Practical setup

The company is registered — but an organisation number alone runs no business. Now comes the practical setup that lets you actually charge, pay out and operate lawfully. This lesson gathers the things many people forget in the rush.

Business account, payment and invoicing

The first step is a business account in the company's name. For an AS it is needed already to receive the share capital; for an ENK it is strongly recommended in order to keep private and business apart. Never mix private finances and business — it makes the accounts messy and can create tax problems.

If you are going to send invoices, they must contain specific information under the bookkeeping rules: who is selling and buying, the organisation number (with the letters "MVA" after the number if you are VAT-registered), a sequential invoice number, the date, a description of the goods or service, the amount and any value added tax. Very few people create invoices by hand today — an accounting or invoicing system ensures the requirements are met automatically and that the vouchers land straight in the accounts.

Insurance and pension

If the company has employees, occupational injury insurance is required by law. In addition you should consider liability insurance and insurance of equipment and assets, depending on what the business does.

Pension is where AS and ENK differ. An AS with employees is, as a main rule, obliged to provide a mandatory occupational pension (OTP) when certain conditions are met — check the requirements with providers or the Tax Administration. An owner in an ENK is not an employee and is not covered by OTP, but should save for their own pension privately, including through schemes designed for the self-employed. The applicable limits and rates change, so use official sources for the figures.

Agreements you should have in place

Some agreements are worth arranging early. If there are several owners in an AS, you should have a shareholders' agreement that governs what happens if someone wants to sell out, how decisions are made and what happens in a disagreement (more on this in module 4). You should also have tidy customer agreements or terms of sale, so that it is clear what you deliver and on what terms.

If you process personal data — customer lists, email addresses, user data — the data protection rules (GDPR) apply. Then you need a conscious relationship to which data you collect and why, and you often need a data processing agreement with suppliers who store data on your behalf.

Digital tools and Altinn roles

Much of the contact with the authorities goes through Altinn. Here you receive messages, submit VAT and the a-melding, and find public forms. Set up the roles and rights correctly early on: decide who can view and submit on behalf of the company, and delegate access to your accountant or to colleagues who need it. With a good accounting system, BankID and tidy Altinn roles, the ongoing administration is far easier.

Actually getting paid

Sending an invoice is one thing; getting the money in is another. Decide early which payment terms you operate with (for example payment within a set number of days), and how customers are to pay — bank transfer, card or online payment, or a payment solution integrated into the web shop. For ongoing sales to consumers you often need a card terminal or an online payment provider.

Also have a plan for unpaid invoices before you need one. A friendly reminder, then a formal reminder with a reminder fee, and finally debt collection if necessary, is the usual sequence. Good liquidity in a start-up is as much about getting paid on time as about selling — many otherwise healthy businesses run out of money because customers pay too late.

Do this now

Open a business account in the company's name. Choose an invoicing or accounting system and set up an invoice template that meets the requirements. Then list which Altinn roles need to be delegated, and which agreements (shareholders' agreement, terms of sale, data processing agreement) are relevant for your business. Tick them off as they fall into place.