Accounting, bookkeeping and audit obligations - foreign limited companies

Accounting and bookkeeping obligations

Foreign companies and other businesses operating in Norway or on the Norwegian continental shelf are subject to an accounting obligation.

There are some exceptions for parts of the accounting obligation. For example for foreign companies and businesses that operate temporarily in Norway or on the Norwegian continental shelf, and that have a revenue below NOK 5 million.

Businesses that are subject to this accounting obligation must prepare annual financial statements and an annual report for each financial year. This means that all transactions of significance to the assets, liabilities, revenues and costs of the business concerned must be entered in an accounting system.

Companies and other businesses that have limited tax liability to Norway and belong to tax municipality 2312 are also obligated to prepare a tax account. The tax account is the basis for filling out the form RF-1045 - Extract of accounts, which must be submitted as an attachment to the tax return.

For assignments within construction and engineering activities, in addition to the shipbuilding industry, where the bidding price or estimated sales value exceeds a value of over NOK 300,000, excluding VAT, or more, project accounts must also be prepared.

More about annual financial accounts

Read more about accounting obligation/NUF                                                                           

More about SAF-T Financial

Read more about SAF-T Financial

Audit obligation

Foreign companies and businesses that carry out or participate in activity in Norway or on the Norwegian continental shelf, and that are liable to pay tax to Norway in accordance with the Norwegian Taxation Act, are also subject to an accounting obligation. Smaller companies can opt out the obligation for audit if the revenue in Norway is below NOK 7 million.

Read more about the audit obligation