Foreign suppliers looking for new assignments in the Norwegian construction industry may find it hard to get the word about their business out in the Norwegian market. Moreover, suppliers that are already well-known in the Norwegian market may experience that Norwegian buyers, for unknown reasons, choose to work with other suppliers instead. This may lead to suppliers asking questions like:
- How can we make our business more visible to Norwegian buyers?
- How can we become a preferred business partner in Norway?
- How can we show Norwegian buyers that we are running a serious business?
As a foreign supplier, you may be only vaguely familiar with StartBANK or have never heard of it before. Below, we will explain what StartBANK is, what the registration requirements are, and elaborate on why you should consider registering.
Do you need help registering your business?
Contact our team of experts for help.
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
Why consider registering in StartBANK?
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: Do the right things when doing business in Norway
Do you need help registering your business?
Contact our team of experts for help.
