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Doing business in Norway? Your Ultimate Beneficial Owners must be registered in a new public register from 1 October 2024

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From 1 November 2021, all companies and legal entities registered in or operating in Norway are required to identify and maintain updated internal records of their Ultimate Beneficial Owners (UBOs). A UBO is, in short, an individual who ultimately owns or controls more than 25% of the shares or voting rights in a legal entity, or who can appoint or dismiss more than half of the board members.

As of 1 October 2024, entities registered in or operating in Norway must also register their identified UBOs in a new, public Norwegian Register of Beneficial Owners. Any absence of identified UBOs and unsuccessful attempts to identify UBOs must also be registered. Therefore: all entities must make entries into the register, identified UBOs or not. These changes aim to enhance transparency and strengthen anti-money laundering efforts in Norway.


Entities have a grace period until 31 July 2025 to register. After this date, entities that fail to meet the disclosure requirements may face coercive fines from the Norwegian government. These fines will continue to accrue until the entity complies with its reporting obligations, potentially resulting in significant financial penalties.


Selmer has developed a tool to assist entities subject to these reporting requirements in identifying their UBOs and documenting the process as required. This tool simplifies and clarifies the process of mapping ownership structures and ensure compliance with the new transparency and reporting requirements. We can also assist with the UBO assessment and documentation process and provide help with the registration.

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