Financial institutions must collect information regarding where the company or entity is resident before an account can be set up. This means that if you do not complete the forms requested by the financial institution, the company or entity concerned will be unable to set up a new account. If you provide inaccurate information, the financial institution must close the account if you do not provide accurate information when this is requested.
If the company or entity already has an account or an insurance policy with a financial institution, the institution must search for any information that indicates a connection abroad. If the financial institution finds such information, it must either report the account as belonging to a foreign customer, or contact you and request information/documentation demonstrating where the company or entity is resident for tax purposes. If you do not provide the financial institution with information when they request it, the account will be treated as belonging to a foreign customer when reporting to the Norwegian Tax Administration. The account information may then be exchanged with the tax authorities in the country concerned.