Pillar guide · Last verified June 2026
Company formation in Norway: AS vs NUF
The first decision every foreign company makes in Norway — and the one most often made wrong. Here is how the two structures actually compare, from a firm that registers and runs both.
The problem
Every foreign company entering Norway must choose a structure before its first contract — and the choice affects banking, liability, client perception and tax. Most expensive pattern we see: NUF chosen for speed, converted to AS within a year, paying for two setups.
The 60-second answer
AS (aksjeselskap) is a Norwegian limited company: NOK 30,000 minimum share capital, full Norwegian legitimacy, limited liability, easier banking, better standing with clients and insurers. NUF is a Norwegian-registered branch of your foreign company: no share capital, faster to start, but your foreign entity carries the liability and many counterparties treat it as second-tier. Short project: NUF can be rational. Building a real Norwegian business: AS, almost always.
Decision criteria — side by side
| AS (limited company) | NUF (branch) | |
|---|---|---|
| Share capital | NOK 30,000 minimum | None |
| Liability | Limited to the company | Foreign parent fully liable |
| Corporate tax | 22% on profits | 22% on Norwegian-source profits |
| Banking | Standard | Often difficult, extra KYC |
| Perception | Established Norwegian company | Frequently seen as temporary |
| Accounting | Norwegian books, annual accounts | Norwegian books generally required too |
| Best for | Long-term operations, hiring, contracts | Short projects, market testing |
What both structures require (no escape here)
- Registration in the Brønnøysund registers (organization number)
- VAT registration past NOK 50,000 turnover
- Monthly a-melding and full payroll compliance if you employ anyone
- Bookkeeping under Norwegian rules and annual reporting
- Sector rules: HMS cards and assignment reporting in construction — see foreign companies in Norway
Scenarios and outcome classification
On paper the structures look closer than they are. In practice three patterns recur — each with a clear outcome: contractors who chose NUF for speed and hit a banking wall; companies that converted NUF→AS after a year (paying for two setups); and businesses whose Norwegian clients quietly preferred bidding to an AS. The right answer depends on contract length, hiring plans, sector and your home-country structure — which is exactly what the assessment below clarifies. If your plans also involve Portugal, read Norwegians in Portugal for the cross-border angle.
Frequently asked questions
Is a NUF cheaper than an AS?
Setup is usually cheaper (no NOK 30,000 share capital), but running costs are similar and banks, insurers and clients often treat a NUF as less established. For long-term operations an AS usually wins.
Can a foreigner own 100% of a Norwegian AS?
Yes. There are no nationality restrictions on ownership. At least half of the board members must generally be resident in the EEA, the UK or Switzerland.
How long does registration take?
Typically 1–3 weeks for an AS once documentation and share capital are in place; a NUF registration is usually faster but opening a bank account can take longer for both.
When must I register for VAT?
Once taxable turnover in Norway exceeds NOK 50,000 in a 12-month period. Foreign businesses without a place of business may need a VAT representative.
AS or NUF for your case?
Answer 6 questions in the free assessment and get a concrete structure recommendation from a licensed Norwegian accountant — within one business day.
Start the free assessment