What is a StartUp student company (SB)?
The Start Up Programme has an objective to give a real experience of what starting a company is like, from idea to income.
The idea can be a product, a service, or an idea on how to change and improve a practice within a specific field. You will be creating and researching a business model, taking responsibility and ensuring an economically sustainable idea where economic, cultural or social value is being created.
At the same time you will develop attitudes and skills necessary for personal success and employability, plus an understanding of how business works, gain insight into self-employment, business creation, risk taking and coping with adversity, all with advice and support from volunteer business consultants.
Students also gain exposure to mentoring during the programme and external business mentor is essential part of the self-development process.
Rules & framework
StartUp student companies can only be started in agreement with the lecturer responsible for the subject/discipline.
- There is a turnover limit of NOK 140,000 for the entire life of the company (1 year). Contact your UE adviser when you pass NOK 100,000.
- You do not pay tax or VAT within the turnover limit. Remember that you cannot therefore add VAT to your goods.
- A student company cannot incur debt. You can buy goods on credit, but must be able to repay at any time.
- You can sell shares for up to NOK 20,000. A share costs NOK 200, and a person can own a maximum of two shares.
- All student companies must keep accounting that are approved by an "auditor" when the company is wound up. The "auditor" can be a lecturer or others with an insight into finance. Students cannot audit their own accounts.
- The company's employees can withdraw wages of up to NOK 10,000 tax-free per calendar year. All income over NOK 10,000 is taxed as normal income.
- An SB must consist of a minimum of two people, and be registered with Ungt Entreprenørskap and the Norwegian business register (Brønnøysundregistrene). Please note that due to Norwegian law, at least two students per start up must possess either a D-number or a Norwegian social security number (personnummer) to be eligible to register the company in Brønnøysundregistrene.
- The student company can be operated for 12 months from the date of establishment.
- The student company must have at least one mentor from work/industry.