Anyone engaged in commercial activity in Norway has a bookkeeping obligation.
Foreign sole proprietorships which carry out or participate in activity either in Norway or on the Norwegian continental shelf and are liable to taxation in Norway in accordance with Norwegian internal legislation have both a bookkeeping obligation and an accounting obligation.
Sole proprietorships will have both a bookkeeping obligation and an accounting obligation if they have:
- assets with a value in excess of NOK 20 million, and/or
- an average number of employees amounting to more than 20 full-time equivalents.
Businesses with an accounting obligation will also have an auditing obligation from the year following the year in which their operating revenues in Norway exceed NOK 5 million.