of your business. Projects include evaluating and adapting entire financial processes for scalable operations.
Bezala makes expense claims easy
Bezala has been developed by Greenstep to help you claim expenses quickly and easily. Instead of collecting receipts and carrying them from one country to another, you can take a photo of your receipts and send them directly to the accounting department without wasting your time on copying, scanning, and writing reports. With Bezala you can also claim per diems and mileage claims.
Mileage allowance in Norway: NOK 3.50 /km
Per diem in Norway: NOK 400 or NOK 200
