{"id":123292,"date":"2026-01-12T09:37:16","date_gmt":"2026-01-12T09:37:16","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=123292"},"modified":"2026-01-15T14:34:58","modified_gmt":"2026-01-15T14:34:58","slug":"norway-investing-in","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/norway-investing-in\/","title":{"rendered":"Norway: Investing In"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-123292","comparative_guide","type-comparative_guide","status-publish","hentry","guides-investing-in","jurisdictions-norway"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Advokatfirmaet Berngaard<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2025\/04\/advokatfirmaet-berngaard_rgb.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Advokatfirmaet Berngaard<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2025\/04\/advokatfirmaet-berngaard_rgb.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Investing In laws and regulations applicable in Norway<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Please briefly describe the current investment climate in the country and the average volume of foreign direct investments (by value in US dollars and by deal number) over the last three years.<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The current investment climate in Norway is favorable, with a stable economic environment and supportive government policies that encourage foreign investments. Over the last three years, the average volume of foreign direct investments (FDI) has shown a steady increase. The total value of FDI in Norway has averaged around $14-15 billion annually last three years. Official public sources do not report aggregate annual counts of all FDI deals, including mergers and acquisitions. However, greenfield investment projects alone averaged approximately 54\u201355 projects per year during 2022\u20132024. This growth is attributed to the country&#8217;s strategic location, skilled workforce, and robust infrastructure, which make it an attractive destination for foreign investors.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the typical forms of Foreign Direct Investments (FDI) in the country: a) greenfield or brownfield projects to build new facilities by foreign companies, b) acquisition of businesses (in asset or stock transactions), c) acquisition of minority interests in existing companies, d) joint ventures, e) other?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Foreign Direct Investment in Norway primarily takes the form of equity investments, which account for approximately 82% of total FDI and involve foreign ownership in Norwegian companies. Debt instruments, such as intercompany loans and bonds, represent around 17%. The remaining 1% includes other forms like reinvested earnings, mergers and acquisitions, greenfield investments, and joint ventures, reflecting strategic expansion and collaboration.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are foreign investors allowed to own 100% of a domestic company or business? If not, what is the maximum percentage that a foreign investor can own?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, in most sectors foreign investors can own 100% of a Norwegian company or business.\u202fNorway generally applies the principle of\u202fnational treatment, meaning foreign investors are treated the same as domestic investors. There are\u202fno general restrictions on foreign ownership\u202ffor most industries. However, there are exceptions in certain sectors where foreign ownership is restricted or requires government approval. These sectors include:<\/p>\n<ul>\n<li>Defense industry: Foreign ownership is limited due to national security concerns.<\/li>\n<li>Aviation: There are restrictions on foreign ownership to ensure control remains with domestic entities.<\/li>\n<li>Energy sector: Specific parts of the energy sector may have limitations on foreign ownership to protect critical infrastructure.<\/li>\n<\/ul>\n<p>In summary, foreign investors can own\u202f100% of a Norwegian company in most sectors, but\u202fstrategic industries\u202fhave caps or approval requirements.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are foreign investors allowed to invest and hold the same class of stock or other equity securities as domestic shareholders? Is it true for both public and private companies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Foreign investors are generally treated on par with domestic investors\u202fin Norway. There are\u202fno general restrictions\u202fon foreign ownership of shares in Norwegian companies, whether in a public limited company or private limited liability company, except in certain strategic sectors (e.g., oil &amp; gas, hydropower, defense, telecom) where special approvals or concessions may apply.<\/p>\n<p>Norway follows the\u202fEEA principle of free movement of capital. Investors from EEA countries therefore enjoy the same rights as Norwegian investors. For non-EEA investors, bilateral agreements and principles of reciprocity apply.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are domestic businesses organized and managed through domestic companies or primarily offshore companies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In Norway, domestic businesses are primarily organized and managed through local legal entities either a limited liability company or a public limited company), with offshore structures used only in limited international or tax-planning contexts.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the forms of domestic companies? Briefly describe the differences.   Which form is preferred by domestic shareholders? Which form is preferred by foreign investors\/shareholders? What are the reasons for foreign shareholders preferring one form over the other?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>What are the forms of domestic companies?<\/p>\n<p><strong>Private limited company (<em>Aksjeselskap<\/em> \u2014 AS):<\/strong><\/p>\n<ul>\n<li>The most common trading vehicle.<\/li>\n<li>Limited liability for shareholders.<\/li>\n<li>Flexible governance.<\/li>\n<li>Minimum share capital requirement: NOK 30,000.<\/li>\n<li>Cannot offer shares to the public.<\/li>\n<\/ul>\n<p><strong>Public limited company (<em>Allmennaksjeselskap<\/em> \u2014 ASA):<\/strong><\/p>\n<ul>\n<li>For companies that intend to list or seek wide public ownership. Can raise capital from the public.<\/li>\n<li>Stricter governance and disclosure rules apply.<\/li>\n<li>Higher share capital requirement: NOK 1,000,000.<\/li>\n<\/ul>\n<p><strong>Sole proprietorship (<em>Enkeltpersonforetak<\/em> \/ ENK):<\/strong><\/p>\n<ul>\n<li>Single owner, no separate legal entity; the owner has unlimited liability.<\/li>\n<li>Simple to set up; profits taxed to the individual.<\/li>\n<\/ul>\n<p><strong>General partnership<\/strong><\/p>\n<ul>\n<li>General partnership with joint and several unlimited liability among partners (Norw: Ansvarlig Selskap \/ ANS).<\/li>\n<li>Partnerships with shared liability; used for certain projects and professional practices (Norw: Kommandittselskap \/ KS).<\/li>\n<li>Partnership with unlimited liability shared pro rata between partners (each liable for their agreed share)(Norw: Delt Ansvar \/ DA).<\/li>\n<li>\u201cSilent\u201d\/internal partnership; only the managing partner is the visible counterparty to third parties Norw: Indre selskap \/ IS).<\/li>\n<li>Branches of foreign companies: a foreign legal person may register a Norwegian branch to carry on business (Norw: Norskregistrert utenlandsk foretak \/ NUF).<\/li>\n<\/ul>\n<p><strong>Which form is preferred by domestic shareholders?<\/strong><\/p>\n<p>The limited liability company is the preferred choice for most commercial enterprises because it balances limited liability with governance flexibility. Because the minimum share capital required is just NOK 30,000, most investors are financially capable of setting up a limited liability company. A limited liability company works well for everything from SMEs to SPVs (real estate, projects) and PE\/VC portfolio companies. It\u2019s also a familiar tax and dividend framework, and it is easy to use shareholder agreements and multiple share classes if needed. A public limited company is used where public capital markets come into play.<\/p>\n<p><strong>Which form is preferred by foreign investors\/shareholders?<\/strong><br \/>\n<strong>What are the reasons for foreign shareholders preferring one form over the other?<\/strong><\/p>\n<p>The Norwegian limited liability company is the preferred form for foreign investors\/shareholders, largely for the same reasons as domestic shareholders: limited liability, low share capital (NOK 30,000), flexible governance\/shareholder agreements, ability to issue different share classes, familiar for M&amp;A and JV SPVs. Most foreign groups set up a Norwegian subsidiary under an offshore holding company.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the requirements for forming a company? Which governmental entities have to give approvals? What is the process for forming\/incorporating a domestic company? What is a required capitalization for forming\/incorporating a company? How long does it take to form a domestic company? How many shareholders is the company required to have? Is the list of shareholders publicly available?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><strong>What are the requirements for forming a company? <\/strong><\/p>\n<p>To form a company in Norway, you must first choose a legal structure\u2014most commonly a private limited company (AS). Founders must be at least 18 years old and not subject to bankruptcy restrictions, and the company must have a Norwegian business address. A minimum share capital of NOK 30,000 is required for an AS.<\/p>\n<p>There are generally no approvals need to be forming a Norwegian company. The company must be registered with the Br\u00f8nn\u00f8ysund Register Centre, and foreign founders typically need a Norwegian D-number to complete digital registration via Altinn. The D-number is issued by the Norwegian Tax Authorities.<\/p>\n<p><strong>What is the process for forming\/incorporating a domestic company?<\/strong><\/p>\n<p>First the company must be formed: Complete and e-sign the memorandum of incorporation. Then the share capital must be deposited, and a confirmation must be obtained, either from the bank, an auditor, a lawyer or an accountant. A client account at a law firm may also be used to pay in the share capital; however, this depends on the specific arrangement with the law firm.<\/p>\n<p>Lastly, the memorandum of incorporation and the company\u2019s articles of association, must be registered with the Norwegian Registry of Business Enterprises (Norw: <em>Br\u00f8nn\u00f8ysundregistrene<\/em>). If the foreign investor does not have a d-number, the notice of registration (Norw: <em>Samordnet registermelding<\/em>) and the d-number application must be filed by paper with wet-ink signatures. A copy of the passport of the person in need of a d-number must be attached along with the d-number application. The passport must either be certified by a Norwegian public authority, Norwegian lawyer, Norwegian authorised accountant, Norwegian state authorised or registered auditor, a Nordic police authority or by a foreign entity with notary powers.<\/p>\n<p>The memorandum of incorporation must be filed within three months from the date of incorporation and registration of beneficial owners within 14 days after registration.<\/p>\n<p>Other registration such as at the VAT registry, State Register of Employers and Employees and occupational pension, could also apply.<\/p>\n<p>Any registration depending on the business of the company may also apply.<\/p>\n<p><strong>What is a required capitalization for forming\/incorporating a company?<\/strong><\/p>\n<p>NOK 30,000 for a Norwegian limited liability company, and NOK 1,000,000 for a Norwegian public limited liability company.<\/p>\n<p><strong>How long does it take to form a domestic company?<\/strong><\/p>\n<p>Incorporation can be completed in one day, but processing at the Norwegian Registry of Business Enterprises usually takes one to three weeks, not including postage. You can buy a shelf company to get an organization number immediately, but changing its name and board often takes longer than registering a new company, so unless the number is needed right away, buying a shelf company isn&#8217;t typically worthwhile.<\/p>\n<p><strong>How many shareholders is the company required to have?<\/strong><\/p>\n<p>One shareholder.<\/p>\n<p><strong>Is the list of shareholders publicly available?<\/strong><\/p>\n<p>In general, no. The company\u2019s shareholder registry is not public. However, through a service called Proff.no in Norway, an updated list of the company\u2019s shareholders based on the shareholder register statement (Norw: <em>Aksjon\u00e6rregisteroppgaven<\/em>) is published once a year.<\/p>\n<p>The shares could also be registered with Euronext Securities Oslo (Norw: <em>Verdipapirsentralen<\/em>) which is public and will be updated regularly.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the requirements and necessary governmental approvals for a foreign investor acquiring shares in a private company? What about for an acquisition of assets?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Generally, no pre-clearance is required for share acquisitions in private companies. Parties must comply with the company\u2019s articles of associations, pre-emption\/share transfer rules in the Norwegian Private Limited Liability Act, registration of new shareholder(s) in the company\u2019s shareholder register, and settlement\/registration formalities. Sectoral licences or statutory consent may be required if the target operates in a regulated sector (e.g. finance, energy, defence) or where national security considerations apply.<\/p>\n<p>Asset deals generally do not require pre-clearance unless transferring regulated licences or assets for which governmental consent is required (e.g. certain real estate, licences to exploit natural resources or regulated business authorisations).<\/p>\n<p>AML\/KYC checks, tax clearances (depending on the assets), and registration updates are typical. If the transaction triggers notification under the Norwegian Security Act screening regime or to the Norwegian Competition Authority, a filing may be required.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does a foreign investor need approval to acquire shares in a public company on a domestic stock market? What about acquiring shares of a public company in a direct (private) transaction from another shareholder?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A foreign investor does not require approval to acquire or hold shares in a public limited company obtained on the domestic stock market (meaning a listed company on the stock exchange).<\/p>\n<p>The same applies as a general rule in private transactions involving the transfer of shares in a public limited company from another shareholder..<\/p>\n<p>Some sector specific exemptions may occur for example according to the Security Act and acquisitions may also be subject to notification and approval from the Norwegian Competition Authority if the combined revenues exceed specific thresholds.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a requirement for a mandatory tender offer if an investor acquired a certain percentage of shares of a public company?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Under the Norwegian Securities Trading Act, a mandatory offer obligation is triggered when an investor (alone or acting in concert) acquires more than 1\/3 of the voting rights in a company listed on a Norwegian regulated market. Additional triggers occur at 40% and 50%.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the approval process for building a new facility in the country (in a greenfield or brownfield project)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In Norway, the approval process for constructing a new facility\u2014whether on greenfield or brownfield land\u2014requires compliance with the Planning and Building Act, including alignment with municipal zoning plans, submission of a formal building application with technical documentation, and, where applicable, environmental impact assessments; permits are granted in two stages: (i) general planning approval and (ii) commencement approval, following verification of responsible parties and regulatory compliance.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can an investor do a transaction in the country in any currency or only in domestic currency? a) Is there an approval requirement (e.g. through Central Bank or another governmental agency) to use foreign currency in the country to pay: i. in an acquisition, or, ii. to pay to contractors, or, iii. to pay salaries of employees? b) Is there a limit on the amount of foreign currency in any transaction or series of related transactions? i. Is there an approval requirement and a limit on how much foreign currency a foreign investor can transfer into the country? ii. Is there an approval requirement and a limit on how much domestic currency a foreign investor can buy in the country? iii. Can an investor buy domestic currency outside of the country and transfer it into the country to pay for an acquisition or to third parties for goods or services or to pay salaries of employees?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Norwegian law is based on the principle of full freedom of capital movements and currency exchange. Transactions can, in principle, be conducted in any currency, as there is no general foreign exchange control regime. However, this general rule is modified by certain specific provisions that impose limitations in particular situations.<\/p>\n<p>Approval is not required to use foreign currency for such transactions. For salaries, employees must receive a clear and verifiable pay statement, and the chosen currency should not disproportionately affect their real earnings due to exchange-rate fluctuations.<\/p>\n<p>Norwegian law provides significant freedom regarding the use and transfer of currency. In general, no approval is required to use foreign currency in transactions or to transfer capital into the country. Parties are therefore free to agree on the currency in their contracts. However, there may be declaration requirements for the physical movement of currency in and out of Norway.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there approval requirements for a foreign investor for transferring domestic currency or foreign currency out of the country? Whose approval is required? How long does it take to get the approval? Are there limitations on the amount of foreign or domestic currency that can be transferred out of the country? Is the approval required for each transfer or can it be granted for all future transfers?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Under Norwegian law, foreign investors enjoy full freedom to transfer both domestic and foreign currency out of the country. No governmental approval is required for such transfers, whether for repatriation of profits, dividends, payments, or other purposes, and there are no legal limits on the amounts that may be transferred. Transfers can be executed freely at any time, and banks may report large transactions to the Norwegian Currency Register (Norw: <em>Valutaregisteret<\/em>) for statistical and monitoring purposes; this reporting does not constitute an approval requirement. Consequently, foreign investors can conduct transfers without prior authorization, with no distinction between individual or recurring transfers. When physically transporting cash or monetary instruments into or out of Norway, investors must comply with Norwegian customs law and declare amounts exceeding NOK 25,000 (or the equivalent in foreign currency) to the Norwegian Customs (Norw: <em>Tollvesenet<\/em>) at the border. This is a reporting requirement only and does not affect the investor\u2019s legal ability to transfer funds through banks.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a tax or duty on foreign currency conversion?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no government taxes or duties on currency conversion itself (whether exchanging cash or transferring between currencies). Taxes only apply to profits from currency trading or investments.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a tax or duty on bringing foreign or domestic currency into the country?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No, there is no tax or duty on bringing foreign or domestic currency into Norway. However, amounts exceeding NOK 25,000 (or the equivalent in foreign currency) must be declared to Customs. Failure to declare can result in a penalty equal to 20% of the amount.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a difference in tax treatment between acquisition of assets or shares (e.g. a stamp duty)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Share deals in Norway avoid stamp duty but offer no tax basis step-up, while asset deals allow depreciation and basis increase but trigger a 2.5% stamp duty on real estate.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">When is a stamp duty required to be paid?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Stamp duty in Norway is only required when transferring title to real estate, payable by the buyer upon registration (currently 2.5% of the property\u2019s market value).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are shares in private domestic companies easily transferable? Can the shares be held outside of the home jurisdiction? What approval does a foreign investor need to transfer shares to another foreign or domestic shareholder? Are changes in shareholding publicly reported or publicly available?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Shares in private Norwegian companies are generally transferable, but statutory pre-emption rights under the Private Limited Liability Companies Act, restrictions in the Articles of Association, and provisions in shareholder agreements often limit or condition transfers.<\/p>\n<p><strong>Can the shares be held outside of the home jurisdiction?<\/strong><\/p>\n<p>Shares in Norwegian private companies can be held outside Norway, as there are no general restrictions on foreign ownership or custody\u2014subject to limitations in the Articles of Association, shareholder agreements and certain sector-specific regulations.<\/p>\n<p><strong>What approval does a foreign investor need to transfer shares to another foreign or domestic shareholder?<\/strong><\/p>\n<p>Foreign investors generally do not need specific approval to transfer shares to another foreign or domestic shareholder in Norway. However, if the target company operates in sectors considered critical to national security or protection-worthy activities (e.g., defence, energy or infrastructure), approval may be required under the Norwegian Security Act or other sector-specific regulations.<\/p>\n<p><strong>Are changes in shareholding publicly reported or publicly available?<\/strong><\/p>\n<p>Listed companies: Yes. Significant changes in ownership must be reported under the Securities Trading Act and are published on Oslo B\u00f8rs (newsweb.no).<\/p>\n<p>Private companies: Not automatically public, but shareholder registers must be maintained. From 2025, companies must provide free digital access within three business days upon request. Shares registered in VPS are publicly viewable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a mandatory FDI filing? With which agency is it required to be made? How long does it take to obtain an FDI approval? Under what circumstances is the mandatory FDI filing required to be made? If a mandatory filing is not required, can a transaction be reviewed by a governmental authority and be blocked? If a transaction is outside of the home jurisdiction (e.g. a global transaction where shares of a foreign incorporated parent company are being bought by another foreign company, but the parent company that\u2019s been acquired has a subsidiary in your jurisdiction), could such a transaction trigger a mandatory FDI filing in your jurisdiction? Can a governmental authority in such a transaction prohibit the indirect transfer of control of the subsidiary?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Norway requires mandatory FDI filings for certain businesses covered by the Norwegian Security Act. These rules apply in addition to sector-specific regulations that require government approval for ownership changes in industries such as petroleum and financial services, which generally address concerns other than national security.<\/p>\n<p>The Security Act also gives the government authority to block transactions or activities that pose a significant risk to national security, even if other approvals have been granted.<\/p>\n<p><strong>With which agency is it required to be made?<\/strong><\/p>\n<p>The filing should be submitted to the government ministry responsible for the sector in question or, if no ministry is responsible for that sector, to the National Security Authority.<\/p>\n<p><strong>How long does it take to obtain an FDI approval?<\/strong><\/p>\n<p>The review process depends on whether the transaction is subject to a mandatory FDI filing or an ex officio investigation. For mandatory filings, the process includes an initial 60-business-day phase (Phase 1), during which authorities either approve the deal or escalate it to the government for a decision. If more information is requested, this timeline is paused. A second phase (Phase 2) may follow, which has no fixed deadline.<\/p>\n<p>For ex officio investigations of transactions not subject to filing, there is no formal case-handling deadline.<\/p>\n<p><strong>Under what circumstances is the mandatory FDI filing required to be made?<\/strong><\/p>\n<p>Under Chapter 10 of the Security Act, acquisitions of a qualified ownership interest in companies subject to the Act must be reported to the authorities. A qualified ownership interest is defined as an acquisition that directly or indirectly results in the acquirer obtaining:<\/p>\n<ul>\n<li>at least one-third of the share capital, ownership interests, or voting rights in the company,<\/li>\n<li>the right to become the owner of at least one-third of the share capital or ownership interests, or<\/li>\n<li>significant influence over the management of the company in another way.<\/li>\n<\/ul>\n<p>The provision applies to companies that:<\/p>\n<ul>\n<li>Process classified information<\/li>\n<li>Control information, information systems, objects, or infrastructure that are critical to fundamental national functions, or that are critical to national security interests without being directly linked to a fundamental national function<\/li>\n<li>Engage in activities that are critical to fundamental national functions, or that are critical to national security interests without being directly linked to a fundamental national function.<\/li>\n<\/ul>\n<p><strong>If a mandatory filing is not required, can a transaction be reviewed by a governmental authority and be blocked?<\/strong><\/p>\n<p>Even if a transaction does not trigger a mandatory filing under the Norwegian Security Act, authorities may still review and block it on national security grounds. The government has broad powers to initiate investigations, impose conditions, or prohibit transactions that pose a threat to national security. Unlike the process of mandatory filings, there is no formal deadline for completing such reviews.<\/p>\n<p><strong>If a transaction is outside of the home jurisdiction (e.g. a global transaction where shares of a foreign incorporated parent company are being bought by another foreign company, but the parent company that\u2019s been acquired has a subsidiary in your jurisdiction, could such a transaction trigger a mandatory FDI filing in your jurisdiction?<\/strong><\/p>\n<p>A transaction may fall within the scope of the Norwegian Security Act even if it occurs between foreign entities. The obligation to submit a mandatory filing applies not only to direct acquisitions but also to indirect acquisitions of a qualifying ownership interest. This means that if the acquired parent company controls a Norwegian entity subject to the Act, the filing requirement can be triggered.<\/p>\n<p><strong>Can a governmental authority in such a transaction prohibit the indirect transfer of control of the subsidiary?<\/strong><\/p>\n<p>Yes. A governmental authority can prohibit the indirect transfer of control of a subsidiary under the Norwegian Security Act.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are typical exit transactions for foreign companies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The most common exit route for foreign companies is the sale of the business, either through an asset transaction or a share transaction.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Do private companies prefer to pursue an IPO? i. on a domestic stock market, or ii. on a foreign stock market? iii. If foreign, which one?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Private companies in Norway generally do not prefer IPOs as their primary exit route. If Norwegian companies choose to go public, they generally prefer listing on a domestic stock exchange.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Do M&amp;A\/Investment\/JV agreements typically provide for dispute resolution in domestic courts or through international arbitration?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Norwegian M&amp;A, investment and joint venture agreements typically favor arbitration for larger or cross-border transactions, while domestic deals often rely on Norwegian courts.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How long does a typical contract dispute case take in domestic courts for a final resolution?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In Norway, contract disputes are generally resolved quickly compared to many jurisdictions. A case in the District Court as well as the Court of Appeal, typically takes about 5\u20136 months from filing to judgment. Only a small number of cases reach the Supreme Court, which can extend the timeline. Courts also encourage mediation, often reducing timelines if settlement is achieved. The time required to reach a final resolution may vary depending on several factors, including the complexity of the dispute and the specific district court handling the matter.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are domestic courts reliable in enforcing foreign investors rights under agreements and under the law?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Norwegian courts are widely regarded as reliable and impartial. They operate under a transparent legal framework that strongly protects contractual rights and adheres to the rule of law.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there instances of abuse of foreign investors? How are cases of investor abuse handled?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are international arbitral awards recognized and enforced in your country?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A foreign arbitral award that is binding and enforceable under Norwegian law or an applicable international treaty, such as the New York Convention, may be recognized and enforced in Norway.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there foreign investment protection treaties in place between your country and major other countries?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Norway has signed numerous bilateral investment treaties and international agreements aimed at protecting foreign investments.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">4343<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/123292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=123292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}