Norway

Norway

Requires companies to register the ultimate beneficial owners

01 Oct 2024

On 1 October 2024, the Act on Beneficial Owners (Lov om register over reelle rettighetshavere) entered into force in Norway. This legislation requires legal entities to maintain accurate and up-to-date records of their ultimate beneficial owners (UBOs). Entities are also mandated to register their UBOs in the Brønnøysund Register. The law provides for a 10-month phase-in period, with the final registration deadline set for 31 July 2025. Non-compliance may lead to penalties, including fines or imprisonment.

Nature of measure:
  • Treatment and operation
Type:
  • Treatment and operation (Operational conditions)
Industry:
  • Not industry specific
Inward FDI:
No
Outward FDI:
No
Sources: