General information about setting up a business .....................................

3
Registering the Company ................................................................. 3 Registration in Norway ..................................................................... 3 Supporting documents ....................................................................... 4

TABLE OF CONTENTS

Income taxes .................................................................................................... 4

Welcome,
You founded your company in Norway, and therefore you get this booklet. It includes basic information about the legal and tax aspects of the functioning of your business. We encourage you to read!

VAT .................................................................................................................... 5 Accounting ......................................................................................................... 5

Invoicing ............................................................................................... 5
Accounting for VAT ............................................................................ 6 Accounting for income taxes ............................................................ 7

Employees ......................................................................................................... 7
Employment of an Employee ............................................................ 7 The cost of hiring an employee ....................................................... 8

Closure of the Company................................................................................. 9 Practical Information .................................................................................... 10

Quali Skjrvaveien 18 2010 Strmmen

+47 967 58 717 contact@quali.no www.quali.no

Quali Skjrvaveien 18 2010 Strmmen

+47 967 58 717 contact@quali.no www.quali.no

GENERAL INFORMATION ON SETTING UP A BUSINESS

REGISTERING THE COMPANY

Your company has been registered in Norway. Note that you need now: Open the corporate bank account (bedriftskonto). To do this, go to the bank with proof of registration of the company, a valid passport and written confirmation of the Norwegian personal number Complete an application for a tax card. On the basis of this document office will calculate the withholding tax.

Income tax for Norwegian companies is 28 percent. Every business, which is established in Norway is obliged to make payment of income tax in advance (forskuddsskatt). It is calculated based on earnings forecasts declared by the trader. The advance is paid in four installments (usually: 15 March, 15 June, September 15 and November 15). Tax Office will send the invoice respectively, prior to the date of payment obligations.If the company has paid an advance of a too little amount - the office will calculate the amount of aid. In the opposite situation, the excess tax will be returned with interest.

INCOME TAX

MELD
The obligation to meld with the tax office concerns everybody who is planning to stay in Norway for more than 6 months. You will need three documents: Registreringsbevis received from the police, passport or ID card and document stating that the company was founded. Sometimes authority may also ask for a contract for the next half a year to make sure that you are in Norway during this period. Written confirmation of registration will be sent by mail. Meld in Norway is also the act of giving a permanent registration number (Identity number).

For more information on the tax in Norway can be found at <http://www.quali.no>.

***

Shall register VAT (Norwegian MVA - Merverdiavgift) is created when the turnover of the company exceeds the amount of NOK 50 000 for 12 months.

VAT TAX

SUPPORTING DOCUMENTS
ID-KORT. If you opened a business in regulated by Labour Inspectorate industry regulations <http://www.arbeidstilsynet.no/> will need sophistication industry crad. This can be done on the <(Https://www.norsik.no/byggekort/>. Need scanned: photos (such as for the ID), a passport and a signature pattern. Note: To set up an account on the portal norsik.no you need you need the pernament identity number. Codes MinID or Engangskoder. Full electronic service of a company in Norway requires the use of a web portal <https://www.altinn.no/no/>. You can order the MinID codes on <www.altinn.no>.

In Norway, there are three VAT rates: 25 per cent. (Basic) 15 percent. (Reduced) 8 per cent. (Low) VAT registration is done through the portal <altinn.no> or by using the form Coordinated Register Notification Del 2 (Available at <http://www.brreg.no/>). More details are given later in this booklet.

Quali Skjrvaveien 18 2010 Strmmen

+47 967 58 717 contact@quali.no www.quali.no

Quali Skjrvaveien 18 2010 Strmmen

+47 967 58 717 contact@quali.no www.quali.no

BOOKKEEPING

INVOICING
In accordance with Norwegian law, properly invoiced should contain the following information: Data of the sellers, such as company name, address and organization number. If the seller is a VAT payer, the organization number should be completed in capital letters MVA. Data of buyer, ie the name of the company or an individual and address. Invoice Number. It is important that the invoice numbers are assigned sequentially and chronologically. The date of the invoice. The date of payment of the invoice. Account No. of the seller. Description of goods sold and / or the service provided. The price of goods or services (if the seller is liable for VAT, the invoice should include three amounts: net, VAT and gross). In addition, you can also put your company logo, phone number, website address, email address, customer number or reference number KID (kundeidentifikasjonsnummer - the identification number of the payment made by the customer) on the invoice.

Period 1 2 3 4 5 6

Months January February March - April May June July August September October November - December

Deadline for submission April 10th June 10th August 30th October 10th December 10th February 10th next year

BOOKKEEPING

NOTE! If planned company's revenue in the fiscal year shall not exceed 1 000 000 NOK,
.you can then apply for the submission of annual return of VAT.

Tax reconciliation is essentially a sum of the tax due and accrued. The obtained results will in dicate the amount of the surcharge or refund.

ACCOUNTING FOR INCOME TAXES

Income taxes are accounted for each year. In the March - April each year, the tax office sends a document called Selvangivelse. This is a pre-filled tax return that includes basic information about the taxpayer's income, the condition of his bank account, owned properties, etc.. Businesses receive a document called Selvangivelse nringsdrivende (Income tax return for the business). The annual income tax return takes different forms depending on the form of the business. Other types of documents must contain a public limited company, and other one-man business. The main goal of the annual tax return is a detailed demonstration of the structure company revenues and expenses during the fiscal year. On the basis of the documents received, the office will calculate the amount of tax due income. The trader will then receive a document called Skatteoppgjr by mail, it contains information about the calculation of the office and any amount of subsidies or tax refund. This document is sent in different periods, no later than October 17 of the following year. If the trader decides that the calculation is incorrect, you can submit a written appeal against the decision of the office.

ACCOUNTING FOR VAT

VAT is accounted in the form of declarations every two months, on paper or on-line via the portal <altinn.no>. Deadline for submission of declarations are published on the HM Revenue <http://www.skatteetaten.no/Skattekalender/naringsdrivende/>. They are also deadlines for payment obligations. The table shows the close date for submission of VAT returns.

Quali Skjrvaveien 18 2010 Strmmen

+47 967 58 717 contact@quali.no www.quali.no

Quali Skjrvaveien 18 2010 Strmmen

+47 967 58 717 contact@quali.no www.quali.no

EMPLOYMENT OF AN EMPLOYEE
STAFF
Employment of an employee requires the enter in the register of employers (NAV AA Register).
In addition, each employee should have a contract of employment in accordance with Norwegian law. Patterns of employment contracts can be found at <http://www.arbeidstilsynet.no/>. Each employee should receive a personal ID (permanent or temporary) and a tax card. For companies with regulated industries, the minimum wage also applies. Salary payments should only be made electronically.

Running companies in Norway must meet some very important rules. Here are some of them: When purchasing goods or services FOR THE COMPANY ALWAYS pay with a company credit card(bedriftskort). The limit of cash purchases of the company is NOK 10 000 per year. Cash payments in excess of this amount may be included in the accounting records. On each invoice or bill of more than NOK 1 000 is required to be included in the printed destination of the goods or services. If there is no such information - the cost cannot be entered into the accounting records. Accounting records must be kept for a period of 10 years.

PRACTICAL INFORMATIONS

CLOSURE OF THE COMPANY

THE COST OF HIRING AN EMPLOYEE

The costs of hiring the employee can be divided into fixed and variable amounts. Fixed costs relate primarily to how much you should spend a month per employee. Variable costs are expenses periodically, which are at various stages of the process of cooperation.

It is generally accepted that each of gross salary does not include approximately 31.3% of the costs.
For more information, please visit: <http://www.quali.no>.

Thanks for your time to read this booklet. If you want more information please watch video information about the company in Norway at: http://www.quali.no

***
To close a company in Norway you need to complete a paper application form available at <http://www.brreg.no/blanketter/sletting.html> or electronic version available on the <www.altinn.no>. Closing the company is not synonymous with the absence of the obligation to submit an annual tax return. If the company does not have any liability to the tax office, the closing occurs within 1 to 2 weeks.

Want our experts to keep your company's booking? Feel free to contact us

Quali Skjrvaveien 18 2010 Strmmen

+47 967 58 717 contact@quali.no www.quali.no

Quali Skjrvaveien 18 2010 Strmmen

+47 967 58 717 contact@quali.no www.quali.no