Jersey
Liechtenstein
North Macedonia
Switzerland
TurkeyNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Finanstilsynet licence, including banking and payment rails.
Forex license in Norway: Finanstilsynet investment-firm licence.
A forex license in Norway is an investment-firm (verdipapirforetak) licence from Finanstilsynet (Financial Supervisory Authority of Norway). Initial capital is still €50,000 to €730,000 by model, because the IFR/IFD act sanctioned on 6 February 2026 is not yet in force. There is no application fee. The decision comes within six months of a complete file, and Finanstilsynet advises retail investors against CFDs. We run the file from Oslo.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Norway in brief
Forex license in Norway: pre-IFD capital until the King sets a start date.
Norway licenses forex and CFD brokerage under the Securities Trading Act (verdipapirhandelloven, vphl.), LOV-2007-06-29-75. Under § 9-1, investment services and business-basis investment activity need a licence from Finanstilsynet as a verdipapirforetak, unless a licensed credit institution provides them. Section 2-1 (1) numbers the nine services as MiFID II Annex I does; a broker that takes the other side of client CFDs needs no. 3, dealing on own account, usually with nos. 1 and 2. There is no separate forex or CFD category, since derivatives are financial instruments under § 2-2. Capital is where Norway still differs from the EU. Section 9-39 keeps the pre-IFD tiers, held in kroner: €730,000 for dealing on own account, €125,000 for a firm allowed to hold client money or instruments, €50,000 for one that is not, met at all times. Finanstilsynet must communicate its decision within six months of receiving a complete application.
The reform is enacted and waiting. LOV-2026-02-06-3, sanctioned on 6 February 2026, will repeal §§ 9-39 to 9-49, make IFR Norwegian law and put the IFD levels into a new § 9-41: €750,000, €150,000 and €75,000. It applies from a date the King sets. A Finanstilsynet notice updated on 21 September 2026 says the amendment is not yet in force, and EEA Joint Committee Decision No 70/2025, which adds IFR and IFD to the EEA Agreement, still lacks Iceland's constitutional clearance. Until then a Norwegian investment firm computes own funds under the CRR bank rules, not IFR K-factors. We put €750,000 into a market maker from the start, so the start date does not force a top-up of initial capital. The fees are light by comparison: none to apply, and a 2026 levy of 0.248% of income from licensed activities, never below NOK 56,000. Finanstilsynet's 2026 levy table counts 114 investment firms, branches included.
A verdipapirforetak licence from Finanstilsynet under vphl § 9-1: capital still €50k/€125k/€730k under § 9-39, no application fee, a decision within six months of a complete file, and a passport into the other 29 EEA states.
LOV-2026-02-06-3 lifts capital to €75k/€150k/€750k from a date the King sets; we capitalise at €750,000 now. Finanstilsynet advised retail investors against CFDs in January 2026.
The two builds
Own-account dealing at €730,000, or an agency firm below it.
One verdipapirforetak licence, priced in capital by § 9-39: the services written into the licence decide the tier. A broker's tier rises to its IFD level when LOV-2026-02-06-3 starts, so we size the build for the new figure as well.
Own-account dealing at €730,000, or agency at €50k-€125k.
01 - DEALING ON OWN ACCOUNT
The market-making verdipapirforetak
A Norwegian CFD market maker applies for service no. 3 of vphl § 2-1 (1), dealing on own account, and holds €730,000 in kroner under § 9-39. Its own funds follow the CRR bank rules for now. Once § 9-41 is in force the floor becomes €750,000 and IFR replaces CRR.
A Norwegian CFD market maker applies for service no. 3 of vphl § 2-1 (1), dealing on own account, and holds €730,000 in kroner under § 9-39. Its own funds follow the CRR bank rules for now. Once § 9-41 is in force the floor becomes €750,000 and IFR replaces CRR.
- ✓Service no. 3 - dealing on own account
- ✓€730,000 in NOK today - § 9-39
- ✓€750,000 under § 9-41, not yet in force
- ✓CRR own funds until the IFR act starts
- ✓Three-year capital projections and ICAAP
- ✓Passport to the other 29 EEA states
02 - AGENCY · STP
€50k-€125k todayThe agency verdipapirforetak
An agency firm receives and transmits orders, executes them, manages portfolios or advises, and runs no dealing book. Section 9-39 asks €125,000 where it may hold client money or instruments and €50,000 where it may not. The pending § 9-41 turns those figures into €150,000 and €75,000.
RTO, execution, portfolios or advice; €125k with client money, €50k without; €150k/€75k under pending § 9-41.
- ✓Services nos. 1, 2, 4, 5 or 7
- ✓€125,000 if client money may be held
- ✓€50,000 if it may not
- ✓€150,000 / €75,000 once § 9-41 starts
- ✓Same levy formula, same NOK 56,000 floor
- ✓Own-account dealing needs €730,000
Costs and timelines are confirmed for your case before any work begins. Finanstilsynet charges no application fee for an investment-firm licence; the levy estimate and the sikringsfond contribution are confirmed in the quote, with capital and substance costs itemised beside them.
Why Norway
Low entry costs, and Finanstilsynet's doubts about retail CFDs.
Norway puts its costs into capital, payroll tax and an income-based levy rather than an entry fee, and Finanstilsynet says in public what it thinks of CFDs.
✓
No application fee
Finanstilsynet charges nothing to apply for an investment-firm licence. Its case-handling fees cover prospectuses, payment and e-money institutions and debt collection, and the verdipapirforetak is not on that list.Investment firms are off the fee list.
✓
A levy on income, with a floor
For 2026 investment firms pay 0.248% of income from licensed activities and ancillary services, at least NOK 56,000 and at most NOK 12 million. A firm first supervised in 2025, or licensed but without turnover, pays the minimum.0.248%, NOK 56,000 minimum in 2026.
✓
Capital sized once
Today § 9-39 asks €730,000 of a market maker; the enacted § 9-41 asks €750,000 from the date the King sets. We put €750,000 in from day one, so the decree needs no top-up of initial capital; own funds under IFR are modelled alongside.€750,000 in before the decree.
✓
A six-month decision
The decision is due within six months of a complete application. Fit-and-proper filings travel on their own track, and Finanstilsynet asks for an auditor-reviewed interim account mid-process, so we file complete and keep the accounts current.Counted from a complete application.
✓
Passport to the other 29 EEA states
With MiFID II inside the EEA Agreement, a verdipapirforetak notifies Finanstilsynet under vphl § 9-32 to serve clients in another EEA state, or under § 9-33 to open a branch or appoint a tied agent there.Notified under vphl § 9-32.
✓
Warning: Finanstilsynet advises against CFDs
On 12 January 2026 Finanstilsynet advised non-professional investors against trading CFDs, which as a main rule it does not consider suitable for them. Its earlier reviews found serious breaches of good business practice at CFD providers. We expect questions on the client book.Finanstilsynet advises retail clients against CFDs.
How it compares
How Norway differs from other routes.
Denmark, Sweden, Finland and Cyprus already apply the IFD classes, so a market maker there holds €750,000; Norway asks €730,000 until § 9-41 starts. Sweden charges SEK 975,000 to apply, Norway nothing. On tax the order reverses: 22% in Norway, or 25% under finansskatt, against 20.6% in Sweden, 20% in Finland and 15% in Cyprus.
Norway vs other jurisdictions
| Feature |  Norway | Other jurisdictions |
|---|---|---|
| Own-account capital | €730,000 · vphl § 9-39 · €750,000 pending | €750,000 IFD class · Denmark, Sweden, Finland, Cyprus |
| Application fee | None | SEK 975,000 (Sweden) |
| Annual charge | 0.248% of income · min NOK 56,000 (2026) | €8,220 + 0.3616% of turnover (Finland) · 10.5 per mille of payroll (Denmark) |
| Corporate tax | 22% · 25% under finansskatt | 20.6% Sweden · 20% Finland · 15% Cyprus |
Own-account capital
Norway€730,000 · vphl § 9-39 · €750,000 pending
Other jurisdictions€750,000 IFD class · Denmark, Sweden, Finland, Cyprus
Application fee
NorwayNone
Other jurisdictionsSEK 975,000 (Sweden)
Annual charge
Norway0.248% of income · min NOK 56,000 (2026)
Other jurisdictions€8,220 + 0.3616% of turnover (Finland) · 10.5 per mille of payroll (Denmark)
Corporate tax
Norway22% · 25% under finansskatt
Other jurisdictions20.6% Sweden · 20% Finland · 15% Cyprus
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Norway | Verdipapirforetak · Finanstilsynet | 22% CIT · 25% + 5% payroll (finansskatt) | €50k-€730k today, no application fee |
 Denmark | Fondsmæglerselskab · Danish FSA | 22% CIT (2026) | IFD €75k-€750k, § 22 clock |
 Sweden | Värdepappersbolag · Finansinspektionen | 20.6% CIT (2026) | SEK 975,000 fee, board of three |
 Finland | FIN-FSA investment firm | 20% CIT (2026) · 18% proposed | IFD €75k-€750k, 12-month long-stop |
NorwayLicense typeVerdipapirforetak · Finanstilsynet
Taxation22% CIT · 25% + 5% payroll (finansskatt)
Requirements€50k-€730k today, no application fee
DenmarkLicense typeFondsmæglerselskab · Danish FSA
Taxation22% CIT (2026)
RequirementsIFD €75k-€750k, § 22 clock
SwedenLicense typeVärdepappersbolag · Finansinspektionen
Taxation20.6% CIT (2026)
RequirementsSEK 975,000 fee, board of three
FinlandLicense typeFIN-FSA investment firm
Taxation20% CIT (2026) · 18% proposed
RequirementsIFD €75k-€750k, 12-month long-stop
Rest of Europe
Forex licences in neighbouring jurisdictions
All 79 forex licence jurisdictions →
How to start a forex brokerage: license, capital and steps →
Before you apply
Forex license requirements in Norway: what Finanstilsynet checks.Norway forex license requirements.
Finanstilsynet reads the application against vphl chapters 9 and 10 and against its own guide of 29 June 2023, which adds attachments to the EU forms; the list below follows that guide.
01
Licence scope - the vphl § 2-1 (1) services the firm will provide, no. 3 for a market maker, plus any § 2-6 ancillary services, because the licence states exactly what the firm may do.
02
Initial capital - €730,000, €125,000 or €50,000 in Norwegian kroner under § 9-39, made up of paid-in share capital, share premium and other equity and held at all times.
03
Application forms - content under Regulation (EU) 2017/1943 (vpf. § 9-3 (1)) on the templates of Regulation (EU) 2017/1945: annex I and the annex II list of management-body members.
04
Key people - a fit-and-proper filing with a police certificate for each board member, the daglig leder (CEO), the actual managers, the compliance officer and the AML officer; later changes go on form KRT-1157.
05
Qualifying owners - Finanstilsynet's prior approval for holdings of 10% or more and at 20%, 30% and 50% or control, notified with the content of Regulation (EU) 2017/1946 (vpf. § 9-6).
06
Accounts - an LEI, the latest annual accounts and the choice of NGAAP or IFRS, then an interim account reviewed by the auditor to at least ISRE 2410 while the file is processed.
07
Capital plan - capital-adequacy projections for the first three years (own funds; credit, market and operational risk or the fixed-overheads requirement) and Finanstilsynet's ICAAP form.
08
Organisation - an independent compliance function under Regulation (EU) 2017/565 Art. 22 (vpf. § 2-2), risk management and internal control under FOR-2008-09-22-1081, outsourcing per circular 7/2021.
09
Investor compensation - a conditional membership commitment from Verdipapirforetakenes sikringsfond, whose cover is NOK 200,000 per client per case.
10
AML - policies under the Anti-Money Laundering Act (hvitvaskingsloven, LOV-2018-06-01-23), with suspicious-transaction reports to EFE, the financial intelligence unit in Økokrim.
01
Services listed under § 2-1 (1).
02
Capital per § 9-39 tier, in NOK.
03
EU forms 2017/1943 and 2017/1945.
04
Police certificates for key people.
05
10% owners approved first.
06
Accounts, LEI, ISRE 2410 review.
07
Three-year projections and ICAAP.
08
Compliance, risk, outsourcing rules.
09
Sikringsfond commitment, NOK 200,000 cover.
10
AML under hvitvaskingsloven.
Reflects vphl., verdipapirforskriften and Finanstilsynet's guide of 29 June 2023, as of October 2026. When LOV-2026-02-06-3 starts, the capital part of the file moves to IFR and § 9-41.vphl + verdipapirforskriften + Finanstilsynet guide of 29.06.2023, as of October 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawSecurities Trading Act (verdipapirhandelloven) - Lovdatalovdata.no
- LawStorting - Case page: act on capital requirements for investment firms (LOV-2026-02-06-3, not yet in force)stortinget.no
- RegulatorFinanstilsynet - Licence for investment firms (verdipapirforetak)finanstilsynet.no
- FeesFinanstilsynet - Supervisory levy and feesfinanstilsynet.no
- GuidanceSkatteetaten - Financial activity tax (finansskatt)skatteetaten.no
How it works
From the first draft to Finanstilsynet's register.
01
Model and tier
Market maker or agency, the § 2-1 (1) services and the § 9-39 tier, fixed in writing first, with capital sized for § 9-41 as well.Sized for § 9-41 too.
02
Company and people
The Norwegian company formed, capital paid in kroner, and police certificates gathered for everyone Finanstilsynet will assess.Capital in NOK, certificates.
03
The application
Filed on the 2017/1945 templates with every annex: LEI, accounts, projections, ICAAP, procedures manual and the sikringsfond commitment. Six months run only from a complete file.A complete file starts six months.
04
Finanstilsynet's review
Questions answered in writing, and the auditor-reviewed interim account delivered when Finanstilsynet asks for it.Questions, interim account.
05
Licence and passport
Entry in Finanstilsynet's virksomhetsregister, the first levy invoice, and § 9-32 notifications into the other 29 EEA states.Register, levy, passport.
Quick facts
RegulatorFinanstilsynet
Own account€730,000 · § 9-39
With client money€125,000
No client money€50,000
Pending § 9-41€750k / €150k / €75k · not in force
Application feeNone
Decision6 months, complete file
Plan for9-12 months end to end
Finanstilsynet's six months count from a complete application, and the fit-and-proper filings move separately. We plan for 9-12 months from the first draft to the licence.
On the ground in Norway
Run from our Oslo office.
Prifinance - Norway
Oslo · Norway
Oslo, Norway
01
The Norwegian company
A Norwegian limited company formed for the licence, its share capital paid in kroner at the tier we agree, and a board Finanstilsynet can assess person by person.Capital paid in kroner.
02
The application file
The 2017/1945 forms and annexes in searchable format, the procedures manual with its cross-reference table, three-year projections and the ICAAP form - drafted by us and taken through Finanstilsynet's questions.Forms, manual, projections, ICAAP.
03
Fit-and-proper filings
Police certificates and fit-and-proper forms for the board, the daglig leder, the compliance officer and the AML officer, filed apart from the application, as Finanstilsynet's guide asks.Police certificates, fit and proper.
04
Levy, fund and passport
The sikringsfond commitment, a levy budget built from expected income, and the § 9-32 notifications for each EEA state, timed so the firm starts complete.Fund, levy, passport notifications.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of forex brokers in Norway.
Norway's 22% corporate rate is the headline; finansskatt, 25% on profit and 5% on payroll, is the rate we model for a broker with staff.
Corporate tax 22%
The general rate on ordinary company income is 22% for both 2025 and 2026, as the government's published tax rates for 2026 show.2025 and 2026.
Finansskatt: 25% on profit
Companies liable to finansskatt, whose activity falls in SN2007 section K (financial services), pay 25% on profit instead of 22%. Dealing in financial instruments is a section K activity, so we treat a CFD broker with employees as liable on Skatteetaten's criteria and confirm it per structure.Section K firms, per structure.
5% on payroll
Finansskatt adds 5% on the whole payroll base that carries employer's national insurance contributions. A company with no employees is outside it, and so is one whose financial-activity payroll is 30% of the total or less.On the NIC base.
Activity, not the code
Skatteetaten looks at what the company actually does, not the industry code it registered, and assesses each legal entity on its own. Group contributions to or from non-liable companies are adjusted by 22/25.Not the industry code.
Dividends: 25% withholding
Dividends to non-resident shareholders carry 25% withholding, often cut to 15% or less by treaty; we confirm the current rate and the treaty rate for the parent's state per structure. An EEA company of a covered form that is genuinely established and economically active there can claim full exemption under the participation exemption (fritaksmetoden).Treaty and EEA relief.
No VAT on dealing
Turnover of financial instruments falls outside the VAT Act under merverdiavgiftsloven § 3-6 letter e, and turnover of valid means of payment under letter d.mval. § 3-6.
Tax summary
Corporate tax22% · 2026
Finansskatt firms25% on profit · 5% on payroll
Who pays finansskattSection K · financial payroll above 30%
Dividend withholding25% · treaty and EEA relief
VAT on dealingOutside VAT · mval. § 3-6
*As of 2026 per the government's published tax rates for 2026, Skatteetaten and merverdiavgiftsloven. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Norwegian limited company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Follow Prifinance
Active across our channels.
Norway · Finanstilsynet
Get your forex license in Norway with expert support.
Full-service assistance - from the Norwegian company and the 2017/1945 application forms to the licence, the sikringsfond membership and the passport notifications - run through our Oslo office.
Get a consultation →Free legal opinion
Is Norway the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
Ten questions on the Norway forex licence.
What licence does a forex broker need in Norway?+
A licence from Finanstilsynet as a verdipapirforetak under § 9-1 of the Securities Trading Act. Norway has no separate forex or CFD category: CFDs are derivatives under § 2-2, and a market maker applies for service no. 3, dealing on own account, usually with nos. 1 and 2.
How much capital does a Norwegian CFD broker need?+
€730,000 in kroner to deal on own account under vphl § 9-39, €125,000 for an agency firm that may hold client money or instruments, and €50,000 for one that may not. Own funds above that floor are computed under the CRR bank rules until the IFR act starts.
When will Norway apply the IFD capital levels?+
From a date the King sets. LOV-2026-02-06-3, sanctioned on 6 February 2026, puts €750,000, €150,000 and €75,000 into a new § 9-41, but Finanstilsynet noted in September 2026 that it was not yet in force. We check the decree's status again before filing.
How long does a forex license in Norway take?+
Finanstilsynet owes a decision within six months of receiving a complete application, and it asks for an auditor-reviewed interim account while the file is processed. Preparation comes first, so we plan for 9-12 months end to end.
What does a forex license in Norway cost?+
There is no application fee. The money goes into capital (€730,000 for a market maker, which we put in at €750,000), the 2026 levy of 0.248% of income from licensed activities with a NOK 56,000 minimum, and the sikringsfond contribution, which is confirmed in the quote.
Can a Norwegian broker offer CFDs to retail clients?+
Yes, under Finanstilsynet's national measure, which has restricted CFDs for non-professional clients since 1 August 2018; the rule in force is FOR-2020-02-04-107. Norway's permanent measure carries the ESMA terms: 30:1 on major currency pairs down to 2:1 on cryptocurrencies, 50% close-out, negative balance protection.
Does a Norwegian licence passport into the EU?+
Yes. MiFID II is part of the EEA Agreement, so a verdipapirforetak can serve the other 29 EEA states after notifying Finanstilsynet under vphl § 9-32, or § 9-33 for a branch or tied agent. The 2018 CFD measure covered business 'in and from Norway', so its retail terms go abroad with the firm.
How are forex brokers taxed in Norway?+
At 22% corporate tax in 2026, or 25% for a company liable to finansskatt, which also pays 5% on payroll. On Skatteetaten's criteria we treat a CFD broker with employees as liable, confirmed per structure. Dividends carry 25% withholding unless a treaty or the EEA participation exemption reduces it; we confirm the current rate per structure.
Norway or Sweden for a Nordic CFD broker?+
Sweden, if tax and capital certainty decide: corporate tax there is 20.6% in 2026 against Norway's 22%, or 25% under finansskatt, and the IFD capital classes already apply. Norway costs less to enter, with no application fee against Finansinspektionen's SEK 975,000. We model both before anything is filed.
Why Prifinance for Norway?+
We build the verdipapirforetak file in the order of Finanstilsynet's 2023 guide, from the 2017/1945 forms to the ICAAP and the sikringsfond commitment, and size capital for § 9-41 before the decree arrives. The work runs through our Oslo office, with the finansskatt model built alongside.
What licence?+
Verdipapirforetak, Finanstilsynet, § 9-1.
Capital?+
€730k/€125k/€50k under § 9-39.
IFD levels?+
From a date the King sets.
How long?+
6 months from a complete file; 9-12 planned.
Cost?+
No fee; levy from NOK 56,000.
Retail CFDs?+
Allowed on ESMA terms; Finanstilsynet warns.
Passport?+
Other 29 EEA states, § 9-32.
Taxes?+
22%; 25% plus 5% payroll under finansskatt.
Or Sweden?+
Lower tax there; no fee here.
Why you?+
Oslo office, capital sized for § 9-41.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
Start today
One message away from your Norway forex licence.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: whether a Norwegian licence fits your model and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Financial Supervisory Authority of Norway (Finanstilsynet) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.