Simplifications mean more limited companies and fewer NUFs
Since 1 May 2011, small limited companies have been allowed to choose whether to have their annual accounts audited. Of the limited companies that were registered in 2012, 66% took advantage of this option. In addition, the minimum requirement for share capital in limited companies was reduced to NOK 30,000 from 1 January 2012. The number of new limited companies increased from 16,249 in 2011 to 25,614 in 2012. The increase shows that the simplification measures have encouraged innovation and more new start-ups, which is in line with the government's objective.
Another objective has been to make the Norwegian form of limited liability company more competitive and reduce the use of foreign forms of incorporation. In 2012, 1,513 NUFs (Norwegian-registered foreign enterprises) were registered, less than half as many as in 2011. The total number of NUFs also continued to drop. The number of NUFs at the end of the year was 14,570, compared with 17,184 at year-end 2011.