Norway can start using the free trade agreement with the United Kingdom – legislative changes to corporate law entered into force on 1 December 2021
From 1 December 2021, nationals of the UK and Northern Ireland will now satisfy the residential and nationality requirements in company law, when also residing in such state.
From 1 December 2021, nationals of the UK and Northern Ireland will now satisfy the residential and nationality requirements in company law, when also residing in such state.
This fall, we wrote about Norway’s free trade agreement with the UK and the changes to corporate law, e.g. the companies acts, which were subject to ratification of the free trade agreement. On 1 December 2021, the Government confirmed that Norway can start using the free trade agreement with the UK, except for chapter 6 (public procurements). Consequently the changes to corporate law entered into force on the same day. Pursuant to the amendments, nationals of the UK and Northern Ireland will now satisfy the residential and nationality requirements under corporate law, when also residing in such state or in a state party to the EEA agreement, cf. inter alia, Section 6-11 of the Company Act. Accordingly, there is no longer any need to apply for an exemption in case the general manager or more than half of the directors of the board are UK citizens.
You may read our original article on the legislative changes here.
