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Almost three years after companies and other legal entities were required to identify their beneficial owners, registration of beneficial owners is now open from 1 October 2024. From 31 July 2025, the obligation to register beneficial owners in the register takes effect.
The obligation to register information about beneficial owners will apply to the vast majority of businesses in Norway. The purpose of the registration obligation is to ensure transparency about who are the owners of businesses operating in Norway. This, in turn, will be a key tool in combating various forms of financial crime.
Companies covered by the Act must ensure that they obtain and register information about their beneficial owners. A beneficial owner is defined as a Norwegian or foreign person (natural or legal) who fulfils at least one of the following criteria:
- ownership of more than 25 % of the business,
- control of more than 25 % of the votes in the business,
- has the right to appoint or dismiss more than half of the board members, or
- have control in some other way.
The above criteria can be fulfilled directly, indirectly or through an agreement. A direct beneficial owner exists when there are no companies, agreements or anything else between the owner and the business. In other cases, indirect beneficial ownership exists. If the organisation determines that there are no beneficial owners, this must be registered. The deadline for registration is 14 days. This applies to both initial registration and registration of changes in beneficial owners.
For beneficial owners, the full name, national identity number or D number, country of residence and citizenship must be obtained and registered. The basis for the person being a beneficial owner must also be registered. At the request of a public authority, information and assessments of beneficial owners must be presented. In addition, anyone must have access to the register of beneficial owners.
The assessment of beneficial owners under the Beneficial Owners Act is somewhat different from the assessment subject of the Money Laundering Act. It is therefore not a given that the assessment of beneficial owners will be the same under the two laws. Among other things, the assessment under the Beneficial Owners Act is objective on the basis of the criteria above, and there is no automaticity in assessing close family together. The threshold for indirect control is also different, as the Beneficial Ownership Act requires at least 50 % control in an owner company that in turn controls more than 25 % of the company. Unlike the Money Laundering Act, the Beneficial Owners Act does not require a risk assessment of the beneficial owners.
There is a requirement to be able to document the assessments of beneficial owners. Information about beneficial owners will emerge from e.g. the memorandum of association, articles of association, shareholder register and/or shareholder agreements. If such documentation does not provide sufficient answers, or if there is evidence of other beneficial owners than what appears from the documentation, further investigations must be carried out. The duty to identify and store information about beneficial owners rests with the board of directors.
Advokatfirmaet Halvorsen & Co AS assists boards and management of companies in identifying and documenting beneficial owners.
Contact person
Benjamin Nordhaug
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