Your SlideShare is downloading. ×
0
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Tom Eivind Haug. Doing Business in Norway 07.06.2013
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Tom Eivind Haug. Doing Business in Norway 07.06.2013

382

Published on

Published in: Business, Travel
0 Comments
2 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
382
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
24
Comments
0
Likes
2
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  1. Doing business in Norway Tom Eivind Haug Partner/attorney at law
  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
  10. IMD World Competitiveness Ranking 2013
  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)
  32. Thank you!

×