Norway has launched a register of beneficial owners of companies , but it will not be publicly accessible for now. Businesses that do not disclose the details of their ultimate owners will be fined starting next year.
The register began operating on October 1, 2024. Norwegian legal entities are required to submit data on their beneficial owners to it. At the same time, businesses were given ten months to adapt to the new rules. Until July 31, 2025, no penalties will be applied to those who, for whatever reason, did not submit the report.
The registry was created to combat money laundering, terrorist financing and economic crime. It should help authorized government agencies figure out who actually controls business in the country.
"The beneficial owner register will be an important weapon for authorities, financial institutions and a number of other entities," said Norwegian Finance Minister Trygve Slagsvold Vedum.
According to him, October 1, 2024, has become an important day in the fight against corruption and financial crimes.
"It is important to ensure transparency and trust in society. The purpose of this register is to provide information on who has real influence on Norwegian companies," said Norwegian Minister of Trade and Industry Cecilie Myrseth .
She believes that the creation of a register of beneficiaries will serve to ensure business transparency.
The registry was ready to be opened two years ago, but the process was delayed by a European Court ruling that declared open access to detailed information about business owners illegal. Official Oslo was forced to find a formula that would allow for the transparency of commercial activities to be combined with the protection of the privacy of individuals.
Shortly before the registry began operating, the authorities made several vague statements indicating that there would be no unlimited public access to registry data for the time being.
"The aim is for the beneficial owner register to be as open as possible... However, the ministry believes that there is a legal risk in opening the register immediately... in light of the EU Court of Justice's ruling... The ministry believes that a careful assessment needs to be made and how transparent the register of real right holders can be. Opening the register in stages is considered appropriate to avoid further delays in the establishment of the register of real right holders and to ensure that the scheme does not breach privacy and personal data protection rules... At this point, we cannot be sure that there is a sufficient legal basis for making the collective extract from the register, and thus the ability to search for individuals, available to anyone other than public authorities," Trygve Slagsvold Vedum told reporters.
What is a commercial register?
In our video we explain the definition and function of a commercial register and how you can verify the reliability and solvency of your foreign business partner.
Should you wish to check the sincerity of your foreign business partner’s request, Schmidt & Schmidt will gladly assist you.
We offer extracts from the commercial registers of more than 100 different registers in countries spread all around the globe. Additionally, we offer annual statements for a variety of companies. The original extract from any commercial register can be sent to you by mail or as a pdf-file via e-mail. Besides that, commercial register extracts can be authenticated with an apostille.
