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Articles contributed by Wiersholm
Doing business in Norway contains a summary of the aspects of Norwegian law that are most likely to interest foreign companies or individuals that are contemplating doing business or engaging in commercial activities in Norway. A publication of this kind can obviously only provide a limited outline of certain legal areas. The information contained in the publication is not exhaustive.
On 7 April this year, the Supreme Court pronounced judgement in a case between Fokus Bank and a group of employees in the bank. The case concerned the matter of whether an employer may unilaterally change (“convert”) the employees’ pension scheme from performance-based to contribution-based. The Supreme Court concluded that Fokus Bank had the right to unilaterally convert the pension scheme to a contribution scheme. The Supreme Court’s reasons are principal and presumptive in the sense that employers have such a right, even when the new contribution scheme clearly is less beneficial for the employees than the old performance scheme.
Doing business in Norway contains a summary of the aspects of Norwegian law that are most likely to interest foreign companies or individuals that are contemplating doing business or engaging in commercial activities in Norway. A publication of this kind can obviously only provide a limited outline of certain legal areas. The information contained in the publication is not exhaustive. If you or your company are doing business in Norway – or if you are planning to do so – we recommend that you obtain specific professional advice before any action is taken. Any questions or concerns may, of course, be referred to Wiersholm.
Employees in Norway enjoy considerable statutory protection. The vast majority of employees in Norway are members of trade unions, and a majority of jobs in the private sector are with employers who are members of employers associations. Collective agreements are an important supplement to the statutory rules.
Companies doing business in Norway may be subject to a number of direct and indirect taxes. A major tax reform in 2005 has made tax planning and restructuring even more important than before.
Almost all commercial businesses give rise to or come into contact with issues of general contract law, the sale of goods, product liability, competition law and intellectual property rights. These and some other general business law considerations are described in this chapter.
This chapter describes the different ways in which loans and other forms of credit can be secured, in particular mortgages, floating charges and contractual liens on stocks and bonds. It also describes the main conditions for listing on the Oslo Stock Exchange, which is the principal market for trading in shares, bonds and derivative instruments in Norway.