The majority of the board, including the chairman of the board, must consist of Norwegian citizens who reside in Norway and have lived in Norway for the past two years.
"Chapter II. Acquisition permit
§ 4. Requirement for an acquisition permit
A vessel may not be used for commercial fishing or fishing without a permit from the Ministry. Conditions may be set for such a permit.
An acquisition permit is granted to the vessel's owner for a specific vessel. The permit does not give the right to use another vessel. Other than the natural or legal person holding the permit, may not fish or catch with the vessel without their own permit.
An acquisition permit only gives the right to fish or catch in accordance with the provisions laid down at any time in or pursuant to the Act on the Management of Wild Marine Resources or the Act here.
§ 5. Nationality requirements
An employment permit can only be granted to a Norwegian citizen or on an equal footing with a Norwegian citizen. A foreigner residing in Norway is considered equal to a Norwegian citizen. A foreigner residing in Norway can only be granted an employment permit when the vessel's maximum length is less than 15 meters.
The following companies and associations are considered equal to a Norwegian citizen:
a. limited liability company, public limited company and other limited liability company when the company's head office and board seat are in Norway, when the majority of the board, including the chairman of the board, consists of Norwegian citizens who reside in Norway and have lived here for the past two years, and when Norwegian citizens own shares or participations corresponding to at least 6/10 of the company's capital and may exercise voting rights in the company with at least 6/10 of the votes.
b. partner shipping company or other Norwegian company when the members are unlimitedly liable for the company's obligations, and when Norwegian citizens are co-owners for at least 6/10.
c. limited partnerships when Norwegian citizens own at least 6/10 of the subordinated capital, and when Norwegian citizens own at least 6/10 of the limited partnerships.
For the purposes of this section, what is owned by Norwegian citizens shall be deemed to be owned by the Norwegian state, institution or fund controlled by the Norwegian state and Norwegian municipalities.[...]" (Act on the right to participate in fishing (LOV-1999-03-26-15), last amended 01.01.2021, §§ 4 and 5 [google translation])
Act on the right to participate in fishing (LOV-1999-03-26-15), last amended 01.01.2021, §§ 4 and 5
[<a href="https://lovdata.no/dokument/NL/lov/1999-03-26-15">Act</a>]