The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2024.
Norway – Register of Beneficial Owners opens for registration on 1 October 2024
From the 1st of October 2024, companies in Norway are being encouraged to voluntary register information on their beneficial owners in Norway’s new Ultimate Beneficial Ownership Register.
To make sure businesses have time to identify and obtain information, there will be a phasing time of ten months. Mandatory obligation to register information does not take effect until 31 July 2025.
The registration obligation applies to all legal persons, entities, and associations that are registered or operate in Norway, including branches and representative offices. This also includes managers of foreign trusts and similar legal arrangements operating in Norway.
The risk of non-compliance
Failure to register beneficial information will result in fines at the following rates:
- First 8 weeks: Half court fee per day
- Next 10 weeks: One court fee per day
- Successive weeks: One and a half court fee per day
Compulsory fines are imposed per day, and collected after eight weeks, eighteen weeks, and then every ten consecutive weeks.
Fine cannot be imposed without the registrar having notified the registrant of non-compliance with the obligation to report, and given them a reasonable period of time to correct the situation.
