ASvirksomheter

ASvirksomheter are business entities organized as aksjeselskap (AS), the Norwegian private limited company. An AS has a separate legal personality from its owners, and shareholders’ liability is limited to their paid-in capital. Ownership is divided into shares, and transfer of shares is the primary way to change ownership, subject to restrictions in the articles or shareholders’ agreements.

AS companies are formed by filing a stiftelsesdokument (articles of association) and registering with the Brønnøysund Register Centre. Private AS require a minimum share capital (currently 30,000 NOK); public AS require a higher capital. The governance structure typically includes a board of directors and, for many companies, a managing director (CEO). The general meeting of shareholders holds ultimate authority, including approving annual accounts and distributions.

AS entities must prepare annual accounts and submit them to the Norwegian authorities; many are required to have an audit. They are subject to corporate income tax and value-added tax rules, and they may be part of a corporate group with subsidiaries.

The main advantages of AS include limited liability, a separate legal personality, and easier access to bank finance and equity; disadvantages include regulatory requirements and ongoing reporting costs. AS firms can be privately held or publicly listed; the latter is referred to as allmennaksjeselskap (ASA) and is subject to stricter disclosure and governance rules.