StartBANK registration in Norway—requirements and benefits

Doing business in Norway? Foreign suppliers looking for new assignments in the Norwegian construction industry may find it hard to make themselves visible to Norwegian buyers. Even suppliers who are already well-known in the market may find that buyers, for unclear reasons, choose to work with other suppliers instead — making it difficult to become a preferred, trusted partner in Norway.

As a foreign supplier, you may be only vaguely familiar with StartBANK or have never heard of it before. Below, we explain what StartBANK is, what the registration requirements are, and why you should consider registering.

What is StartBANK?

StartBANK is a supplier register and industry network targeting construction companies, who want to work in Norway. The register makes it easier for suppliers to make key information about themselves visible to Norwegian buyers, who search the StartBANK database for serious suppliers.

StartBANK is a risk management or pre-approval system that provides both the buyer and the supplier with a greater degree of security when entering into agreements. For this reason, StartBANK can be seen to provide registered suppliers with a “credibility stamp” in the Norwegian market, a sign of seriousness.

Which requirements must a supplier meet to qualify for StartBANK registration?

To qualify for StartBANK registration, the supplier must:

• Make sales in its own name
• Enter financial key figures
• Be up to date with payment of taxes and fees
• Have met reporting requirements, such as filing an annual report, annual accounts etc.
• Not be bankrupt or in debt negotiations
• Submit complete registration documentation consisting of a StartBANK questionnaire and standardized self-declaration
• Offer products/services that are included as part of the scheme at the time of registration

Some foreign businesses may find the StartBANK requirements overwhelming at first, especially when completing the questionnaire which adds a few more requirements to the list. However, in many cases meeting the StartBANK requirements may be easier than it seems at first. Generally, if your business is compliant with rules and requirements in its home country and intends to comply with Norwegian law while doing business in Norway, then achieving StartBANK registration is realistic. Often only minor adjustments may be needed to achieve StartBANK registration.

Also read: ID cards for building and construction sites in Norway

What are the benefits of StartBANK registration?

StartBANK is used by a relatively high number of individual buyers looking for suppliers. Suppliers registered in StartBANK will therefore in many ways be given a competitive edge over unregistered suppliers.

StartBANK registration gives foreign suppliers a “credibility stamp” and increases visibility towards prospective Norwegian business partners. StartBANK registration is generally not mandatory under Norwegian law, but in some cases Norwegian buyers may require StartBANK registration for suppliers tendering for a contract.

Recently, some Norwegian buyers seem to:

• Only search the StartBANK database when looking for suppliers
• Require suppliers to register in StartBANK before work on an existing contract can start

It may go without saying that when some Norwegian buyers will only deal with StartBANK registered suppliers, an unregistered supplier may miss out on business opportunities in the Norwegian construction industry by remaining unregistered. An unregistered supplier may not even be aware of which projects may have been lost by not being registered and visible to Norwegian buyers searching StartBANK.

We have assisted foreign suppliers with StartBANK registration in the past and would be pleased to discuss how your business can get registered.

Also read: Doing business in Norway—a brief overview of company obligations