Norway has reached a free trade agreement with the United Kingdom – legislative changes to corporate law are expected to enter into force shortly
This June, the EEA / EFTA countries Norway, Iceland and Liechtenstein and the UK finally reached a free trade agreement. The entry into force of the new amendments to corporate law, e.g. the Private and the Public Limited Liability Companies Acts (the “Companies Acts”), on the residential and nationality requirements for the general manager and the directors of the board, are subject to Norway and the UK having entered into a free trade agreement. Pursuant to the amendments, nationals of states party to the EEA Agreement or nationals of the UK and Northern Ireland will fulfil the residential and nationality requirements in the Companies Acts, when also residing in such state.