Norskregistrert utenlandsk filial, Norskregistrert utenlandsk foretak or NUF is a Norwegian term meaning Norwegian Registered Foreign Company. NUF are basically Norwegian branches of foreign companies.
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The number of NUFs increased phenomenally since the millennium. The main reason is first and foremost not actual foreign companies setting up branches in Norway, but Norwegian residents setting up inactive countries abroad and then forming a Norwegian branch of the same company.
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Norway is one of the last few remaining countries in Europe maintaining the requirement for an annual audit for all national limited companies (AS and ASA) regardless of the size or turnover of the company. Even dormant companies must maintain a company auditor and file audited accounts. Having noted how this has caused a massive increase in the number of NUFs, the Ministry of Finance in 2007 decided to conduct a full review of the burdens imposed on Norwegian AS companies, and in particular consider whether the requirement for an annual audit for small companies should be relaxed or removed all together.
Source: Wikipedia: Norskregistrert utenlandsk foretak
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