Starting July 31, 2025, companies and legal entities must register beneficial owners.
New legislation mandates that companies and legal entities in Norway must register their beneficial owners in the Register of Beneficial Owners starting July 31, 2025, but companies can begin the registration process now. The board of directors is responsible for complying, with potential fines for non-compliance.
The registration requirement applies to legal persons, entities, and other associations conducting business or registered in Norway, including limited liability companies, public limited companies, partnerships, cooperatives, and Norwegian branches of foreign entities. Businesses can verify their registration obligation on the Brønnøysund Register Centre's website.
A beneficial owner is defined as an individual who owns more than 25% of the shares, controls more than 25% of the voting rights, has the right to appoint or remove more than half of the board members, or exercises influence or control in other ways.
Companies must assess and register their beneficial owners, including their name, national identification number, country of residence, and citizenship, along with the reason they qualify as beneficial owners. If no beneficial owners exist, this must also be registered. Entities must retain this information for 10 years after the individuals cease to be beneficial owners.
Read a December 2024 report prepared by the KPMG member firm in Norway