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Housing in Norway

By Joseph Kinane, Operations Manager @Ecovis
House rental

There are so many elements to moving abroad, from obtaining a work permit to tax registration to opening a bank account and learning the language for example. However, it is finding a suitable place to live which can often be the most personal and critical factor when moving to a new country. This is even more prevalent when a family is relocating with the expat.


I have worked a great deal in the area of housing expats since moving to Norway in 2012, accompanying many individual expats with their families to attend viewing after viewing in pursuit of the house or apartment they can call home. It is thoroughly rewarding when they find something that fits their criteria. I remind our clients that it pays to get advice and to take your time before jumping into a decision.


The property market in Norway moves fast with a lot more demand than supply, particularly in Oslo and the more populated cities. The standard is minimalistic in this country which often surprises expats who have experienced a different level in other countries. The negotiation process is also different. You may not always get your first choice and owners may not wait around too long for you to decide.


At Ecovis, we have several clients building data centres and construction companies sending workers to Norway on projects. These workers need assistance to get to work and we know how complicated this can be, particularly with BREXIT.


Our company has a large network within the housing industry. This network refers to real estate agents, private homeowners and serviced apartment companies. We also deal with several hotel chains; therefore, you are guaranteed to get the best deal possible with our assistance. We cater for any length of stay and have contacts all over Norway.


From my experience in this global mobility industry, I have noticed more and more how expats appreciate the perks of having an agent/representative throughout the moving process. The more we do, the less they do and the more efficient and cost effective the solution is for the employer. Research shows that it can cost a company three times the yearly salary of an employee when sending him/her on a traditional 3-year international assignment. It is therefore imperative that the expats and their families receive the best possible attention in order to maximise the investment.


When acquiring the services of Ecovis, you are guaranteed experienced professionals with knowledge and enthusiasm. We represent, we negotiate, and above all, we deliver.

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Building Datacenters in Norway

Norway has become a hotspot for construction of datacenters.

Norway’s ideal climate, combined with Norwegian authorities’ willingness to facilitate for the construction of datacenters have been tipped to increase the demand for workforce significantly the coming years.

Global companies are now looking towards Norway for their next datacenter projects, leading to an increase of demand for foreign skilled workers.

Due to the high demand of employees linked to these projects, it will also be of high importance for all involved companies to make sure they operate compliantly, both on company and employee level.

ECOVIS have been assisting several foreign companies involved in the construction of different data centers, meaning we are well aware of the requirements for both companies and their foreign employees working on these projects.

For international companies involved in building datacenter projects, many obligations shall be taken care of. A good way to start is to map out a plan of action in regard of complex stautory regulations on registration, tax liability, accounting requirement and other aspects. Depending on the character of proejct, the tax-liability in Norway can vary quite a lot.

We support different companies with facilitating work & residence permits for their employees, company formation, payroll, tax advisory, HSE-cards, potential housing services etc, meaning the employer only have 1 point of contact during the whole process, ensuring these critical topics are covered by a local professional compliance partner.

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Company tax return and annual accounts

Foreign companies operating in Norway have many compliance issues to worry about, and the company tax return and annual accounts are two more reports to keep in mind. ECOVIS have the expertise to assist your company with accounting and reporting.

What is the tax return and the annual accounts?

The tax return is a company’s tax assessment for the previous year, and it shows how the taxable profit has been calculated . Together with the annual accounts, it gives a complete overview of status from last year, including profit/loss and balance statement. 

Who should submit tax return?

All taxable businesses must submit a tax return including Norwegian branch of a foreign company (NUF). Sole proprietorships and partners in shared liability partnerships must submit form RF-1030 Tax return for self-employed persons etc. Private limited companies, cooperatives and other non-personal taxpayers must submit form RF-1028 Tax return for corporations. The taxpayer is responsible for reporting the taxable income in the tax return, which will be the basis for the tax assessment. The due date for the tax return is the 31st of May. 

Who should submit the Annual accounts?

If the enterprise is required to prepare accounts, the enterprise must submit annual accounts and any annual reports to the Register of Company.

Annual accounts must be prepared in accordance with the provisions of the Accounting Act and associated regulations, as well as generally accepted accounting practice. Separate simplified rules have been drawn up for generally accepted accounting practice in small enterprises. The annual accounts should be filed by the 31st of July. 

A complete set of annual accounts must include the following:

  • Income statement
  • Balance sheet
  • Notes
  • Cash flow analysis (not small enterprises)
  • Audit report (if subject to the audit obligation)

What if I submit the tax return too late?

You may be required to pay additional tax if you do not provide accurate and complete information in your tax return. If you fail to meet the deadline, you risk receiving an enforcement fine. If you still do not submit the information, we may impose a non-compliance penalty.

For the tax return, the rate is half a court fee per day. The maximum limit is 50 court fees. The maximum amount is NOK 58,600.

What is general meeting?

The general meeting is the supreme authority in a company. An ordinary general meeting must be held within six months after the end of each financial year. The Board issues notice to convene the Annual General Meeting, and the shareholders have a right to attend and cast their votes.

The board shall summon shareholders to the general meeting and prepare a proposed agenda in accordance with the applicable provisions laid down in the law and the articles of association. The summons must be sent by the board no later than one week prior to the general meeting. Any attachments to the summons must also be made available to the shareholders no later than one week prior to the general meeting, so that they have sufficient time to familiarize themselves with the matters before they are considered.

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Shareholder Register Statement

What is the Shareholder Register Statement (RF-1086 form)?

The Shareholder Register Statement (RF-1086 Form) is a record of all the active and former owners of a company’s shares. The shareholder register includes details of shareholders, such as their name, ID number, address, how many shares they own, what class, the price paid for the shares, when they became a shareholder and when they ceased to be a shareholder.

Who should deliver it?

All Norwegian private and public limited liability companies and savings banks with equity certificates must submit an annual shareholder register statement.

Deadline

The shareholder register statement must be submitted in Altinn before the 31st of January each year for the previous year. Deadline for the submission for 2020 is 31st of January 2021.

What are the consequences if it is not approved?

If the shareholder register statement is not approved, the Tax Administration lacks the basis for issuing the Shareholder’s tax report (RF-1088).

This means that taxable amounts are not pre-completed in the shareholders’ tax return. These shareholders cannot make use of the tax return submission exemption, and therefore must submit the report Shares and units in funds (RF-1159) in addition to the tax return.

What are the consequences if it is delivered after the deadline or the information is incorrect?

The Norwegian Tax Administration will charge a continuous coercive fine NOK 1 172 per date from the 01st of February 2021 until the correct shareholder register statement is submitted. The fine can run to an upper limit of 50 days, which means you can risk being charged NOK 58 600 if the reporting obligation is not fulfilled.

We can help!

Please send the information below to info@ecovis.no or fill in the contact form below so we can help you to submit the shareholder register statement!

  • The name and organization number of the company
  • Your email address and your telephone number
  • Total share capital for the company and nominal value per share
  • Total property value of the company
  • Has there been issued any loan from the company to the shareholders or has there been paid out any ordinary dividend to the shareholders in 2020?
  • Have any new shares been issued through foundation, new share issue, transformation or in any other way?
  • Have any shares been deleted, for example by liquidation, a taxable merger/demerger, etc.?
  • Have there been any reductions for increase in share capital or nominal value?

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