Many foreign investors decide to establish a financial company in Norway because they find this country welcoming from a legal point of view. For this purpose, apart from incorporating a business, they must also apply for a financial license in Norway.
Our company formation agents in Norway can help you open a financial enterprise in this country.
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Requirements for opening a financial company in Norway
When you decide to set up a financial company in Norway you will need to follow the registration procedure. The name reservation and the deposit of the initial capital are only the first steps. Afterwards, you have to elaborate the articles of association for your bank or insurance company, a task that can be handled by our company registration agents in Norway who can contribute with professional assistance.
The owner of an insurance company must apply for a business license with The Financial Supervisory Authority. Banks as well as investment companies are also under the supervision of this institution. Its role is to provide stability and transparency and to support the well-functioning of financial sector in Norway.
Types of financial companies in Norway and their activities
Even if banks and insurance companies are the main types of businesses in the Norwegian financial sector, there are also other enterprises that can obtain financial licenses. Among them, we present the following:
- investment funds;
- investment fund management companies;
- cryptocurrency companies;
- exchange trading platforms;
- credit institutions.
They can complete a wide range of services, among which:
- the issuance of various types of credits, including personal loans and mortgages;
- investment advisory services and financial advisory solutions;
- e-payment activities;
- foreign exchange activities.
For each of them, obtaining a financial license in Norway is required. Moreover, the authorization is issued after meeting specific requirements in accordance with the operations to be carried out. Our company formation agents in Norway can offer detailed information on the available types of business permits and requisites.
Minimum requirements to obtain a financial license in Norway
No matter the type of financial license a company must obtain, here are some minimum issuance criteria:
- each company must meet a minimum share capital requirement;
- it must also provide a prospectus indicating the type of activities to undertake;
- it must also offer detailed information about the management structure.
With respect to the management, any person appointed as a director must meet the fit and proper requirements imposed by the National Bank or the Financial Supervisory Authority. Our company registration agents in Norway can explain the conditions to meet by senior officers in such companies.
Specific licensing conditions for various financial companies in Norway
As some financial operations are riskier than others, the requirements to obtain a Norwegian financial license are related to them. These conditions usually refer to the capital such a business must ensure. Among these, we will mention the following:
- the equity capital for a banking license is the equivalent of 5 million Norwegian kroner in any currency (approx. EUR 425,000);
- fund management companies must ensure a minimum capital of EUR 125,000;
- the minimum capital for investment companies ranges from EUR 50,000 to EUR 730, 000, depending on the activities to complete.
The Norwegian financial services sector
There are a wide variety of clients whose needs are addressed by the financial and banking services provided in Norway. These enterprises must be prepared to offer both standard and personalized financial products to their clients, no matter whether we talk about a natural person or a company.
The most frequently required financial services in this country are banking services such as loans or deposits, insurance services, or money administration services.
All banks functioning in Norway must comply with the local legislation and obtain a banking license under Norwegian law. You might need to get informed as well on other laws and legal requirements in order to be prepared to open a financial services company in this country. You can benefit from the specialized legal consulting provided by our company formation experts in Norway and make sure your enterprise is legally sound on the Norwegian market.
Feel free to contact our lawyers in order to find out more about obtaining a financial license in Norway.