As of January 1, 2025, the Beneficial Ownership Register is officially open for the registration of information on the ultimate owners of companies and other legal entities in Norway. However, penalties for non-compliance will not be enforced until July 31, 2025. UBO stands for Ultimate Beneficial Owner.

Who Are Beneficial Owners in Norway?

A beneficial owner is an individual who ultimately owns or controls an organization. A beneficial owner can be one person or multiple, depending on the company's structure. An individual qualifies as a beneficial owner in Norway if they meet one or more of the following criteria:

Own more than 25% of the business.
Control more than 25% of the voting rights.
Have the right to appoint or remove more than half of the board members.
Influence or control in other ways, such as veto rights or being consistently followed by majority shareholders.

The definition includes both direct and indirect control. Indirect control refers to influence through an intermediary company, particularly when more than 25% control is held at the first level and over 50% at subsequent levels.

For completeness, you can find here the official information regarding each type of company which has to provide information about beneficial owners.

A new SAF-T format must be used for the accounting period starting in January 2025 in Norway.

Exemptions from the UBO Register

Several entities are exempt from the UBO Register in Norway. These include:

State-owned properties and bankruptcy estates.
Non-commercial associations or those with specific accounting obligations.
Foundations governed by the Foundations Act, except for commercial foundations.
Mutual funds established under the Securities Funds Act.
Entities like the State, local authorities, state-owned enterprises, and the Church of Norway.
Student Welfare Organizations and health trusts.

Also, foreign companies registered in Norway (also known as NUFs), may avoid the UBO registration in Norway in case the ultimate beneficial owners are registered abroad considering the company is subject to a similar obligation in another EEA country.

You can take a look at the Regulation of the Register of Beneficial Owners.

Portugal is an example of an EEA country that requires UBO registration, applicable also to foreign VAT registered companies.

UBO Registration Details

Companies must register the following information about their beneficial owners in Norway:

Full name.
National identity number or d-number (or date of birth if unavailable).
Country of residence.
All nationalities.
Organization number (for indirect ownership).

Additionally, companies must specify whether the beneficial owner is identified through ownership, voting rights, board appointment rights, or other forms of control.

Penalties for Non-Compliance with UBO in Norway

Companies that fail to comply with the registration obligation will be subject to coercive fines. These fines will increase progressively after eight weeks, starting at a lower rate and escalating over time.

Companies may request exemptions from these fines if non-compliance is due to circumstances beyond their control. Such requests must be submitted within one year of receiving the initial penalty notification.

How Can Marosa Help You?

Marosa can assist you in meeting the new UBO registration requirements in Norway. We specialize in keeping your business updated on the latest tax developments across Europe through our expert VAT services. Our comprehensive VAT compliance solution, VATify, ensures that your processes are optimized and compliant in every country.

Norway

Norway Introduces UBO Registration Obligation