Norway’s New UBO Filing: What You Need to Know for Complete Compliance
As of October 1, 2024, businesses operating in Norway face a new compliance mandate: filing information on ultimate beneficial owner (UBO) in the new Register of Beneficial Owners. The initial filing deadline is July 31, 2025. Below, we answer the key questions about this requirement to help you stay compliant.
Which Businesses Must File Under Norway’s New UBO Rules?
The UBO filing requirement impacts a wide range of entities, including private and public companies, partnerships, foundations, trusts, and NUFs (Norwegian-registered foreign businesses). However, only NUFs registered in the Business Enterprises Register must file, while those listed only in the Central Coordinating Register are typically exempt. Unsure of your status? Check your filing obligation with your Norwegian organization number on the Business Register website.
What Makes Someone a Beneficial Owner in Norway?
A beneficial owner is defined as an individual who exercises substantial control over a company. For private companies, this includes individuals holding over 25% of shares or voting rights or those with the power to appoint a majority of the board. For public companies, the threshold increases to over 50% of shares or voting rights.
What Information Must Be Filed?
The following details are required for each beneficial owner:
- Full name, Norwegian identity number (FNR/D-number if available), country of residence, and all citizenships
- Date of birth, if no Norwegian identity number is issued
- Documentation of efforts made to obtain any missing information
For NUFs with beneficial ownership already recorded in another EEA country’s register, filing can be limited to the name and URL of that register.
How Do You Submit the UBO Filing in Norway?
All filings must be submitted electronically through ALTINN, Norway’s primary business reporting platform. The initial deadline is July 31, 2025, though any new entities or updates in beneficial ownership must be filed within 14 days of registration or change.
What Are the Consequences of Missing the Filing Deadline?
Failing to meet the deadline can lead to daily fines. If a company remains non-compliant beyond 8 weeks, responsible individuals, such as board members, may be held jointly liable. In cases of intentional non-compliance, penalties may include fines or imprisonment of up to 1 year.
How Can Klea Support You?
Navigating Norway’s new UBO requirements can be complex, but Klea is here to help simplify the process. From verifying which entities must file to submitting through ALTINN, Klea is ready to guide you step-by-step, ensuring accurate and timely compliance.
For support, contact Klea today to safeguard your compliance with Norway’s regulatory landscape.
