Startup in Norway
Steps to get your Norwegian startup ready
Start up in Norway
Business case
Create your business case: Who will be your customer? Can this realistically become successful in Norway? What do you need to make this happen? This business plan is just as important for yourself as it will be to potential investors or lenders.
1
Not sure what to do?
Start up in Norway
Test your business case
2
Not sure how to proceed?
Conduct a short market research and / or make a very simple prototype of your product or service. Most importantly: do not focus on the details in this stage. You should usually only use a few week to get through this stage. The only thing you want it to find out whether there is a market for your product or service in Norway!
Start up in Norway
Choose the right type of company
3
Learn more about Norwegian legal entities?
Usually this choice will be between a sole proprietorship (ENK) or a private limited company (AS). Other types of legal entities are also available but less frequently used. If you choose the AS, it is important whether you hold the shares directly or using a holding company. We can give you advice on what will be best for you.
Start up in Norway
Put it on paper
4
Arrange all of your paperwork well, once and for all. Set up a shareholders' agreement to avoid conflict with partners. Make sure your are compliant with all privacy regulations with GDPR documents. Create terms & conditions that will protect you and your customers properly.
Start up in Norway
Arrange your administration
5
Learn more about administrative obligations in Norway?
You will need to file vat tax returns, corporate income tax, submit annual accounts. If you want to spend your time on other things than your administration, we recommend you to outsource it.
Start up in Norway
Cover your risks
6
Need more info on insurance?
Take out the right insurance and do not wait for it until problems occur. Certain insurances are mandatory, others are voluntarily. Tip: Request quotes at several insurance companies.
Start up in Norway
Make the company ready for scale
7
Ask yourself this question: What would happen if my company grew by 1000% overnight? Make sure your systems and processes (accounting, sales, customer service etc.) can handle growth.
Start up in Norway
Fund your company
8
Determine wheter you want a loan or an investment. Go through all possible scenarios: from enormous success to worst-case.