Doing business in Norway
Flat organizational structure, cooperation, trust, gender equality and work-life balance characterizes Norwegian business life. Though not a member of the EU, Norway has a working agreement with the organisation.
Norway is a safe and easy country for doing business and has for years been ranked amongts the top ten countries for Ease of Doing Business in the The World Bank’s ranking. Norway has a great deal of credibility within technology, innovation and competence building.
Small and digitalized country
Our population of 5.4 million is modest in size, yet our purchasing power is comparable to larger economies due to our high standard of living and evenly distributed wealth. It is one of the world’s most digitalised countries.
The Norwegian workfoces is generally well-educated. Most Norwegians are fluent English speakers, and French and German is frequently spoken as well.
Norway ranks high on several scoreboards:
- High GDP per capita in Europe
- Ranked 7th in “Ease of Doing Business”
- Top 10 in annual “World Competitiveness Scoreboard”
- Ranked 4th in “IMD World Talent Report”
- Easy to set up your own business
High level of trust
The core in the Norwegian business culture is cooperation. The basis for the “Norwegian model” is the cooperation between the government, the employer federations, and the employee organisations. At the company level, cooperation between employers and employees, as well as between managers and subordinates, is vital.
Gender equality is important in Norway. Women doing business in Norway will receive the same treatment as men.
Norwegian business culture can be described by:
- Flat structures and little hierarchy
- Quick and informal communication
- Focus on cooperation
- High level of trust throughout the society
- Empowered employees
- Balance between work and private life
- Gender equality
- Risk willingness
Most businesses in Norway operate under a flat structure and employees are often included in making decisions. A flat structure and openness is concidered a tool for achieving results. Photo: Sune Eriksen
Norway’s relationship with the European Union
The Agreement on the European Economic Area (EEA) forms the cornerstone of relations between Norway and the EU.
The agreement brings the 27 EU member states, along with European Free Trade Association (EFTA) members – Norway, Iceland and Liechtenstein, together in an internal market governed by a shared set of rules.
This means that goods, services, capital and people can move between Norway and EU countries with very few restrictions.
There are equal conditions for businesses, through level playing fields in competitive bidding, state aid, and government procurement across EU and EEA countries. Companies can also expect to encounter similar regulations, for instance around packaging, labelling and product standards.
In short, Norway has the same rights and obligations as other EU countries when it comes to:
- Trade
- Investments
- Banking
- Insurance
- Buying and selling services
For more information, law firm DLA Piper published “White Paper on Norway’s Relationship to the European Union (pdf)”, outlining how Norway engages in trade and commerce with the EU.
Do you need more information? Don’t hesitate to contact us.