The Nordic economies are among the countries in the Western World with the best macro-economic performance in the past ten years and Norway is in the top 10 largest economies in the world, with a high level of purchasing power.
Norway has a population of only 5 million people, and it is surprising to many that Norway’s purchasing power can challenge even the largest economies in the world. Norway has a high standard of living and is home to one of the highest GDP per capita worldwide.
Norway also has one of the world’s strongest economies with high priority being given to knowledge development, innovation, technology and maintaining a sustainable business sector.
Norway is a world leader in the oil and gas, energy, maritime and seafood sectors, and technology companies such as Medtech, FinTech, Edtech are flourishing.
Company in Norway
It is easy to establish a company in Norway, which makes it an interesting country for both start-ups and established companies.
The three most common types of business in Norway are:
- Sole proprietorship (requires no start-up capital)
- Limited company (Start-up capital of at least NOK 30,000)
- Norwegian-registered foreign company (the foreign company functions as a legal entity. This is easy and cheap option for a foreign company)
The tax rate is 27% of the company’s profit, and the VAT is 25%, reduced to 15% and 8% for some services and goods.
Capital gains are generally taxed as ordinary income. 97% of capital gains on shares and dividends in the company are, as a general rule, exempt from tax.
11 benefits of Norway
- A high level of education
- High productivity
- One of the world’s strongest economies
- World leader in oil, gas, energy, maritime industries, seafood
- Access to leading innovation and technology environments
- MedTech, FinTech, EdTech and other innovation groups thrive extremely well
- 98% of electricity production is based on renewable energy. This is used to create products with the world’s lowest CO2 footprint
- One of the 10 best countries in the world, when it comes to happiness, talent, competitiveness and the environment
- Whilst not a member of the EU, it is fully integrated into the European internal market through the EEA and the Schengen Agreement
- Norway came first place in the Human Development Index mainly due to high level of education and material wealth
- Has one of the lowest crime rates and the best welfare system in the world.
Read more about Norway on Wikipedia.