The obligation to register beneficial owners in Norwegian companies comes into effect today, 1 October 2024
Since 1 November 2021, legal entities have been required to identify and maintain documented, up-to-date information about their ultimate beneficial owners (UBOs). As of 1 October 2024, Norwegian entities must also register their UBOs in the Brønnøysund Register pursuant to the Norwegian Act on the Beneficial Owners Registry. This means that entities must report who ultimately controls and/or owns the entity to the authorities. There is a phase-in period of 10 months, with the final registration deadline being 31 July 2025. After this date, companies that fail to register may be subject to coercive fines.
