Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to Finanstilsynet's decision, including banking and payment rails.
Get an investment license in Norway.
Outside the EU, inside the passport: Finanstilsynet licenses a verdipapirforetak under vphl. § 9-1 with § 9-39 capital of €50,000, €125,000 or €730,000 in kroner - the pre-IFD tiers its pages still print - and decides within six months of a complete file. No application fee is listed. MiFID II reaches the rest of the EEA through the EEA Agreement, the sikringsfond covers NOK 200,000 per customer, and corporate tax is 22%. No official English text of the Act exists.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Norway in brief
Outside the union, inside the passport - on the old capital tiers.
Norway licenses investment firms under the verdipapirhandelloven, LOV-2007-06-29-75, with MiFID II carried in by amendments in force since 1 January 2018. Finanstilsynet grants the tillatelse som verdipapirforetak under vphl. § 9-1 for the nine services in § 2-1 (1): reception and transmission, execution, egenhandel, portfolio management, advice, underwriting and placing with or without a firm commitment, MHF and OHF operation. Capital sits in § 9-39, as Finanstilsynet quotes it. The kroner equivalent of €730,000 for egenhandel, underwriting, MHF or OHF; €50,000 for a firm limited to RTO, execution, portfolio management, advice or placing without a firm commitment that never handles client money or instruments; €125,000 for every other firm. Those are the pre-IFD tiers. Finanstilsynet's own guidance of 29 June 2023 says its old capital annex applies until the IFR/IFD regime is implemented in Norway, and the English licensing page re-issued on 12 June 2026 still prints €730,000, €125,000 and €50,000.
Norway is not in the European Union, and the passport still works. MiFID II and MiFIR apply through the EEA Agreement, so a verdipapirforetak notifies its services or a branch into the other EEA states under vphl. §§ 9-32 to 9-39 on the same one-month and three-month periods as a Stockholm or Copenhagen firm, and EU firms passport into Norway the same way; the third-country rule in verdipapirforskriften § 9-39 a bites only on firms with their head office outside the EEA, which may serve Norwegian qualified counterparties without a licence and nobody else. Finanstilsynet answers within six months of a complete application - its licensing page's own words, repeated for forvaltningsselskap. No application fee is listed; the regulator recovers its costs through the annual tilsynsavgift. Every firm joins the Verdipapirforetakenes sikringsfond under § 9-38, which covers NOK 200,000 per customer per case. Corporate tax is 22%.
Outside the EU, inside the passport: Finanstilsynet licenses a verdipapirforetak under vphl. § 9-1 - capital €50k/€125k/€730k in kroner under § 9-39, the pre-IFD tiers it still prints, six months from a complete file, no application fee listed, NOK 200,000 investor cover, the EEA passport.
22% corporate tax, the finansskatt confirmed per case, 25% VAT. IFR/IFD not yet implemented; pre-IFD tiers apply. Built from Oslo with our Tallinn head office behind it.
The two builds
The verdipapirforetak - or the fund manager under the AIF-loven.
Two Finanstilsynet licences under two acts: the investment firm under vphl. § 9-1 at €50,000-€730,000 by service set, and the forvaltningsselskap or AIF-forvalter at €125,000. We fix the act, and the tier, before the file.
The vphl. § 9-1 investment firm - or the €125k fund manager.
01 - VERDIPAPIRFORETAK
The vphl. § 9-1 investment firm
Tillatelse under vphl. § 9-1 for the services in § 2-1 (1) nr. 1-9 - order reception and transmission, execution, egenhandel, portfolio management, advice, underwriting and placing, MHF and OHF operation - with § 9-39 capital in kroner at €50,000 without client money or instruments, €125,000 for other firms, €730,000 for egenhandel, firm-commitment underwriting, MHF or OHF.
Tillatelse under vphl. § 9-1 for the services in § 2-1 (1) nr. 1-9 - order reception and transmission, execution, egenhandel, portfolio management, advice, underwriting and placing, MHF and OHF operation - with § 9-39 capital in kroner at €50,000 without client money or instruments, €125,000 for other firms, €730,000 for egenhandel, firm-commitment underwriting, MHF or OHF.
- ✓§ 2-1 (1) nr. 1-9 investment services
- ✓€50,000 - no client money or instruments (§ 9-39)
- ✓€125,000 - other firms
- ✓€730,000 - egenhandel, underwriting, MHF, OHF
- ✓6 months from a complete file - Finanstilsynet's words
- ✓No application fee listed · annual tilsynsavgift
02 - FORVALTNINGSSELSKAP · AIF-FORVALTER
€125,000 own fundsThe fund manager
The forvaltningsselskap under verdipapirfondloven holds at least the kroner equivalent of €125,000 in ansvarlig kapital at start-up and at all times, on the same six-month clock; the AIF-forvalter under the AIF-loven of 2014 is authorised, or only registered below €100 million - €500 million unleveraged with a five-year lock-up - unless the funds are marketed to non-professional investors.
Forvaltningsselskap at €125,000 ansvarlig kapital, or AIF-forvalter - registration only below €100m / €500m unleveraged.
- ✓Verdipapirfondloven § 2-2 application
- ✓€125,000 ansvarlig kapital at all times
- ✓AIF-loven LOV-2014-06-20-28 · Forskrift nr. 877
- ✓Registration below €100m / €500m unleveraged
- ✓Authorisation if marketed to non-professionals
- ✓AIF marketing fees NOK 8,000-25,000 from 1 October 2025
Costs and timelines are confirmed for your case before any work begins. Finanstilsynet lists no application fee; the annual tilsynsavgift under finanstilsynsloven and the sikringsfond contribution are itemised in your quote.
Why Norway
The EEA passport, a €50,000 door and no application fee.
Norway sells the EEA passport from outside the union, a €50,000 entry tier and a regulator that lists no application fee - with capital rules mid-switch.
✓
EEA, not EU - the passport works
MiFID II and MiFIR apply through the EEA Agreement, and vphl. §§ 9-32 to 9-39 carry a Norwegian firm's services and branches across the EEA on the same notifications as an EU licence.Through the EEA Agreement.
✓
A €50,000 door
§ 9-39 admits a firm limited to RTO, execution, portfolio management, advice or placing without a firm commitment - never handling client money or instruments - at the kroner equivalent of €50,000, below the EU's €75,000.Below the EU's €75,000.
✓
No application fee listed
Finanstilsynet's costs come back through the annual tilsynsavgift under finanstilsynsloven, and gebyr paid in the year are deducted from it - no charge is printed for opening the file.Annual levy instead.
✓
NOK 200,000 per customer
The Verdipapirforetakenes sikringsfond under § 9-38 covers NOK 200,000 per customer per case, for natural and legal persons alike, with only the § 9-49 financial-sector customers excluded.Per customer, per case.
✓
Six months, in the regulator's words
Avgjørelse av søknaden skal meddeles søkeren senest seks måneder etter at fullstendig søknad er mottatt - Finanstilsynet's licensing page, repeated for forvaltningsselskap.The regulator's own words.
✓
Capital rules mid-switch
Finanstilsynet still prints the pre-IFD tiers of § 9-39, and its guidance of 29 June 2023 applies the old CRR-based annex until the IFR/IFD regime lands in Norway. Model the €50,000 firm at €75,000 as well, and budget for an Act with no official English text.IFR/IFD not yet in force.
How it compares
How Norway differs from other routes.
The honest comparison: the passport from outside the union on pre-IFD tiers - against three Nordic EU neighbours on the IFD rulebook.
Norway vs other jurisdictions
| Feature |  Norway | Other jurisdictions |
|---|---|---|
| Regime | Verdipapirhandelloven 2007 · § 9-1 - Finanstilsynet | Lag 2007:528 Sweden · Lov nr. 1155/2021 Denmark · Act 747/2012 Finland |
| Capital | €50k / €125k / €730k in kroner - § 9-39, pre-IFD | IFD tiers €75k / €150k / €750k in Sweden, Denmark, Finland |
| Passport | 30 EEA states through the EEA Agreement · §§ 9-32 to 9-39 | Same passport from an EU seat |
| Timeline | 6 months from a complete file · no published stats | Denmark 6 months, 12 absolute (§ 22) · Sweden 6 months once the fee is paid |
Regime
NorwayVerdipapirhandelloven 2007 · § 9-1 - Finanstilsynet
Other jurisdictionsLag 2007:528 Sweden · Lov nr. 1155/2021 Denmark · Act 747/2012 Finland
Capital
Norway€50k / €125k / €730k in kroner - § 9-39, pre-IFD
Other jurisdictionsIFD tiers €75k / €150k / €750k in Sweden, Denmark, Finland
Passport
Norway30 EEA states through the EEA Agreement · §§ 9-32 to 9-39
Other jurisdictionsSame passport from an EU seat
Timeline
Norway6 months from a complete file · no published stats
Other jurisdictionsDenmark 6 months, 12 absolute (§ 22) · Sweden 6 months once the fee is paid
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Norway | Verdipapirforetak - Finanstilsynet | 22% · finansskatt to confirm | vphl. § 9-39 €50k-€730k, NOK 200k cover |
 Sweden | Värdepappersbolag - FI | 20.6% CIT | 3 kap. 6 § €75k-€750k, fee SEK 975,000 |
 Denmark | Fondsmæglerselskab - Finanstilsynet | 22% · 26/22 factor for financial companies | § 18 €75k-€750k, 6 months, 12 absolute |
 Finland | Sijoituspalveluyritys - FIN-FSA | 20% · 18% proposed 2027 | IFR €75k-€750k, 171 firms on register |
NorwayLicense typeVerdipapirforetak - Finanstilsynet
Taxation22% · finansskatt to confirm
Requirementsvphl. § 9-39 €50k-€730k, NOK 200k cover
SwedenLicense typeVärdepappersbolag - FI
Taxation20.6% CIT
Requirements3 kap. 6 § €75k-€750k, fee SEK 975,000
DenmarkLicense typeFondsmæglerselskab - Finanstilsynet
Taxation22% · 26/22 factor for financial companies
Requirements§ 18 €75k-€750k, 6 months, 12 absolute
FinlandLicense typeSijoituspalveluyritys - FIN-FSA
Taxation20% · 18% proposed 2027
RequirementsIFR €75k-€750k, 171 firms on register
Before you apply
Requirements for the Norwegian licence.Requirements for the licence.
Finanstilsynet reviews to the vphl., the verdipapirforskriften and its guidance of 29 June 2023, and the six months run only from a complete application. The checklist below is what a passing application contains.
01
Norwegian company - an AS or ASA under aksjeloven § 1-3, as Finanstilsynet's licensing page cites it, with the seat rules in the vphl. confirmed before incorporation.
02
Initial capital - the kroner equivalent of €730,000, €125,000 or €50,000 under vphl. § 9-39 by service set, on the tiers Finanstilsynet still prints.
03
Fit-and-proper leadership - board members, daglig leder and everyone who takes part in management tested under vphl. § 9-10 (1), with the breadth of competence in § 9-10 (7)-(8).
04
Complianceansvarlig - a compliance officer in every firm under vphl. § 9-16 and art. 22 of Delegated Regulation (EU) 2017/565, plus a risk function under § 9-16 (1) nr. 5.
05
The application - Vedlegg I form, Vedlegg II list of management-body members, police certificates and form KRT-1157, drafted to the guidance of 29 June 2023.
06
Sikringsfond - a tilsagn om betinget medlemskap in the Verdipapirforetakenes sikringsfond filed with the application under art. 6(d) of Delegated Regulation (EU) 2017/1943; § 9-38 makes membership the rule.
07
Capital adequacy - the CRR/CRD-based rules in the guidance's Vedlegg 2 until IFR/IFD is implemented in Norway, with the EU's €75,000-€750,000 tiers waiting behind them.
08
Tied agents - registered by Finanstilsynet under vphl. § 10-22 via form KRT-1157 before they act, and never as the firm's main business.
09
Policies and procedures - the retningslinjer og rutiner the guidance lists under the vphl. and the verdipapirforskriften, complete at filing so the six-month clock runs.
10
Norwegian substance - the two-person rule, residency and staff minimums are confirmed with Finanstilsynet's case handler before filing.
01
AS or ASA, aksjeloven § 1-3.
02
Capital per § 9-39 tier.
03
§ 9-10 fit and proper.
04
Complianceansvarlig, § 9-16.
05
Vedlegg I, II, KRT-1157.
06
Sikringsfond tilsagn filed.
07
Vedlegg 2 capital rules.
08
Tied agents, § 10-22.
09
Policies complete at filing.
10
Substance confirmed.
Reflects the verdipapirhandelloven, the verdipapirforskriften and Finanstilsynet's guidance of 29 June 2023 as of 2026.Vphl. + verdipapirforskriften + guidance of 29 June 2023, as of 2026.
How it works
From first call to the Finanstilsynet register.
01
Act and tier
The vphl. or the fund acts decided, services fixed under § 2-1 (1), tier chosen - €50,000, €125,000 or €730,000 in kroner - in writing before drafting.Fixed in writing.
02
Company and bench
AS or ASA, capital paid, board and daglig leder ready for § 9-10, the complianceansvarlig named under § 9-16.Ready for § 9-10.
03
The application
Vedlegg I and II, police certificates, KRT-1157, the policy set and the sikringsfond tilsagn - complete at filing, so the six months run.Complete, so the clock runs.
04
Finanstilsynet review
Six months from a complete application, in the regulator's own words; no application fee, question rounds answered with Norwegian counsel.Six months, no fee.
05
Licence and passport
Register entry, sikringsfond membership, tied agents registered, EEA notifications under §§ 9-32 to 9-39 - 30 markets open.30 markets open.
Quick facts
RegulatorFinanstilsynet
LicenceVerdipapirforetak, vphl. § 9-1
No client assets€50,000 in kroner (§ 9-39)
Other firms€125,000
Egenhandel · MHF · OHF€730,000
SikringsfondNOK 200,000 per customer
Clock6 months from a complete file
Corporate tax22%
Finanstilsynet publishes no processing statistics and its capital rules are mid-switch - so the honest plan is six months from a complete file, on the § 9-39 tiers it prints today, with the IFR/IFD tiers modelled beside them.
On the ground in Norway
Run from our Oslo office.
Prifinance - Norway
Oslo · Norway
Oslo, Norway
01
Company and capital
AS or ASA under aksjeloven § 1-3, § 9-39 capital paid in kroner to the tier - and the Vedlegg 2 capital annex prepared for the switch to IFR/IFD.Paid in kroner to the tier.
02
The Finanstilsynet file
Vedlegg I and II, police certificates, KRT-1157 and the policy set drafted to the 29 June 2023 guidance - and defended through the question rounds.To the 2023 guidance.
03
Oslo and Tallinn
The nearest real Prifinance office is our Tallinn head office; the Oslo work runs from there with Norwegian counsel where the file needs it.Nearest real office: Tallinn.
04
Passporting and launch
Sikringsfond membership confirmed, tied agents registered under § 10-22, EEA notifications under §§ 9-32 to 9-39, banking live.§§ 9-32 to 9-39.
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
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Norway.
A 22% rate, a sector levy to confirm and a supervisor funded by the annual levy rather than a filing fee.
Selskapsskatt 22%
The rate on alminnelig inntekt is 22%; the quote carries the figure checked against Skatteetaten's rate table for the year of filing.Checked in the quote.
The finansskatt
Norway charges the financial sector a higher rate plus a payroll-based levy; whether a verdipapirforetak falls within it, and at what rate, is confirmed per case before the model is built.Per case.
Merverdiavgift 25%
The general rate is 25%, with 15% on food and 12% on passenger transport, cinema tickets and room rental; the reach of the financial-services exemption in merverdiavgiftsloven § 3-6 over your services is confirmed per set.§ 3-6 exemption.
Kildeskatt on dividends
The withholding rate on dividends to non-residents, and the treaty relief that may reduce it, are confirmed per shareholder before any distribution is modelled.Per shareholder.
Tilsynsavgift
The annual levy under finanstilsynsloven is set from the Storting's allocation the same year and shared out by the extent of supervisory work per group; gebyr paid in the year are deducted from it.Annual levy.
No application fee
Finanstilsynet lists no application fee for a verdipapirforetak licence; gebyr apply to prospectus control and to e-money and payment-institution licences, and AIF marketing notifications cost NOK 8,000-25,000 from 1 October 2025.None listed.
Tax summary
Corporate tax22% (checked in the quote)
FinansskattSector levy · per case
VAT25% · § 3-6 exemption
Application feeNone listed
Supervision levyAnnual tilsynsavgift
*Figures as of 2026 per Norwegian law and Skatteetaten. 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 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 firm.
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Norway · Finanstilsynet
Launch your investment firm in Norway with expert support.
Full-service assistance - from the Norwegian company and the Vedlegg I file to the Finanstilsynet licence, sikringsfond membership, EEA passporting and ongoing compliance - 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
The Norwegian investment licence, answered.
Which licence does an investment firm need in Norway?+
A tillatelse som verdipapirforetak from Finanstilsynet under vphl. § 9-1 for the nine investment services in § 2-1 (1) - from reception and transmission of orders to egenhandel, portfolio management, advice, underwriting and MHF or OHF operation. Banks provide investment services under their own licence; fund managers need a separate one.
What capital does vphl. § 9-39 require?+
The kroner equivalent of €730,000 for egenhandel, firm-commitment underwriting or placing, MHF or OHF operation; €50,000 for a firm limited to RTO, execution, portfolio management, advice or placing without a firm commitment that never handles client money or instruments; €125,000 for every other firm - the pre-IFD tiers Finanstilsynet still prints.
Has Norway implemented IFR/IFD?+
Not yet, on Finanstilsynet's own pages. Its guidance of 29 June 2023 says the old capital annex applies until the regime is implemented in Norway, and the English licensing page re-issued on 12 June 2026 still prints €730,000, €125,000 and €50,000. When it lands, the EU tiers are €750,000, €150,000 and €75,000.
Does a Norwegian licence passport into the EU?+
Yes - Norway is an EEA state, MiFID II and MiFIR apply through the EEA Agreement, and vphl. §§ 9-32 to 9-39 carry the passport for services and branches. EU firms passport into Norway the same way; only firms with a head office outside the EEA fall under the third-country rule in verdipapirforskriften § 9-39 a.
How long does Finanstilsynet take?+
Six months from a complete application - the regulator's own words on its licensing page, repeated for forvaltningsselskap. Finanstilsynet publishes no processing statistics, so six months from a complete file is the plan, and completeness at filing is the lever.
What does the licence cost?+
Finanstilsynet lists no application fee for a verdipapirforetak; its costs come back through the annual tilsynsavgift under finanstilsynsloven, set from the Storting's allocation each year and shared by the supervisory work each group takes. Per-firm amounts are not published in advance; we confirm the levy in the quote.
Who has to be in place?+
Four things. A board, daglig leder and de-facto managers who pass vphl. § 9-10 (1); a complianceansvarlig in every firm under § 9-16 and article 22 of Delegated Regulation (EU) 2017/565; a risk function under § 9-16 (1) nr. 5; internal audit inside it. Two-person, residency and staff rules are confirmed with the case handler.
How are Norwegian investment firms taxed?+
22% selskapsskatt on alminnelig inntekt, with the finansskatt - a higher rate on financial-sector enterprises plus a payroll-based levy - to be confirmed for a verdipapirforetak, and 25% merverdiavgift. The quote carries each figure checked against Skatteetaten's rate table for the year of filing.
Norway or Sweden for a new firm?+
Sweden is in the EU, has the IFD tiers in force, prints a 975,000 kronor fee, taxes at 20.6% and covers SEK 250,000 per customer. Norway lists no fee, admits a €50,000 firm, covers NOK 200,000 and taxes at 22% - outside the union, passport intact. Stockholm for the settled rulebook; Oslo for the lower door and Norwegian clients.
Why Prifinance for Norway?+
Our nearest real office is the Tallinn head office, and the Oslo file is built there with Norwegian counsel: the AS, the § 9-39 capital, the Vedlegg I and II forms and the policy set to the 29 June 2023 guidance. Sikringsfond membership, tied-agent registration and EEA notifications run as part of launch.
Which licence?+
Verdipapirforetak, vphl. § 9-1.
Capital?+
€50k/€125k/€730k, § 9-39.
IFR/IFD?+
Not yet; pre-IFD tiers apply.
Passport?+
Yes, via the EEA Agreement.
How long?+
Six months, complete file.
Fee?+
None listed; annual levy.
People?+
§ 9-10 board, complianceansvarlig.
Taxes?+
22% plus finansskatt to confirm.
Or Sweden?+
Settled rulebook vs lower door.
Why you?+
Tallinn HQ, Norwegian counsel.
Client notes
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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 Finanstilsynet or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.