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All AS companies must have a stock capital of at least NOK 30,000. In addition they must have a board of directors and, depending on the size of its turnover, balance sheet total, or number of employees, an auditor. They may choose to have a Managing Director. If the company has assets exceeding NOK 3 million, the board must have at least three members and the Managing Director cannot be Chairman of the Board.2 Though not required by law, practically all Norwegian companies have a fiscal year running from January to December, though some foreign subsidiaries may have a different fiscal year to match the corporation.