When an investor decides to open a company in Norway, one of his first preoccupations is the opening of a bank account, which provides a vital base for the financial transactions of the company. The requirements for opening a bank account in Norway include a list of documents which need to be presented at the bank office. Moreover there is a set of minimum conditions which need to be verified in order to benefit of an account from a Norwegian bank.
Our team of Norwegian company formation consultants is ready to explain in more detail how you can conform to the local requirements and how you can easily set up a bank account.
The procedure to open a bank account in Norway is available for both EU and non-EU citizens without any difference, and our specialists can guide you through the procedure.
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Basic requirements for opening a bank account in Norway in 2023
If you are not a Norwegian citizen, opening a bank account might imply some bureaucracy and a longer time, unless you belong to the European Union or unless you come from one of the countries with which Norway already has good economic and financial collaborations: USA, Canada, Iceland, Japan, Switzerland, New Zealand, Singapore. Planning to open a bank account in Norway should be considered right after relocating to this country, especially if you are planning to stay here more than 6 months.
A foreign investor who intends to open a bank account with a Norwegian bank in 2023 needs to know what documents are necessary in view of this procedure. One of most important requirements is to provide a Norwegian identification number, which can be acquired by a foreign investor in two weeks, based on the EEA registration or on the obtaining of a residence permit in Norway. If you don’t have a national identity number the bank may apply for one in your behalf.
Apart from this information you will need as well to present a passport and if there is the case an employment contract. The next step is to fill out the account application form provided by the bank. Another requirement is to provide a reference or a confirmation letter from your main bank through which the Norwegian bank can form a picture on the customer relationship established between you and the bank from your home country. Our consultants in company formation in Norway can guide you through this process.
If you decide to open a Norwegian bank account in 2023, our agents are at your service.
The procedure of opening a bank account in 2023 is different for natural persons and companies in terms of documents that need to be prepared, however, our consultants can guide you.
Do you want to open a bank account in Norway for your company? Do not hesitate to reach out to our company formation agents for a detailed guide on the procedure.
There are several advantages linked to opening a company in Norway. Among them, the possibility to operate in top sectors, such as the maritime one and oil and gas ones. If you have experience in these fields, contact us and will help you set up your business as soon as possible. We can also assist in setting up other types of companies.
Types of bank accounts in Norway
A foreign investor can open a savings account with a Norwegian bank. The condition imposed by the banks is to deposit a minimum amount of EUR 100 000 in Norwegian Kroner. If you are a resident of Norway this condition is not anymore required at the opening of a bank account.
You can easily open a current account at any bank in Norway in 2023 if you already have a bank ID. A foreign investor will need as well to contact the Norwegian Tax administration in order to request an ID number which allows him to become a bank customer in Norway.
There are several types of bank accounts available for natural persons and companies in Norway. These are:
- personal bank accounts created for and by employees;
- savings accounts that can be set up by non-residents in Norway;
- corporate bank accounts required for companies in Norway;
- merchant accounts employed by e-commerce companies.
The procedure of opening any of the types of accounts presented above can be explained by one of our company registration advisors in Norway.
If you need help to open a bank account in Norway, our local advisors can help you. We can also help you in tax and VAT registration matters. VAT registration in Norway can take up to several weeks, depending on various aspects, such as having a complete application file. Contact us if you require assistance in securing your registration number as soon as possible. Our company incorporation experts will assist you in drafting and submitting the required paperwork.
Easy process of opening a bank account in Norway in 2023
In 2023, individuals and companies can create bank accounts quite quickly by first contacting the selected bank and making an appointment.
Those who want to open Norwegian bank accounts in 2023 and want to use various services can benefit fom all new technologies implemented by local and foreign financial institutions.
If you need assistance or information on how to open a bank account in Norway, do not hesitate to ask for our support.
How to open a bank account in Norway as a non-resident
Compared to other European countries, non-residents must comply with several specific procedures if they want to set up Norwegian bank
accounts. Among these, they must first obtain National Identity Numbers if they intend to stay in the country for a period exceeding 6 months, or a D-number for those who plan on staying here for less than 6 months.
Apart from these, employment contracts, proof of legal address and, in some cases, bank references, can also requested.
When it comes to foreign entrepreneurs, these can open savings accounts in which they must deposit at least 100,000 euros.
How to open a corporate bank account in Norway
One of the mandatory steps of when opening a company in Norway is to create its corporate bank account fort the purpose of depositing the share capital.
There are various banks and with which local and foreign companies can cooperate in order to open accounts, all licensed by the National Bank of Norway. Business owners can choose between local and foreign financial institutions operating through branches here.
Most Norwegian banks will a representative of the company to create the account. The following documents are required when opening a company bank account in Norway:
- – pre-approved forms issued by the bank;
- – the decision of the company to open the account;
- – a notarized copy of the company’s Certificate of Registration;
- – other information can also be requested, depending on the bank.
Our company registration agents in Norway can help with the establishment of a bank account for your local business. Also, if you want to open a branch office and need support in meeting the bank account opening requirements, our local specialists can help you.
Merchant accounts for e-commerce companies in Norway
E-commerce is just as developed here as in any other part of the world, which is why those who run online companies must open merchant accounts for these. The merchant account is not a bank account itself, it a service through which a business can process online payments.
A merchant account can be connected to the corporate account, and our local agents can help with more information on this type of service.
We can also assist with the creation of an e-commerce business in Norway.
If you want to open a bank account in Norway, our local consultants are at your service. We also invite you to watch our video:
Choosing a bank in Norway
Norway has both national and foreign banks operating to provide various services to natural persons and companies.
Choosing a bank to open a Norwegian bank account is not difficult, however, one is advised to look for the following:
- – the types of services provided and the ones the client is interested in;
- – possible charges (setup, maintenance, withdrawal, conversion fees) that depend on bank to bank;
- – whether the persons or company is foreign and prefers to work with a bank in his or her home country and if this possibility exists;
- – if one wants to use online banking services, however, most banks offer such facilities;
- – the currencies attached to the type of bank account selected.
If you want to open a bank account in Norway and need guidance, our advisors are at your services.
According to statistics:
- – in 2019, 95% of Norwegian citizens used online banking for various transactions;
- – 46% of the loans contracted by private individuals were mortgages in 2019;
- – corporate loans represented 26% of the total number of loans the same year;
- – at the beginning of 2023, loans to the private sector reached 2.186.050 NOK.
The banking system in Norway is especially effective and strong. Across the nation, there are more than 100 banks to select from. Throughout the nation, you can find commercial/retail, savings, and international banks. Banks are open from 8:30 to 15:00 on Mondays through Fridays (hours may vary). No matter if you are employed or self-employed, it is advised that you use a services company or an accountant with experience working with expats. We can help you register with the local tax authorities with the help of our consultants.
One of our specialists in company registration in Norway can offer you assistancewhen opening a bank acount in this country and complete company registration guidance . Don’t hesitate to contact our team for speeding up the process of bank account opening in Norway.