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2. Expanding a Business

Why Expand to Norway?

Norway is a wealthy, modern European country. Although one of its main differences from many other European countries is that it is not a member of the EU. Norway decided not to join the EU as they are already a wealthy country with a strong economy and already has strong ties to the EU through the European Economic Area (EEA) agreement. The UK is one of Norway's top four export markets. Norway has a strong and stable economy and has suffered less then other countries in the world wide downturn in recent years.

Whats the Attraction for UK Businesses?

Start up costs for setting up a business in Norway are low and its relatively easy to establish. Despite not being a member of the EU, both Norwegian and foreign owned companies have unrestricted access to the EU market through the EEA agreement. Incorporating or registering a business in Norway has been made easy and straightforward by the organisation of the public sector. Also Norway is leading shipping nation, and one of the worlds largest oil exporters. It is one of the worlds leading countries in aquaculture, maritime, hydropower, environment, energy, technology and telecommunications.

Business Opportunities

Significant opportunities for companies interested in starting up a business in Norway exist in the following areas:

• Offshore/Energy - Being one of the world's leaders in this industry there is still opportunity for growth and investment.
• Quality Consumer Goods - Consumer goods refer to the final product or good that is consumed. Norwegians are willing to pay a fair price for a product as long as it is of good quality.
• Telecommunications - The world has been a much smaller place due to the development of travel and telecommunications infrastructure. Mobile phones have exploded in recent years and shows no sign of slowing down.
• Biotechnology - Hospitals and universities has always been at the forefront with medical research and there have been a number of innovative and highly specialised technologies emerging from the countrys research institutions.
• Medical Equipment - Medical science and medical equipment is forever developing and the demand for better and more reliable equipment is growing.

Main cities in Norway and potential locations for setting up a business in Norway are:

• Oslo
• Bergen
• Trondheim
• Stavanger
• Baerum
  
  

Challenges Foreign Companies Face

One thing that Norway faces is that it is less integrated in the worlds economy than some of its peers. Norways economic performance is strong but it is partly due to its natural resources rather than its attractiveness of the country as a business location. The standard of living and prosperity is still high, but is not exceptional compared to its peers. Norway's location, lack of metropolitan areas of global importance and proximity to a relatively stagnant European economy pose clear challenges, however if setting up a business in Norway you choose your market and location correctly there are many possible areas of growth. The three key points here is research, research, research. Planning ahead and research before starting up a business in Norway can help smooth the way. Also, despite these challenges, Norway has a lot to offer potential investors.

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