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What is the value of the textile sector in Norway?
The textiles sector in Norway is a industry which generates steady levels of revenue. Investors who want to open a company in Norway should know that the available data shows a moderate increase of this sector, as in 2015 this market had a total value of EUR 510,6 million, while in 2016 it increased at EUR 528,7 million. Our team of consultants in company formation in Norway can offer in-depth assistance on the business permits available for this type of business and can also advise on the main registration procedures involved in this case.
What are the most representatives sub-sectors of the Norwegian textile industry?
When deciding to set up a company that sells textiles in Norway, it is advisable to study the characteristics of this market and the top products which are available here. The main products generated by the textile industry are analysed based on the yearly revenue and in this sense, it is important to know that the main goods are represented by the following (at the level of 2016):
- • cordage, rope, twine and rugs, which had a total value of NOK 2,138 million;
- • other made-up textiles, with the exception of apparel – accounting for NOK 1,695 million;
- • household linen (with a total value of NOK 519 million) and preparation and spinning of textile fibres (NOK 346 million);
- • other technical and industrial textiles (NOK 222 million) and finishing of textiles (NOK 189 million).
VAT registration in Norway for foreign entities implies an additional step: appointing a fiscal agent. VAT reporting and payment to the Norwegian authorities are the responsibility of both the representative and the business. The agent is also in charge of managing all correspondence between the business and the Norwegian tax authorities.
Are business permits necessary for Norwegian textile products?
Businesses operating in this sector have to obtain special business permits that will attest the fact that the company manufactures and sell textiles in accordance with the applicable legislation. For example, Norway requires import permits to businesses which want to sell textiles on the local market. Also, it is restricted to sell textiles which contain dangerous substances, such as formaldehyde. Our team of consultants in company registration in Norway can offer in-depth information regarding this matter.
Businessmen are invited to contact our team of specialists, who can advise on other related matters, such as the tax requirements that have to be fulfilled by companies operating in this sector. Foreign investors can also receive advice on the residence permits that can be imposed when relocating in this country for business purposes.