Norway, with its population of around five million people, has around 6,385 foundations. About 802 of them are business foundations, while the rest are so-called non-profit foundations established for a wide range of purposes. Norwegian foundations are regulated by the Foundations Act.
Self-owned legal entities
A foundation is an entity with a legal basis in a gift or similar, placing an object of economic value, most commonly money, to be used for a defined purpose, included but not limited to ideal, humanitarian, social, educational and economic activities.
Foundations are self-owned legal entities, with the power to enter into contracts with third parties, and be a party in legal actions before the courts and official authorities.
Norway promotes foundations
According to the annual accounts (2021), the equity capital of Norwegian foundations stood at NOK 220 billion, approximately EUR 20 billion. However, the total value managed by foundations is much higher than this. The Norwegian government regards foundations as a good long-term form of ownership. Politicians therefore wish to promote the use of foundations across society.
The Foundation register
All foundations are now registered in the Stiftelsesregisteret. This register enables the public, the foundation themselves, scientists, politicians, the media and others to retrieve information on Norwegian foundations.