How to set up an AS company in Norway and protect your personal assets as an IT specialist?

An AS, or aksjeselskap, is a limited liability company, as explained by the Altinn portal. As an owner, you are liable up to the amount of capital you have committed to contribute to the company. You must therefore take into account the loss of the capital you have paid in. In a sole proprietorship (ENK), you are personally liable for the company's obligations. The owner of a new AS must be prepared to provide additional security if the company wants to take out a loan. For example, if you personally guarantee the company's debt, you may be liable for repaying it. Owners and board members may also be liable for damage resulting from actions related to managing the AS. A board member is liable for damage they intentionally or negligently cause to someone while performing their duties. When the board considers the company's equity to be insufficient, it must immediately propose remedial measures. It must also convene a general meeting, i.e. a meeting of the company's owners. Simply setting up an AS does not allow you to decide freely whether you are an employee. The contract must reflect the actual terms of cooperation and comply with the regulations.

If you are employed by your own AS, you have the same rights as other employees. When you work for the company and receive a salary, the company must withhold tax from it. It must also pay the employer's social security contribution (arbeidsgiveravgift) on your behalf. If you receive money as a dividend, that payment alone does not build up your entitlement to social benefits.

You must pay in at least NOK 30,000 as share capital. Once you have made the payment, obtain confirmation from the bank. Electronic registration of an AS costs NOK 6,825, according to Brønnøysundregistrene, Norway's official registers. Altinn also recommends having money in addition to the share capital to cover the company's costs. Before registering, check the other requirements:

• The company name must end with the word “aksjeselskap” or the abbreviation “AS”.
• The company must have a physical business address in Norway. Provide the street or road name, building number, postal code and town or city.
• The board must have at least 1 member.
• The managing director and at least half of the board members must reside in Norway, another EEA country, the United Kingdom, Northern Ireland or Switzerland.

Example: if the board has only 1 member, that person must meet the residency requirement.

1. Complete and sign the incorporation document, called a stiftingsdokument in Norwegian.
2. Prepare the registration notification form, Samordnet registermelding. Attach the incorporation document, articles of association, and confirmation of the capital payment from the bank or financial institution.
3. Register the board members and any deputy members in the Register of Business Enterprises, Foretaksregisteret.
4. If a person who is to hold a position in the company is applying for a D-number, attach a certified copy of their valid identity document.
5. If you submit the notification electronically, it must be signed by the entire board, including any deputy members.
6. Make sure the notification reaches the Register of Business Enterprises no later than 3 months after the company is established. What matters is the date on which the register receives the notification, not the date it is sent.
7. Report whether the company has beneficial owners, referred to in Norwegian as reelle rettshavarar. You have 14 days from receiving the organisation number to do this, including when you report that there are no such persons.