Norway offers a thriving business landscape for new entrepreneurs looking for a location for their startups. The country is advantageous with its stable government and booming economy. The government incentivizes striving business leaders who have a vast range of industries to delve into.
We’ll look at the different industries available to you and how you can get started in your new endeavor. Follow along.
Promising Industries in the Nordics and How to Break into Them
Norway is home to a broad array of promising sectors where you can thrive as a newly established business leader. The government encourages residents to start a business in the Nordics by incentivizing those who initiate company development. Some promising sectors in the country include the following:
- Maritime
- Technology
- Healthcare
- Renewable energy
The challenges prospective business leaders face is Norway’s expensive living costs from housing to transportation to food. This means entrepreneurs will pay premium prices for their products and services.
There are also stringent regulations concerning working employee benegits and working conditions, a challenge for employers to comply with.
Starting a company for a foreigner requires more administrative tasks than a citizen or resident would need to enlist. Visit https://20countries.com/nordic-countries/start-company/ for a checklist on starting a company in the Nordics.
Technology
Many opportunities exist in the technology landscape, not only for new businesses but also for existing organizations that want to expand into new markets. This is due to Norway leading the world in the Technology industry.
The country’s government provides business leaders with numerous subsidies and grants for tech company development. The pool of qualified talent is vast, and entrepreneurs have little difficulty filling positions within their newly formed startups.
The challenge is the considerable competition and offering adequate incentives to draw these skilled candidates to your business.
Renewable energy
Being a pioneer in the renewable energy industry and increasing with growth in this sector, Norway offers opportunities ranging from new technology development to wind turbine and solar panel installation and more. The government provides business with significant tax breaks for renewable energy investments.
This industry has no signs of slow down; instead, the prediction is that it will continue to grow steadily well into the future.
Healthcare
Norway’s life expectancy is higher than that of most countries in the world. The government has an excellent healthcare system, and the sector offers businesses incredible opportunities to become new providers. This is whether you want to form a home healthcare system, a hospital, a clinic, or a private practice.
The government provides ample incentives for healthcare providers, from grants to perform research and development and incredible tax breaks.
Maritime
Norway has a long fishing and shipping history, making it one of the countries to watch in the maritime sector—opportunities offered for business leaders, including shipbuilding, port operations, and cargo transport.
Again, the government encourages company development by incentivizing entrepreneurs with tax breaks and subsidies particularly for port operations and shipbuilding.
Minimum Requirements for Starting a Business in Norway
Every legal structure in the country has a specific set of requirements. Here are the most common forms and the basics.
AS- private limited company
Opening a private limited company in the country sccuessfully requires prospective entrepreneurs to meet specific guidelines. These include the following:
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- The company needs one or more shareholders.
- Non-EU or EEA citizens planning to start a company in Norway must obtain a residence permit to work there. Foreigners can find details on the terms and conditions for these permts on the UDI- Norwegian Directorate of Immigration’s website.
- AS roles must be filled by individuals 18 years of age and over.
- The business must have a physical address in Norway.
- Norway board members (50 percent of them) must be residents of the country or another EEA country. The founders and shareholders are not required to be of Norway residency.
A sole proprietorship
- You must have Norwegian residency. If you are not an EU or EEA citizen planning to operate a company in the country, you must obtain a residence permit that allows working in Norway. The details of this permit are available on the UDI- Norwegian Directorate of Immigration’s website.
- The activity you plan to conduct is commercial in nature and not merely a hobby. When the scope of the activities is limited, and expenses equate roughly to the same as your income, it could be considered as the pursuit of a hobby. These profits are not taxed.
- You cannot register these at a postbox but rather at a Norway physical address.
- Sole proprietorship requirements are essentially the same as starting a DA- partnership.
Final Thought
Starting a business in the Scandinavian country of Norway involves more administrative work for a foreigner than a resident or citizen. Go here for business ideas for expats.
Still, the government and the thriving business community offers a vast range of opportunities and incentives making the country the ideal location for company development.
