(This blog was updated: 27.3.2021)
How to open a company bank account in Denmark?
Here you can read more about how you can open a company bank account in Denmark.
Is it difficult to open a company bank account in Denmark?
Yes, in general, it is very difficult to open a company bank account in Denmark.
Especially for new companies.
This is mainly due to the anti-money laundering regulations that the banks have to comply with.
You can help the bank by preparing a business plan and a budget.
But usually, that will not be enough in the beginning.
What should I prepare for the bank?
We recommend that you prepare the following documents:
A business plan;
A 12-month profit and loss budget;
A 1-year balance budget;
A 12-month cash flow budget.
Also, it is a very good idea to have your website done, so your company presents itself professionally to the bank.
What banks should you try first?
There are no “easy” banks but most of our clients use Nordea, Danske Bank or Nykredit.
Banks like “Jyske Bank” is usually not worth trying, unless you want to have a large extra cost for an audit every year. This is because some banks, including Jyske Bank, started to require that your company is audited in order to open a bank account. An audit will typically cost 20.000-50.000 DKK + VAT per year.
An annual audit is not required by law for smaller companies in Denmark, so this is just an extra cost to satisfy the requirement from the bank.
We use Nordea ourselves and we have always been happy clients.
Also, many of our clients use Nordea as their company bank.
So we can recommend them.
Nordea typically charges around 4.000-5.000 DKK to open a company bank account.
Danske Bank is a large bank for companies in Denmark and popular with our clients.
Danske Bank also typically charges around 4.000-5.000 DKK to open a company bank account.
Nykredit also is popular amongst our clients.
What if you are not able to open a company bank account?
If you are not able to open a company bank account because all the banks decline your application to open a company bank account, it naturally is a challenge for your company.
You need a bank account to receive payments from clients and to make payments for suppliers etc.
Our experience is that the Danish banks are more likely to open a company bank account after 3-6 months when you can show the first financial report.
So for our clients at least, they always eventually get the bank account, just some level of patience is needed.
Until our clients can get the Danish company bank account, many opt-in for using a company bank account with Revolut.
Revolut is not a Danish bank but provides an online banking solution.
You can create a company bank account in DKK, EUR, USD etc.
The only downside is that if a Danish client needs to transfer money to the bank account, then it will be an IBAN/SWIFT transfer and not a typical bank to bank transfer in Denmark.
If you have B2B clients that usually will not be a problem.
If you have B2C clients they might find it strange, that they need to make an international transfer.
So Revolut is not a perfect solution, but it will get you started until you can get the Danish bank account later.
Also, you will receive a MasterCard with Revolut that can be used to pay for company costs.
It is possible to make payment solutions for a website using Revolut.
And also you can get credit card terminals for receiving payments with credit cards in a shop f.ex.
Can you open a bank account without visiting the bank in person?
In general, the owner or director of the company will need an in-person meeting with the bank due to anti-money laundering regulations.
Can someone else open the bank account for you?
No, the bank will not accept anyone else than the owner or director during the onboarding process.
Can your accountant open a bank account for you?
No, your accountant is not able to open a bank account for you.
It needs to be the owner or director of the company that contacts the bank.
Do you need a company bank account to incorporate a limited liability company in Denmark?
You can incorporate the limited liability company (typically an ApS) without having a company bank account.
But when you want the company share capital transferred from the lawyer after the incorporation then you will need a company bank account.
Also when you start receiving money from clients the company will need a company bank account.
NB: Never receive payments from clients to your private bank account since this is considered a shareholder loan which is heavily taxed in Denmark.
You can listen to our podcast here also about company bank accounts and limited liability companies:
Do you need a company bank account to incorporate a sole proprietorship in Denmark?
You can incorporate a sole proprietorship in Denmark without having a company bank account.
But when you start receiving payments from your clients, you will need a company bank account.
Be aware that using your private bank account is a really bad idea since your bank might shut down your private bank account as a result of the company use.
Read more about incorporating a new company here