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Why invest in Norway?
Norway is rich in natural resources such as oil and gas, marine resources, forest and minerals. Norway offers an open, stable and competitive business climate with highly skilled labor force. In 2017, Norway is ranked 6 out of 190 countries for Ease of Doing Business by the World Bank and is within the top 10 of the World Competitiveness Scoreboard.
With a wide network of double tax treaties with many countries, companies registered in Norway enjoy double taxation wavier and reduction of withholding tax on dividends, interest and royalties. Striving for innovation initiatives, there are well developed industrial clusters where close collaborations between the industrial and R & D (Research and Development) institutions are in place.
Norway offers an international competitive environment for foreign investors interested in opening a Norwegian company. Amongst of the various investment options available in this country, there are three world leading industries which could be considered as the most attractive investment industries in Norway, namely oil and gas, maritime and the seafood industries. Our Norwegian company formation experts present them below:
Oil and Gas Industry in Norway
The potential in investing in the oil and gas industry is vast. Norway is one of the largest suppliers for energy market. With over 50 years of experience in oil and gas matters and its commitment to strive for operation efficiency and environmental protection, Norway is no doubt a world renowned leader in the oil and gas sector for supplying cleaner oil and gas with lesser cost. Therefore, the potential for export to other market is vast.
With the high demand for oil and gas in the global market, Offshore exploration, field development and production in Norway is also a very attractive investment avenue. The Norwegian Continental Shelf (NCS) still is one of the locations with large fields that can be developed. It should be noted that generally, production licenses are only granted to companies formed in Norway.
Further, there are attractive investment options in the areas of oil and gas field machinery and equipment and various associated services as well as transportation infrastructure. In case you want to open a company in Norway in this industry, our consultants are at your disposal.
Maritime Industry
Norway is being known as the forerunner for sustainable maritime technology, especially in terms of green shipping. The Maritime Industry is the second largest industry in Norway. The Maritime industry encompasses a large range of products and services including ship equipment, ship building, seafarers and various maritime service providers. According to an OECD’s paper “The Ocean Economy in 2030”, potentially the ocean-based industries will outperform the global economy as a whole by 2030. Over the last ten years, revenues in the maritime industry have doubled, amounting to NOK 175 billion annually.
The maritime industry is one of the country’s top priorities. In 2016, the Norwegian government launched a strategy called “Maritime Opportunities – Blue Growth and for Green Future”. This strategy aims to boost the competitiveness of the Norwegian companies in the international maritime market. The government’s initiatives include raising the financial support for marine research and facilitating more marine business clusters.
With the strong driving force from the Norwegian government and promising forecast on the maritime industry, this sector is considered to be one of the most attractive long term investments for companies set up in Norway.
Seafood Industry
Norway is a major player in aquaculture in the world and it is the world’s second largest seafood exporter. Due to growing awareness and recognition of the health benefits of eating seafood, seafood consumption is growing at a faster pace than ever before.
In 2016, Norway exported seafood to 146 countries which amounts to NOK 91.6 billion. The amount of salmon and trout exports has treble in 3 years and sale is expected to continue to grow. Demands for other Norwegian seafood such as white fish, shellfish and snow crab are also on the rise. United Nations forecasted that the demand in the world will outstrip supply in coming year. This represents a huge potential in seafood industry. In recent years, aquaculture production (fish farming) in Norway has definitely gathered a strong momentum in growth. The seafood industry is one of the most attractive investment industries for both foreign and local investors.
For information about investment in the most attractive industries please contact our specialists in company formation in Norway.