if i raise 10m nok for my startup in norway. my startup now have 10m nok in the bank. i own 100% of this startup. I use a slip/safe to postpone valuation of the company. do I as owner have to pay tax wealth on the 10m nok in the bank account of my startup?

No, the owner does not pay wealth tax directly on the 10 million NOK sitting in the company’s bank account; wealth tax is levied on the owner’s personal net wealth, where the relevant asset is the value of the unlisted shares, not the company’s cash itself. The company pays no wealth tax, but the company’s cash does influence the shares’ taxable value for the owner.¹²³⁴

What is taxed

Individuals pay wealth tax on net wealth, which includes shares, whereas a Norwegian AS does not pay wealth tax itself.⁴¹
For owners of unlisted Norwegian shares, the taxable asset is the shares’ value, not the company’s underlying cash; however, the company’s assets and liabilities determine the company’s taxable “formuesverdi,” which flows through to the share value.²³

How unlisted shares are valued

Unlisted Norwegian shares are typically valued at 80% of the share’s proportionate share of the company’s taxable net asset value (“skattemessig formuesverdi”) as of the valuation date used for wealth tax, giving a 20% valuation discount in 2025.¹²
As a practical effect, company cash generally increases the company’s net wealth and thereby the shares’ taxable value, but the owner benefits from the 20% discount applicable to shares.²¹
The valuation date for unlisted shares is normally 1 January of the income year (which feed into the next tax assessment), but if the company undertook capital changes (e.g., new capital in) during the year, the valuation can shift to 1 January of the assessment year, which can capture the new cash.⁵³

Effect of SAFE/SLIP structure

Whether the 10 million NOK is offset by a liability depends on whether the instrument is classified as debt or equity for tax purposes; classification follows substance-over-form principles in Norwegian practice.⁶⁷
If structured and accounted as debt (e.g., a true convertible loan), it reduces the company’s net wealth and thus lowers the shares’ taxable value for the owner; convertible loans are typically treated as debt on the balance sheet.⁸²
If the instrument is equity-like (no liability), the 10 million increases the company’s net wealth and therefore raises the owner’s share value used for wealth tax (still subject to the 20% share discount).³²

2025 thresholds and rates

For 2025, the base allowance is 1,760,000 NOK per person; municipal rate is 0.525% and state rates are 0.475% up to 20.7 million and 0.575% above that, applied to net taxable wealth after discounts.¹
Shares benefit from a 20% valuation discount in 2025 (and corresponding allocation of “tilordnet gjeld”), reducing the taxable base before applying rates.¹

Quick example

If the company’s only asset is 10 million NOK cash and there is no debt and the owner holds 100%, the wealth-tax value of the shares would ordinarily be 80% of 10 million = 8 million NOK before the owner’s personal base allowance.²¹
If the 10 million NOK is a bona fide convertible loan (debt), the net wealth could be near zero at the valuation date, substantially reducing the shares’ taxable value for the owner, subject to the specific classification and timing rules.⁶⁸ ⁹¹⁰¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷¹⁸¹⁹²⁰²¹²²²³²⁴²⁵²⁶²⁷²⁸²⁹³⁰³¹³²³³³⁴³⁵³⁶³⁷³⁸

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but its not debt. I use slip. its a seed round. do I have to pay wealth tax?

Yes—wealth tax can still apply, but it is on the value of the unlisted shares, not directly on the 10m NOK in the company’s account, and a SLIP (not debt) does not eliminate wealth tax; it mainly postpones pricing while the shares are valued under the statutory rules and discounts.³⁹⁴⁰⁴¹

What SLIP changes

A SLIP is a Norwegian variant of SAFE that gives investors a right to subscribe for shares later, so there is typically no immediate share capital increase or priced equity round at the time the cash is received.⁴²⁴³³⁹
Because a SLIP does not itself increase share capital, the special “exception” rule that moves the valuation date to 1 January of the assessment year due to a paid-in capital increase usually does not trigger at the time of the SLIP funding.⁴⁴⁴⁵³⁹

Valuation timing

The main rule for unlisted Norwegian shares is that they are valued at 80% of the company’s taxable net asset value as of 1 January in the income year (i.e., 1 January of the year before the assessment), not at the date of the funding.⁴¹
An exception applies if there was a paid-in share capital increase or certain other capital events during the year; in those cases, the valuation date moves to 1 January of the assessment year, which captures the new capital sooner—this typically does not apply to an unconverted SLIP.⁴⁵⁴⁴

Valuation mechanics

Unlisted shares receive a 20% valuation discount for wealth tax purposes, so the taxable share value is generally 80% of the company’s taxable net assets at the valuation date.⁴⁰⁴⁶
“Aksjer (inkl. næringseiendom) og tilordnet gjeld” are explicitly valued at 80% in the 2025 rate sheet, confirming the discount level used in wealth tax computations.⁴⁶

Rates and thresholds

Wealth tax applies only if personal net taxable wealth exceeds the allowance; for 2025 the allowance is 1,760,000 NOK per person, and the rates are 0.525% municipal plus 0.475% state up to 20.7m and 0.575% above that, applied to the discounted wealth base.⁴⁶

Practical effect for a SLIP seed

If the SLIP cash arrived during the year and there was no share capital increase, the owner’s wealth-tax value of the shares for that year typically follows the 1 January income-year values and would not include the SLIP cash until the next 1 January snapshot.⁴⁴⁴¹
Once the cash is on the balance sheet at the next valuation date and before conversion, the owner’s unlisted shares are valued off the company’s net assets (including that cash) but with the 20% share discount applied.⁴⁰⁴¹

Illustration

If the company’s only asset at the valuation date is 10m NOK and no debt, 100% ownership implies a wealth-tax value of about 8m NOK (80% of 10m) before the personal allowance and before any allocation of personal debt.⁴⁰⁴⁶
If the 10m NOK was raised via SLIP mid-year without a share capital increase, it generally affects wealth tax starting from the next 1 January valuation date, not immediately in the current year’s assessment.⁴¹⁴⁴

Key caveat

If or when a priced equity round with paid-in share capital occurs during the year, the exception can move the valuation date to 1 January of the assessment year, which brings the new capital into the owner’s share tax base sooner; this is distinct from an unconverted SLIP.⁴⁵⁴⁴ ⁴⁷⁴⁸⁴⁹⁵⁰⁵¹⁵²⁵³⁵⁴⁵⁵⁵⁶⁵⁷⁵⁸⁵⁹⁶⁰⁶¹⁶²⁶³⁶⁴⁶⁵⁶⁶⁶⁷⁶⁸⁶⁹⁷⁰⁷¹⁷²⁷³⁷⁴⁷⁵⁷⁶

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okay . say i raise 10m nok on a slip for my startup. in 2025. its preseed.I use 5mnok of that money the same year on software dev. then 2026 i have 5m nok left. i use the remainder og that money in 2026. i then raise 30m nok on slip for seed round. I then spend 15m nok in 2026. and the rest in 2027. Its now 2028 and i spend the rest of the money so ballance is zero. in 2025-2028 do i have to pay any wealth tax as a person holding 100% of the comany?

Short answer: Wealth tax applies to the value of the unlisted shares at each 1 January snapshot, not to the company’s bank balance directly, and with SLIP (not debt or a paid-in share capital increase) the cash is typically reflected from the next 1 January after receipt, discounted by 20% when valuing the shares.⁷⁷⁷⁸⁷⁹

Year-by-year outcome

2025 assessment (valuation at 1 Jan 2025): A 2025 SLIP does not count as a paid-in share capital increase, so the 1 January 2025 value is used; if the company had negligible assets at that snapshot, the owner would ordinarily have little or no share-based wealth tax for 2025, subject to personal allowances and any other assets.⁷⁹⁸⁰⁷⁷
2026 assessment (valuation at 1 Jan 2026): After raising 10m via SLIP in 2025 and spending 5m in 2025, about 5m cash would be present at 1 Jan 2026, so the taxable share value is generally $0.8 \times 5,\text{mill.} = 4,\text{mill.}$ before applying personal thresholds and rates, and spending later in 2026 does not change that year’s snapshot.⁷⁸⁸¹⁷⁷
2027 assessment (valuation at 1 Jan 2027): A 2026 SLIP is not a paid-in capital increase, so valuation stays at 1 Jan 2027; if 30m was raised on SLIP in 2026 and 15m spent in 2026, about 15m cash at 1 Jan 2027 gives a taxable share value of $0.8 \times 15,\text{mill.} = 12,\text{mill.}$ before personal thresholds and other assets/liabilities.⁷⁷⁷⁸⁷⁹
2028 assessment (valuation at 1 Jan 2028): The snapshot is 1 Jan 2028, so if the remaining cash was fully spent during 2027 and the balance was zero at that date, the share-based wealth tax base from cash would be zero; if some cash remained on 1 Jan 2028 and was only spent later in 2028, that remaining amount would be reflected at 80% in the share valuation for 2028.⁷⁸⁷⁷

Why this is so

The main rule for unlisted shares is valuation at the company’s taxable net assets on 1 January of the income year; an exception can move the date to 1 January of the assessment year when there is a paid-in share capital increase during the year, but an unconverted SLIP is typically not such an increase.⁸⁰⁷⁷
A SLIP is a Norwegian SAFE-style agreement that postpones pricing and does not by itself create paid-in share capital or debt, so the extra cash just sits on the company balance sheet and affects the owner’s share valuation starting from the next 1 January snapshot.⁷⁹
Unlisted shares receive a 20% valuation discount for wealth tax purposes, and actual tax depends on personal allowances and rates in the relevant year (for 2025 the allowance is 1,760,000 NOK and the published wealth tax rates apply on the discounted base).⁸¹⁷⁸

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so for each year i pay zero in wealth tax right?

No—wealth tax would not be zero in every year under that timeline; 2026 and 2027 would typically produce a taxable share value because cash on the company’s balance sheet at each 1 January snapshot is included (at 80%) in the value of the unlisted shares, subject to the personal allowance and rates.⁸²⁸³⁸⁴⁸⁵

Year by year

2025 assessment (snapshot 1 Jan 2025): A SLIP raised during 2025 does not change the 1 January 2025 valuation, so if the company had negligible assets at that snapshot, the share-based wealth tax component would be minimal or nil for 2025, subject to other personal assets and debts.⁸⁶⁸³
2026 assessment (snapshot 1 Jan 2026): With around 5m NOK left from the 2025 SLIP at 1 January 2026, the shares’ taxable value is generally $0.8 \times 5,\text{mill.} \approx 4,\text{mill.}$ before applying the personal allowance and rates, so wealth tax may apply unless overall net wealth falls below the allowance.⁸³⁸⁴⁸⁵⁸²
2027 assessment (snapshot 1 Jan 2027): After raising 30m NOK on SLIP in 2026 and spending 15m in 2026, about 15m NOK cash at 1 January 2027 gives a shares’ taxable value of $0.8 \times 15,\text{mill.} \approx 12,\text{mill.}$ before applying allowance and rates, so wealth tax would typically not be zero.⁸⁴⁸⁵⁸³
2028 assessment (snapshot 1 Jan 2028): If cash was fully spent during 2027 so that the 1 January 2028 balance is zero, the share-based wealth tax component from cash would be zero; if any cash remained at 1 January 2028 and was only spent later in 2028, that remainder would be included at 80% in the 2028 share valuation.⁸⁵⁸³

Key rules

Unlisted Norwegian shares are valued at 80% of the company’s taxable net assets at the 1 January snapshot used by the wealth tax rules, which is the 1 January of the income year unless an exception applies.⁸³⁸⁵
The exception that moves the valuation date to 1 January of the assessment year triggers on paid-in share capital changes and similar events, and an unconverted SLIP is typically not a paid-in capital increase by itself.⁸⁷⁸⁶
The personal allowance and rates determine whether any tax is due on the discounted base; for 2025, the allowance is 1,760,000 NOK per person and the published municipal and state rates apply to the portion above that.⁸²⁸⁴

When tax is zero

Wealth tax is zero only if total personal net taxable wealth after discounts and debt allocation is at or below the allowance for the year, regardless of the company’s gross bank balance.⁸⁴⁸²
Given the example balances, the shares’ taxable values of roughly 4m NOK (2026) and 12m NOK (2027) would typically put net wealth above the allowance unless offset by sufficient personal debt or other discounts, so not zero in those years under ordinary circumstances.⁸⁵⁸⁴ ⁸⁸⁸⁹⁹⁰⁹¹⁹²⁹³⁹⁴⁹⁵⁹⁶⁹⁷⁹⁸⁹⁹¹⁰⁰¹⁰¹¹⁰²¹⁰³

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the slip conversion is an unknown date in the future. so the valuation of the shares according to slip remains zero. so i on 100% of unlisted stocks worth zero

No—the absence of SLIP conversion does not make the unlisted shares’ wealth‑tax value zero; unlisted Norwegian shares are valued from the company’s taxable net assets at each 1 January snapshot, not from a priced round or the SLIP note, so any cash (and other net assets) then are included, subject to the 20% share discount and personal allowance.¹⁰⁴¹⁰⁵¹⁰⁶¹⁰⁷

How shares are valued

For unlisted Norwegian shares, the taxable value is the shareholder’s proportionate share of the company’s total taxable net assets as of 1 January under the wealth‑tax rules, not “market price” from a financing document.¹⁰⁴
The valuation date is normally 1 January of the income year; only specific corporate capital events move it to 1 January of the assessment year.¹⁰⁵¹⁰⁴
Unlisted shares receive a statutory valuation discount (20% in recent guidance), so the taxable share value is generally $0.8 \times$ the company’s net taxable assets at the snapshot.¹⁰⁶¹⁰⁷

What SLIP affects (and not)

A SLIP is a SAFE‑style agreement that postpones pricing and typically does not, by itself, create paid‑in share capital or a liability, so it does not fix the shares’ tax value at zero.¹⁰⁸
Because a SLIP is not a paid‑in share capital increase on its own, it generally does not trigger the exception that changes the valuation date; the statutory valuation still follows the 1 January snapshot rule.¹⁰⁹¹⁰⁴

When value can be near zero

If the company’s taxable net assets are effectively zero at the valuation date (e.g., no cash left and no other taxable assets), the shares’ taxable value can be near zero for that year, independent of whether a SLIP exists.¹⁰⁴
If cash (or other net assets) remains on the balance sheet at 1 January, that amount is included in the wealth‑tax basis via the share valuation (after the 20% discount and personal allowance), so the tax base is not zero in that case.¹⁰⁶¹⁰⁴

Practical implication

In years like 2026 or 2027 when cash is still present on 1 January from prior SLIP funding, the owner’s unlisted shares will reflect that cash in the statutory valuation (at 80%) and may trigger wealth tax depending on the overall net wealth after the allowance.¹⁰⁷¹⁰⁵¹⁰⁶
The SLIP’s unknown future conversion date does not override these statutory valuation rules; the shares are not deemed to have zero value solely because a priced round has not occurred.¹⁰⁸¹⁰⁴

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are there any other rules that may decrease my wealth tax liability? say i have 5m nok in the bank in my startup i own 50%. I use a slip. am i really liable for 0.525% municipal plus 0.475% * ((5m*0.8 ) - 1.7m) ?

Answer skipped.

are there any other rules that may decrease my wealth tax liability? say i have 5m nok in the bank in my startup i own 50%. I use a slip. am i really liable for 0.525% municipal plus 0.475% * ((5m0.8 ) - 1.7m) 0.5 ?

Not exactly; the calculation is close, but the allowance must be applied after taking the 50% ownership into account, and several rules can further reduce or change the taxable base and tax, including the 20% share discount, debt allocation, and doubled thresholds for spouses taxed jointly.¹¹⁰¹¹¹¹¹²

What lowers liability

Shares in unlisted companies get a 20% valuation discount, so the wealth-tax value is 80% of the company’s taxable net assets at the 1 January snapshot before personal allowances and rates are applied.¹¹²¹¹³
Personal debt reduces net wealth, but debt is proportionally allocated across asset classes and the portion allocated to discounted assets is reduced by the same discount (the “tilordnet gjeld” rule), which moderates the benefit of debt.¹¹⁴¹¹²
For married couples taxed jointly on combined wealth, the allowance thresholds are doubled, which can eliminate tax in scenarios that would otherwise be taxable for a single person.¹¹¹¹¹⁰
Only the 1 January snapshot counts each year; spending cash before 1 January reduces the company’s net assets for that year’s share valuation, while a SLIP without share capital increase does not shift the valuation date.¹¹⁵¹¹⁶

Correcting the example

With 5m NOK in company cash and 50% ownership, the taxable share value before allowance is $0.8 \times 5{,}000{,}000 \times 0.5 = 2{,}000{,}000$ NOK.¹¹³¹¹²
The 2025 allowance is 1,760,000 NOK per person, applied after computing the person’s share, so the base is $2{,}000{,}000 - 1{,}760{,}000 = 240{,}000$ NOK if there are no other assets or debts.¹¹⁰¹¹¹
For 2025 rates, municipal 0.525% plus state 0.475% apply to the base up to 20.7m, so tax would be about $1.0% \times 240{,}000 = 2{,}400$ NOK in this simplified case.¹¹¹¹¹⁰

Notes on SLIP and timing

A SLIP does not make the shares’ wealth-tax value zero; the company’s net taxable assets at 1 January determine the value, regardless of whether a priced round has occurred.¹¹⁷¹¹³
Since a SLIP is not a paid-in share capital increase by itself, the snapshot normally stays at 1 January of the income year, so timing of cash spending before that date directly affects the wealth-tax base for that year.¹¹⁶¹¹⁵

Practical checklist

Confirm the 1 January cash and other net assets in the company each year, because that drives the 80% share valuation.¹¹³¹¹⁵
Apply the personal allowance after calculating the ownership share of the discounted value, not before halving for ownership.¹¹⁰¹¹¹
Account for personal debt and its allocation across discounted and non-discounted assets when estimating the base.¹¹⁴¹¹²
If married and taxed jointly, check the doubled thresholds to see if the base falls to zero under the joint allowance.¹¹¹¹¹⁰ ¹¹⁸¹¹⁹¹²⁰¹²¹¹²²¹²³¹²⁴¹²⁵¹²⁶¹²⁷¹²⁸¹²⁹¹³⁰¹³¹¹³²¹³³

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write this in norwegian: With 5m NOK in company cash and 50% ownership. is 0.8×5,000,000×0.5=2,000,0000.8×5,000,000×0.5=2,000,000 NOK.

2,000,000−1,760,000=240,0002,000,000−1,760,000=240,000 NOK . For 2025 rates, municipal 0.525% plus state 0.475% apply to the base up to 20.7m, so tax would be about 1.0%×240,000=2,4001.0%×240,000=2,400 NOK in this simplified case.

Med 5 mill. NOK i kontanter i selskapet og 50% eierskap er 0,8 × 5 000 000 × 0,5 = 2 000 000 NOK. 2 000 000 − 1 760 000 = 240 000 NOK. For satsene i 2025, 0,525% kommunal pluss 0,475% statlig på grunnlaget opp til 20,7 mill., blir skatten omtrent 1,0% × 240 000 = 2 400 NOK i dette forenklede tilfellet. ¹³⁴¹³⁵¹³⁶¹³⁷¹³⁸¹³⁹¹⁴⁰¹⁴¹¹⁴²¹⁴³

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eonist/formueskatt-startups.md