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.