Aksjeselskap

Aksjeselskapis theNorwegianterm for astock-basedcompany.It is usually abbreviatedAS,historically often written asA/S.An AS is always alimited company,i.e. the owners cannot be heldliablefor any debt beyond the stock capital.Public companiesare calledallmennaksjeselskap(ASA), while companies without limited liability are calledansvarlig selskap(ANS).

All AS companies must have a stock capital of at leastNOK30,000. In addition, they must have aboard of directors,depending on the size of turnover, balance sheet total or number of employees, anauditor.They may appoint amanaging director (MD) or chief executive (CEO).If the company hasassetsexceeding NOK 3 million, the board must have at least three members and cannot bechairedby the MD/CEO.Practically all Norwegian companies have afiscal yearfrom January to December, but some foreignsubsidiariesmay have a different fiscal year, as is allowed, to match the parentcorporation.

The ASA differentiates from theaksjeselskapin that it has rules regulating its ownership. There cannot be any rules limiting the company's ownership to certain interests, and an ASA must offer a public tender to purchase stock, either new stock or from existing owners if the company is converted from an AS. Norwegian companies, both those listed on astock exchangeandbanks,must be ASAs (banks, however, are exempt from certain regulation including ownership regulation). An ASA is required to have acapitalofNOK1 million; a board with at least 40% of its members from eachgenderas well as anauditor.