IT Industry in Norway
The number of investments in Norwegian startups is up by 300% in 2016. In this year alone, Norway has seen 28 investments.
The nation’s capital, Oslo, is home to some innovative technology, including robotics company nLink, social media marketing strategist Socius, the “AirBnB of electric vehicles” Meshcrafts and Smarthome products business Viva Labs. More established software companies based in Norway include Opera Software and music streaming service WiMP. In fact, Opera started out as a research project within Telenor, Norway’s leading telco, back in 1994. The Kongsberg Group, based in Kongsberg to the west of Oslo, is another big Norwegian player, supplying hi-tech systems and solutions to customers in the merchant marine, the oil and gas industry, and the aerospace and defense sectors.
Cloud computing and Software as a Service (SaaS) are both popular in Norway. With 28% cloud adoption, Norway’s rate is higher than most EU countries and Oslo also held the first Nordic summit for the Cloud Security Alliance in June 2015.
To be granted a residence permit in Norway as a skilled worker, you must be a qualified, skilled worker whose expertise is relevant to the job you will be doing in Norway.
An employer can apply for a residence permit on employee behalf if you authorize him or her in writing. An employee must complete the authorization section of the application form or give your employer some other form of written approval. If an employer applies on employee behalf, the application must be submitted in the police district where the enterprise is located.
Depending on the chosen category, consideration may take 1 to 9 months.
If you are coming to Norway to work for a Norwegian employer, you must pay tax in Norway on all your earnings in Norway. After you have arrived in Norway, you must contact the tax office or Service Centre for foreign workers to obtain a tax deduction card.
A combined municipal and national tax rate of 25% applies to net income. A progressive bracket tax also applies to personal income, with four thresholds. The marginal rates are 0.44%, 1.7%, 10.7% and 13.%. The top marginal income tax rate is 38.7% (25%+13.7%).
Social security. A person resident or working in Norway is a compulsory insured “member” under the Norwegian National Insurance Scheme. The NI-scheme is financed by contributions from its members, employers of members and the Norwegian state. The employee’s contribution in 2016 is 8.2% of gross income derived from employment.
For foreign workers, the 10% standard deduction applies for a maximum of two income years, and only up to a maximum of NOK 40,000 each year.
Cost of Living
Norway is among the most expensive countries in the world, as reflected in the Big Mac Index and other indices. Norway scored 241 points of cost of living index, comparing to 272 points in San Francisco, USA and 67 points in Kiev, Ukraine. (According to Internet research expatistan.com).
You can expect to pay about €1,127 for Monthly rent for a 45 m2 (480 Sqft) furnished studio in NORMAL area Oslo, Norway. With €72 for utilities for one month (heating, electricity, gas) for one person in 45 m2 (480 Sqft) studio.
Monthly ticket public transport will cost you €76, or €1.54 for 1 liter of gas if you drive.
Basic dinner out for two in neighborhood pub will cost you around €59; 2 tickets to the movies about €29; 1 beer in neighborhood pub (500ml or 1pt. – €10;
Primary lunchtime menu (including a drink) in the business district – €20.