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Steps for Setting up a Corporate Bank Account in Denmark

Is it complicated to open a corporate bank account for a Danish company?

Yes, opening a corporate bank account in Denmark can be a complicated process, especially for new companies due to regulations that prevent money laundering.

What should be prepared for the bank?

It is recommended to prepare a business plan, 12-month profit and loss budget, annual balance sheet budget, and 12-month cash flow budget to speed up the process of opening a bank account. It is also a good idea to have a professional website to introduce your company to the bank.

Which banks are worth trying first?

While none of the banks are easy to work with, some of the most common choices include Nordea, Danske Bank, and Nykredit. It is typically not worth trying Jyske Bank unless you are willing to pay the high cost of an annual audit.

The cost of setting up a bank account

The cost of an audit is usually DKK 20,000-50,000+VAT per year. Although it is not legally required for smaller companies in Denmark, some banks, including Jyske Bank, require it to open a bank account. Both Nordea and Danske Bank typically charge around DKK 4,000-5,000 to open a company bank account.

What to do if you can’t open a corporate bank account?

If you are unable to open a business bank account in Denmark, it can be a significant challenge for your business as having a bank account is necessary for receiving payments from customers and paying suppliers. While it may be possible to open a corporate bank account in Denmark, it may require patience and time.

In what situation is it most common for a Danish bank to open a company account?

Danish banks are more likely to open a company bank account after 3-6 months when the first financial report can be shown.

Revolut

If you cannot open a Danish bank account, an alternative option is to use Revolut, an online banking platform. Although not a Danish bank, Revolut enables you to open a corporate bank account in various currencies, including DKK, EUR, and USD. However, transferring money to a bank account in Denmark requires an IBAN/SWIFT transfer, which may raise suspicion among B2C customers. While Revolut may not be the best long-term solution, it enables you to do business until you can get a Danish bank account. Additionally, Revolut offers a MasterCard that you can use to pay for business expenses and finalize payment solutions for your website.

Is it possible to create a corporate bank account without personally visiting the bank?

In general, a personal meeting with the bank is required for the business owner/director due to anti-money laundering regulations.

Can somebody else open a bank account for me?

No, only the owner/director of the company can open a bank account during the onboarding process.

Can my accountant open a bank account for me?

No, it is not possible for your accountant to open a bank account for you.

Is a company bank account necessary to establish a limited liability company in Denmark?

While it is possible to establish a limited liability company (ApS) in Denmark without a corporate bank account, one will be needed if you expect the company's share capital to be transferred after registration. Additionally, once you begin receiving money from clients, a corporate bank account will be necessary. It is important to note that accepting payments from clients on a private bank account is considered a shareholder loan and heavily taxed in Denmark.

Key documents and information required by Danish banks (KYC and AML requirements)

Danish banks are legally required to perform thorough Know Your Customer (KYC) and Anti‑Money Laundering (AML) checks before opening a corporate account. This applies to both Danish and foreign‑owned companies. Preparing the right documents in advance will significantly speed up the process and reduce the risk of rejection.

Core company documents

For a Danish limited liability company (ApS or A/S), banks normally request:

For sole proprietorships (enkeltmandsvirksomhed), banks usually require the registration confirmation from the Danish Business Authority and documentation linking the business to the owner (for example, tax registration and business address).

Identification of owners, management and beneficial owners

Danish AML rules require banks to identify all persons who ultimately own or control the company. Typically, you must provide for each relevant person:

Banks will ask for details of all ultimate beneficial owners (UBOs), usually anyone holding directly or indirectly at least 25% of shares or voting rights, or otherwise exercising control. If no individual meets this threshold, the bank will treat senior management as beneficial owners and request their information instead.

Information about the business model and source of funds

To comply with AML requirements, banks must understand how your company will operate and where the money comes from. Expect to provide:

For higher‑risk sectors (for example, crypto‑related services, money remittance, gambling, or businesses with significant cash turnover), banks may request additional documentation such as business licences, detailed process descriptions or enhanced compliance policies.

Documents for foreign owners and cross‑border structures

If your company has foreign shareholders, directors or a holding structure, banks usually require extra documentation, for example:

Banks may also ask why the company is established in Denmark, how substance will be ensured (local management, employees, office, operations) and how cross‑border transactions will be structured.

Tax, accounting and regulatory information

To assess compliance and risk, Danish banks often request:

For existing companies, banks may also ask for recent financial statements, management accounts or tax returns to understand the financial situation and transaction patterns.

Ongoing KYC and AML obligations

Document collection does not stop after the account is opened. Danish banks are required to keep customer information up to date and to monitor transactions. You should be prepared to:

Keeping your corporate records organised and responding quickly to bank requests will help maintain a smooth relationship and reduce the risk of account restrictions or closure due to missing KYC information.

How to prepare your company before applying for a corporate bank account (practical checklist)

Good preparation significantly increases your chances of getting a Danish corporate bank account approved and speeds up the process. Danish banks operate under strict KYC (Know Your Customer) and AML (Anti-Money Laundering) rules, so they expect a clear, well-documented business with transparent ownership and realistic financial plans.

Below you will find a practical, step-by-step checklist to get your company ready before you contact a bank.

1. Make sure your company registration is complete

Before approaching a bank, your company should be fully registered and visible in the Danish Business Register (CVR):

2. Prepare clear ownership and management documentation

Danish banks must identify all owners and decision-makers. Prepare:

If any owner is a legal entity (e.g. a holding company), collect its registration extract, ownership structure and financial statements as well.

3. Collect proof of capital and source of funds

Banks in Denmark pay close attention to where the company’s money comes from. Before applying, you should be able to document:

Having this documentation ready reduces back-and-forth with the bank and helps them complete their AML checks faster.

4. Prepare a concise business plan and financial forecast

Even though not all banks will ask for a formal business plan, having one significantly improves your credibility, especially for new companies and foreign-owned entities. Include:

Banks use this information to assess your risk profile and to understand whether your expected activity matches your company’s size and structure.

5. Clarify your payment flows and transaction patterns

Before applying, be ready to explain how money will move through your account. Prepare a short overview of:

The more transparent and realistic your payment flows look, the easier it is for the bank to approve your account.

6. Organise your personal and company identification documents

Each bank has its own requirements, but typically you should have:

If you or other owners live abroad, check in advance whether the bank requires certified or apostilled copies of documents.

7. Decide who will have access and signing rights

Before you contact the bank, clarify your internal rules for handling the account:

Having a clear mandate structure ready makes it easier for the bank to set up your corporate account and related user profiles.

8. Align your accounting and tax setup

Danish banks expect that your company’s accounting and tax obligations are under control. Before applying:

9. Check your compliance and risk factors

Some activities are considered higher risk by Danish banks. Before applying, review whether your business involves:

If any of these apply, prepare additional documentation and explanations. A transparent, proactive approach can significantly improve your chances of approval.

10. Prepare a short application summary for the bank

Finally, put everything together in a short, clear summary that you can send with your initial enquiry to the bank. It should include:

This structured approach shows the bank that you are serious, organised and compliant with Danish regulations, which can make the account opening process smoother and faster.

Typical timeline and stages of the corporate account opening process in Denmark

The process of opening a corporate bank account in Denmark is structured and heavily influenced by KYC (Know Your Customer) and AML (Anti-Money Laundering) rules. While the exact timing varies between banks and business profiles, you can usually expect the process to take from a few days to several weeks. Below is a typical timeline and the main stages you should be prepared for.

1. Pre-screening and initial contact (1–7 days)

The first stage usually starts online or by email. Most Danish banks ask you to complete a short pre-screening form before they invite you to a full application. At this point the bank wants to understand:

Based on this pre-screening, the bank decides whether to proceed. For straightforward Danish companies with a simple structure, this step can be completed within a few business days. For foreign-owned or more complex structures, the bank may ask additional questions before moving forward.

2. Document collection and formal application (3–14 days)

Once the bank confirms that your case is eligible, you will be asked to submit a full set of documents. Typically this includes:

If all documents are ready and clearly structured, this stage can be completed within about a week. Missing or unclear documentation is one of the main reasons why this step can stretch to several weeks.

3. KYC/AML review and internal risk assessment (1–4 weeks)

After receiving your application, the bank performs a detailed KYC and AML review. This is usually the longest stage of the process. The bank will:

For low-risk Danish companies with local owners and a clear business model, this review can be relatively fast, often within 1–2 weeks. For foreign-owned companies, holding structures, or businesses in regulated or higher-risk industries (e.g. financial services, gambling, some online platforms), the review can take longer and may involve several rounds of follow-up questions.

4. Decision and account approval (a few days)

Once the internal review is complete, the bank decides whether to approve or reject the application. There are three typical outcomes:

If approved, you will receive confirmation and the account details (IBAN, account number and registration number). In many cases this happens within a few days after the internal review is completed.

5. Signing agreements and activating online banking (1–7 days)

After approval, you must sign the bank’s agreements and terms. Depending on the bank and your situation, this can be done:

Once the agreements are signed, the bank activates your online banking access and, if requested, issues payment cards and sets up payment services (such as Betalingsservice or corporate payment modules). Activation usually takes a few business days, depending on how quickly you return the signed documents and complete any required identity checks.

6. Linking the account to NemKonto and public systems (1–5 days)

For Danish companies, it is important to link the corporate bank account to NemKonto, the mandatory system used by Danish public authorities for payments such as tax refunds and public grants. This can usually be done:

Once the account is registered as the company’s NemKonto, payments from Danish authorities will automatically be directed to this account. This step is often completed within a few days after the account is fully active.

7. Typical overall timeframe and factors that influence it

In practice, the total time from first contact with the bank to a fully operational corporate account often falls within these ranges:

The most important factors affecting the timeline are:

8. What you can do to speed up the process

Although you cannot influence the bank’s internal procedures, you can significantly reduce delays by:

By understanding the typical stages and timeline, you can plan your company’s cash flow, tax obligations and operational start more realistically and avoid unnecessary interruptions in your Danish business activities.

Understanding Danish bank fees and account types for companies (business, client, escrow, etc.)

Danish banks offer several types of corporate accounts and fee structures that you should understand before choosing a provider. The exact prices differ between banks, but the overall logic and typical cost elements are similar across the Danish market.

Main types of corporate bank accounts in Denmark

Most Danish banks distinguish between a few core account types for companies:

Not every company needs all of these account types. Most Danish SMEs start with one main business current account and add client or escrow accounts only if their business model requires it.

Typical fee structure for Danish corporate bank accounts

Danish banks charge corporate customers through a combination of fixed fees and transaction-based pricing. When comparing banks, pay attention to the following elements:

How to compare bank fees effectively

When you request offers from Danish banks, ask for a written price overview tailored to your company’s expected activity. To make a realistic comparison, consider:

Based on this, you can estimate your total monthly banking cost, not just the headline account fee. For many Danish companies, international payments and FX margins are a larger cost than the basic account maintenance fee.

Choosing the right account setup for your Danish company

The best account structure depends on your business model, risk profile and reporting needs. Some companies manage well with a single business account and one card, while others benefit from:

Before applying, define how you plan to use the account and share this clearly with the bank. A transparent and well-structured setup not only helps you control fees, but also makes it easier for the bank to assess and approve your application under Danish KYC and AML rules.

Requirements for foreign owners and directors when opening a Danish corporate bank account

Foreign owners and directors can open a Danish corporate bank account, but banks apply stricter checks than for companies owned only by Danish residents. This is mainly due to Danish and EU rules on anti‑money laundering (AML), counter‑terrorist financing (CTF) and tax transparency. Understanding what banks look for will significantly improve your chances of approval.

Identification and verification of foreign owners and directors

Danish banks must identify all ultimate beneficial owners (UBOs) and key decision‑makers. As a foreign owner or director, you should be prepared to provide at least:

If the company has several layers of ownership (for example, holding companies in other countries), the bank will request documents for each level until the natural persons who ultimately own or control more than 25% of the company are identified.

Residence, CPR number and NemID/MitID

Foreign directors do not need to be Danish residents to open a corporate bank account, but banks often prefer at least one director or signatory with a Danish connection. In practice, this may include:

Some banks will insist that at least one board member, director or authorised signatory has a CPR number and MitID to access online banking and NemKonto services. Others may accept foreign signatories only, but this usually involves more manual checks and can slow down the process.

Documentation on the foreign company structure

If the Danish company is owned by foreign legal entities (for example, a holding company in another EU country), the bank will typically ask for:

All key documents must usually be provided in Danish or English. For documents issued in other languages, banks often require a certified translation and, where relevant, an apostille or other legalisation.

Tax residency and transparency requirements

Danish banks must understand where the owners and directors are tax residents and whether the company will be tax resident in Denmark. Foreign owners and directors are usually asked to provide:

If the company is managed from abroad or has board meetings and decision‑making outside Denmark, the bank may ask additional questions to clarify where the company is effectively managed and controlled, as this can affect tax and reporting obligations.

Business model, source of funds and source of wealth

For foreign‑owned companies, Danish banks pay particular attention to the economic background of the business. You should be ready to explain clearly:

Banks may request contracts, invoices, business plans, website information or LinkedIn profiles to verify that the business model is realistic and consistent with your background.

Enhanced due diligence for high‑risk profiles

Foreign owners and directors may be subject to enhanced due diligence (EDD) if any of the following apply:

EDD can include more detailed questionnaires, additional supporting documents, independent background checks and, in some cases, internal approval at a higher management level. This does not automatically mean rejection, but it can extend the processing time.

Physical presence and identification in Denmark

Many Danish banks require foreign owners or directors who will be authorised signatories to appear in person at a branch for identification. Some banks may allow video identification or certified copies of documents via a notary, but this is not guaranteed and depends on the bank’s internal policies and risk assessment.

If you cannot travel to Denmark, you should clarify early with the chosen bank whether remote onboarding is possible and what additional steps (such as notarisation, apostille or embassy verification) are required.

Proof of connection to Denmark

Banks are more willing to open accounts for foreign‑owned companies that have a clear and documented link to Denmark, for example:

Demonstrating that the company will have real activity in Denmark, rather than only using a Danish entity for tax or regulatory reasons, is often decisive for the bank’s decision.

Ongoing obligations for foreign owners and directors

After the account is opened, foreign owners and directors must keep the bank informed about relevant changes, including:

Banks are required to perform periodic reviews and may request updated documents, such as ID, proof of address, financial statements or tax information. Failure to provide these can lead to restrictions or closure of the account.

In summary, foreign owners and directors can successfully open a Danish corporate bank account if they are prepared for detailed KYC and AML checks, provide transparent documentation on ownership, tax residency and business activity, and can demonstrate a genuine and traceable connection to Denmark.

How banks assess your business model and risk profile in Denmark

Danish banks are required by law to understand how your company makes money, who ultimately owns it and how it uses the banking system. When you apply for a corporate account, the bank performs a detailed assessment of your business model and risk profile under Danish and EU anti‑money laundering (AML) rules. This assessment strongly influences whether your application is approved, what services you get access to and what ongoing documentation you must provide.

Key elements of your business model banks look at

When reviewing your application, Danish banks typically focus on several core aspects of your business model:

Ownership, control and management structure

Danish banks must identify and verify the company’s full ownership chain and persons who ultimately control the business (beneficial owners). They typically require:

Complex structures with multiple layers of companies, especially in different countries, are considered higher risk. A simple, transparent ownership structure with clearly identifiable individuals is easier to approve. If any owner or director is resident in a high‑risk country, the bank will usually apply enhanced due diligence and may require additional documentation or explanations.

Source of funds and source of wealth

Banks must understand where the money used in the company comes from and how the owners built their wealth. You should be prepared to document:

If the source of funds cannot be clearly documented, or if explanations change during the process, the bank is likely to classify the case as high risk and may decline the application.

Business documentation and economic substance

To assess whether your business model is genuine and sustainable, Danish banks usually expect some level of economic substance. Depending on your situation, they may ask for:

Companies that exist only on paper, with no clear operational plan or presence, are often considered higher risk, especially if they are part of a cross‑border structure or holding arrangement.

Risk classification and its consequences

Based on the information you provide, the bank assigns your company a risk category (typically low, medium or high). This internal classification affects:

Low‑ and medium‑risk companies with transparent structures and clear documentation usually experience a smoother onboarding process. High‑risk companies may face stricter conditions, higher fees, or the bank may decide that the risk is too high compared to the potential business.

Transaction monitoring and ongoing review

The assessment does not end once the account is opened. Danish banks are obliged to monitor your transactions and periodically review your profile. They compare your actual activity with the business model you described at onboarding. If your turnover, counterparties or transaction patterns change significantly, the bank may:

Keeping your bank informed about major changes in your business (new markets, new products, significant growth, new owners) reduces the risk of misunderstandings and account restrictions.

How to present your business to improve your chances

You cannot change the legal requirements banks must follow, but you can prepare your case so that your business model and risk profile are easy to understand. In practice, this means:

A clear, well‑documented business model and transparent ownership structure are the most important factors in a positive risk assessment by Danish banks. Proper preparation before you apply can significantly increase your chances of opening and maintaining a stable corporate bank account in Denmark.

Using NemKonto: linking your corporate bank account to the Danish public payment system

NemKonto is the mandatory Danish public payment system used by authorities to pay money to companies and individuals. Every Danish company must have one bank account registered as its NemKonto. This is the account where you receive refunds, subsidies, overpaid taxes, and other payments from Danish public bodies.

For a corporate bank account, linking it correctly to NemKonto is essential for smooth cash flow and compliance with Danish rules. Without a functioning NemKonto, your company may experience delays in receiving VAT refunds, tax adjustments, or public grants.

What is NemKonto and why your company needs it

NemKonto is not a separate bank account. It is a status assigned to one of your existing business accounts. Once registered, all public payments to your company’s CVR number are automatically sent to that designated account.

Typical payments that go through NemKonto include:

Using NemKonto is mandatory for almost all Danish companies, including ApS, A/S, IVS (legacy), and most sole proprietorships with a CVR number. Foreign-owned companies with a Danish CVR number also need a NemKonto if they interact financially with Danish authorities.

Requirements for linking your corporate bank account to NemKonto

Before you can register a NemKonto, you must:

The account used as NemKonto should be a standard business account in DKK. Some banks allow foreign currency accounts to be linked, but for most companies a DKK account is the practical choice, as Danish authorities normally pay in Danish kroner.

How to register or change your NemKonto

There are two main ways to link your corporate bank account to NemKonto:

  1. Through your bank
    Many Danish banks offer to register your NemKonto when you open the corporate account. You sign a form or give consent, and the bank notifies the NemKonto system on your behalf. This is often the easiest solution, especially for foreign owners who are not familiar with Danish self-service portals.
  2. Directly via NemKonto self-service
    If you have NemID/MitID Erhverv, you can log in to the NemKonto self-service portal and:
    • Register a new NemKonto for your CVR number
    • Change the existing NemKonto to another corporate account
    • Check which account is currently registered as NemKonto

When registering, you must provide:

Changes to NemKonto are usually effective quickly, but you should allow for processing time at the bank and in the NemKonto system. To avoid misdirected payments, do not close the old account before the new NemKonto registration is confirmed.

NemKonto for foreign-owned companies

Foreign owners often assume they can use a foreign bank account for NemKonto. In most cases, a Danish corporate bank account is required. Only in limited and specific situations can a foreign account be registered, and this typically involves additional documentation and approval.

If your company is foreign-owned but has a Danish CVR number, you should:

This is particularly important if your business expects regular VAT refunds, payroll-related refunds, or participation in Danish support schemes.

Practical tips for managing your NemKonto

To avoid problems with public payments, consider the following:

If payments from authorities do not arrive, one of the first things to check is whether your NemKonto is correctly registered and active. Your accountant or bank can usually help verify this quickly.

Role of your accountant in NemKonto setup

Your accountant cannot open a bank account for you, but they can assist with the NemKonto process by:

For many companies, NemKonto is a “set and forget” element of the banking setup. However, when you change banks, restructure the company, or open additional accounts, NemKonto should always be reviewed to ensure that public payments continue to reach the correct corporate bank account.

Online banking and payment solutions commonly used by Danish companies (e.g. Betalingsservice)

Once your Danish corporate bank account is open, most day-to-day payments are handled online. Danish companies rely heavily on digital banking, automated payment schemes and integrations with accounting systems. Understanding the main solutions will help you set up efficient, compliant payment flows from the start.

Online banking with Danish business accounts

All major Danish banks (e.g. Danske Bank, Nordea, Jyske Bank, Nykredit, Sydbank) offer business online banking platforms. Through these you can:

Corporate online banking is usually priced via a fixed monthly fee per company or per user, plus transaction-based fees for certain payment types and international transfers. Fees and limits differ by bank and by package, so it is worth comparing offers before you commit.

NemKonto and integration with the public sector

Every Danish company must designate a NemKonto – a “Easy Account” used by public authorities to pay tax refunds, subsidies, reimbursements and other public payments. Your NemKonto is simply one of your corporate bank accounts that has been registered in the NemKonto system.

Registration is done via your bank or directly through the NemKonto self-service using MitID Erhverv. Once linked, payments from SKAT (the Danish Tax Agency), Udbetaling Danmark and other authorities are automatically routed to that account. For most companies, the NemKonto is the main DKK operating account.

Betalingsservice – automated recurring payments

Betalingsservice is a nationwide direct debit system operated by Nets and widely used by Danish companies to collect recurring payments from customers. It is especially relevant if you run a subscription business, utilities, telecom, insurance or any service with regular invoices.

With Betalingsservice you can:

To use Betalingsservice as a creditor, your company needs an agreement with your bank and Nets. The bank will assess your business model and expected volumes before granting access. There are setup costs and per-transaction fees, which vary by bank and volume. For many Danish SMEs, Betalingsservice is the backbone of their cash collection process.

Leverandørservice – B2B direct debits

For business-to-business payments, many companies use Leverandørservice, another Nets solution. It works similarly to Betalingsservice but is tailored to corporate customers and supplier relationships. Leverandørservice allows you to:

As with Betalingsservice, you need a bank agreement and approval from Nets. Leverandørservice is particularly useful for suppliers with frequent or variable B2B invoicing.

FI payments, inpayment forms and OCR references

Another common Danish payment method is the use of FI (Fælles Indbetalingskort) inpayment forms with OCR references. These are structured payment slips or electronic equivalents that include a creditor number and a unique reference line.

When customers pay using the FI details, your bank passes the reference data to your account statement. This enables automatic matching of payments to invoices in your accounting software. FI solutions are often combined with Betalingsservice and Leverandørservice to cover both manual and automated payments.

Corporate cards and virtual cards

Most Danish banks issue corporate debit and credit cards (typically Visa Business or Mastercard Business) linked to your corporate account. Companies use them for travel, online purchases and everyday expenses. Features often include:

Some banks and fintechs also offer virtual cards for online payments and subscriptions, which can improve security and cost control.

Accounting integrations and ERP connections

Danish companies commonly integrate their bank accounts with accounting systems such as e-conomic, Dinero, Billy or larger ERPs. Typical integrations allow you to:

These integrations reduce manual data entry and support timely bookkeeping, which is important for VAT reporting and corporate tax compliance.

Instant payments and SEPA transfers

Danish banks participate in instant payment schemes that allow near real-time transfers in DKK between Danish accounts, usually 24/7. Fees and maximum amounts per transaction depend on the bank and your agreement. For euro payments within the EU/EEA, SEPA credit transfers are standard, typically processed within one business day and priced at a lower fee level than traditional international transfers.

Online payment gateways and e-commerce solutions

If your company sells online, you will likely combine your corporate bank account with a payment gateway. In Denmark, common providers include Nets, QuickPay, Bambora/Worldline, Clearhaus and international players such as Stripe or PayPal.

These gateways allow you to accept card payments, MobilePay and sometimes other local methods. Funds are then settled to your corporate bank account, usually on a daily or multi-day cycle. When choosing a provider, compare:

MobilePay for business

MobilePay is widely used in Denmark and offers dedicated solutions for companies. With a MobilePay Business or MyShop agreement, customers can pay using their mobile app by scanning a QR code or entering your MobilePay number. Payments are settled to your corporate bank account, and you receive transaction overviews that can be imported into your bookkeeping system.

Security, approvals and compliance

Danish online banking and payment solutions are built around strong customer authentication using MitID Erhverv or bank-specific security tokens. As a company, you should:

These measures help you comply with internal control requirements and reduce the risk of fraud. Banks in Denmark are also obliged to monitor transactions under anti-money laundering rules, so unusual payment patterns may trigger questions or temporary holds until additional information is provided.

By combining a robust corporate bank account with NemKonto registration, Betalingsservice or Leverandørservice, FI/OCR references, online gateways and accounting integrations, Danish companies can build a highly automated, efficient and compliant payment setup that supports both domestic and international operations.

Corporate bank accounts for startups and holding companies – specific considerations

When opening a corporate bank account in Denmark, startups and holding companies often face additional scrutiny compared to established operating businesses. Danish banks must comply with strict KYC and AML rules, and they will carefully assess how your company plans to use the account, where the money comes from and who ultimately owns the business.

Corporate bank accounts for Danish startups

For newly incorporated Danish companies, the main challenge is usually the lack of financial history and the perceived risk level of the business model. Banks will typically ask for more detailed documentation and a clear explanation of how the company will operate in practice.

When applying as a startup, you should be ready to provide:

Banks in Denmark are particularly careful with startups in sectors such as cryptoassets, online gambling, high-risk financial services, and cross-border trading with higher-risk jurisdictions. If your startup operates in these areas, expect more questions, longer processing times and, in some cases, a higher chance of rejection.

For early-stage companies with low or irregular turnover, some banks may suggest a basic business account with limited services at the beginning. As your company starts generating stable revenue and files regular VAT and tax returns, it usually becomes easier to negotiate better conditions and additional products such as credit cards, overdrafts or financing.

Corporate bank accounts for holding companies

Danish holding companies (typically ApS or A/S) are common in group structures and for international tax planning. However, they are also considered higher risk from a compliance perspective, especially when they have foreign owners, cross-border investments or complex ownership chains.

When opening a bank account for a holding company, be prepared for the bank to request:

If the holding company primarily owns shares in other Danish companies and its owners are resident in the EU/EEA, the process is usually more straightforward. The more layers, foreign entities and non-resident owners are involved, the more documentation the bank will require. Expect questions about the commercial rationale for the structure, not only the tax aspects.

Many Danish holding companies are set up to benefit from participation exemptions on dividends and capital gains under Danish tax rules, or to centralise ownership of several operating subsidiaries. Banks will want to see that the structure has a genuine business purpose and that the company will have real financial activity (for example, receiving dividends, paying out group contributions or financing investments), not just passive cash parking.

Specific risk and compliance considerations

Both startups and holding companies should be aware that Danish banks are obliged to perform ongoing monitoring of their clients. This means that after the account is opened, the bank may periodically ask for updated information and documentation.

Typical risk factors that trigger additional questions include:

To reduce the risk of delays or account restrictions, it is important to keep your company information up to date in the Danish Business Register (CVR), maintain clear internal documentation for major transactions and respond quickly and accurately to any bank inquiries.

Practical tips to improve your chances of approval

Whether you are launching a startup or establishing a holding company, a well-prepared application significantly increases the likelihood of a positive decision from a Danish bank.

If your application is rejected, you can usually apply to another bank, but it is important to understand the reasons for the rejection and adjust your documentation and explanations accordingly. In more complex cases, involving an accountant or advisor familiar with Danish banking and company law can help you structure your business and application in a way that meets the banks’ expectations.

How to change your corporate bank or open an additional account in Denmark

Many Danish companies decide to change their corporate bank or open an additional account when their business grows, they expand abroad, or they are dissatisfied with service or fees. In Denmark you are free to hold accounts with several banks at the same time, as long as you keep your company data and NemKonto registration up to date.

When does it make sense to switch or add another bank?

Typical reasons include:

Practical steps before you change your corporate bank

Before you terminate your existing relationship, prepare the same documentation that was required when you opened your first account. Danish banks must comply with KYC and AML rules and will reassess your company from scratch, even if you already bank in Denmark.

In practice you should:

How to open an additional corporate account

Opening an additional account with another Danish bank follows almost the same process as opening your first account. The bank will:

  1. Review your application form and company documents
  2. Verify the identity of owners and management (often via MitID for Danish residents or certified documents for foreign persons)
  3. Assess your business risk profile, including countries you trade with and typical transaction sizes
  4. Decide which products you can access: current account, cards, online banking, overdraft, client accounts and so on

You can keep your existing account active while the new one is being opened. Many companies temporarily use both banks in parallel to ensure that salaries, supplier payments and tax payments continue without interruption.

Moving payment flows and standing instructions

Once the new account is active, you should gradually move your payment flows:

For a period, monitor both accounts daily to ensure that no important incoming or outgoing payments are missed. It is common to keep the old account open for several weeks or months until all regular payments have been successfully redirected.

Changing the NemKonto for your company

Every Danish company must have a NemKonto, which is the bank account used by public authorities to pay refunds and other amounts to you. When you change bank, you should update your NemKonto registration so that tax refunds, VAT settlements and other public payments go to the correct account.

The change is usually done through your online banking or via NemKonto’s self‑service solution. You can only have one NemKonto at a time, but it does not have to be in the same bank where you hold other accounts. Make sure the NemKonto is linked to an account that you intend to keep long term and that is actively monitored by your finance team or accountant.

What happens with loans, overdrafts and guarantees?

If you have loans, overdraft facilities or guarantees with your current bank, you cannot simply close the account without settling or transferring these commitments. Typical options are:

Banks in Denmark may charge fees for early repayment or for transferring guarantees. Always request a written overview of all costs before you decide.

Closing your old corporate bank account

After you have moved all regular payments and updated your NemKonto, you can ask the old bank to close the account. Before signing the closure form, check that:

Keep the final bank statements and closure confirmation for your accounting records. Danish bookkeeping rules require you to store accounting documentation for several years, and your auditor or accountant may need proof of balances at the time of the change.

How an accountant can help with changing banks

A Danish accountant cannot open a bank account in your name without a power of attorney, but they can make the process significantly smoother. In practice, an accountant can:

For companies with foreign owners or complex structures, professional support often increases the chance of a positive decision from the new bank and reduces the risk of delays.

Common reasons for rejection and how to improve your chances of approval

Even well-prepared Danish and foreign companies can face rejection when applying for a corporate bank account in Denmark. Banks are under strict anti–money laundering (AML) and “know your customer” (KYC) rules and must be able to clearly understand who owns the company, how it makes money, and where the funds come from. Understanding the most common reasons for rejection helps you prepare better and significantly improve your chances of approval.

Typical reasons why Danish banks reject applications

While each bank has its own internal policies, rejections usually fall into a few recurring categories.

1. Insufficient or unclear ownership structure
Banks must identify all ultimate beneficial owners (UBOs) who directly or indirectly own or control more than 25% of the company. Applications are often rejected when:

2. High perceived AML or sanctions risk
Danish banks must follow the Danish Anti-Money Laundering Act and EU sanctions rules. They are cautious when:

3. Business model is vague or not credible
Banks need to understand how your company will generate revenue in Denmark or abroad. Rejection is common when:

4. Lack of Danish “substance” for foreign-owned companies
Foreign owners are not a problem in themselves, but banks often decline applications if:

5. Incomplete or inconsistent documentation
Even low-risk companies can be rejected if the file is not complete. Typical issues include:

6. Negative credit or compliance history
Banks also look at the background of the company and its key people. Rejection is more likely when:

7. Bank’s internal risk appetite and capacity
Sometimes rejection is not about your company, but about the bank’s internal policies. For example:

How to improve your chances of approval

While no one can guarantee approval, you can significantly increase your chances by preparing thoroughly and presenting a clear, consistent picture of your business.

1. Prepare a clear ownership and control map
Before contacting a bank, create a simple ownership chart that shows:

Make sure the information in the Danish Business Register (CVR) is fully updated and matches your documents.

2. Document the source of funds
Banks must understand where your money comes from, especially for share capital and larger transfers. Prepare:

Explain the origin of funds in a short, factual note that the bank can keep on file.

3. Create a realistic and specific business description
Instead of a generic business plan, focus on what the bank needs to know:

Align this description with your NACE code and website, so the bank sees a consistent story.

4. Strengthen your Danish or EU connection
If you are a foreign-owned company, demonstrate that Denmark is a genuine base of operations:

5. Choose the right bank and be transparent
Different Danish banks have different risk appetites. To improve your chances:

6. Provide complete documentation from the start
Incomplete applications are often delayed or rejected. Before your first meeting or online application, prepare at least:

7. Show that you take compliance seriously
Banks prefer clients who understand and respect AML and tax rules. You can demonstrate this by:

What to do if your application is rejected

A rejection from one Danish bank does not automatically mean others will say no, but you should learn from the feedback.

1. Ask for a clear explanation
Politely request a written or detailed explanation of the rejection. While banks may not share all internal assessments, they usually indicate whether the decision was based on:

2. Fix the identified issues
If the rejection was due to missing or inconsistent information, correct it before approaching another bank:

3. Consider alternative solutions while you re-apply
If you need to operate while searching for a traditional bank, you may explore:

However, always check with your accountant how these alternatives affect your bookkeeping, VAT reporting and NemKonto requirements.

4. Use professional support
An experienced Danish accountant or corporate service provider can help you:

By understanding why Danish banks reject applications and proactively addressing these points, you significantly increase the likelihood of opening a stable, long-term corporate bank account that supports your company’s operations and compliance obligations in Denmark.

Compliance obligations after opening a corporate bank account (reporting, updates, documentation)

Opening a corporate bank account in Denmark is only the first step. Danish banks are required to continuously monitor their business customers under strict anti–money laundering (AML), counter-terrorist financing (CTF) and tax transparency rules. As a company owner or director, you must keep your bank informed and provide documentation on request. Ignoring these obligations can lead to blocked payments, frozen accounts or even termination of the banking relationship.

Ongoing KYC and AML requirements

Danish banks must always have up-to-date “Know Your Customer” (KYC) information. After the account is opened, you should expect periodic requests for:

If your risk profile changes – for example, you start trading with high‑risk countries, handle large cash payments or move into crypto‑related activities – the bank may classify you as higher risk and request more frequent documentation and explanations.

When you must update your bank

You are expected to proactively inform your bank about significant changes in your company. In practice, you should contact the bank when:

Banks in Denmark are legally obliged to freeze or restrict accounts if they cannot verify who controls the company or understand the nature of its activities. Keeping your data updated reduces the risk of disruptions.

Transaction monitoring and documentation

Danish banks monitor incoming and outgoing payments and may ask for documentation when transactions are unusually large, frequent or inconsistent with your stated business profile. You should be prepared to provide, for example:

If you regularly receive or send payments above normal levels for your industry, or if you deal with high‑risk jurisdictions, expect more frequent questions. Responding quickly and clearly helps avoid delays and suspicion.

Record-keeping and document retention

From a banking and compliance perspective, it is important that your internal records match what you tell the bank. In Denmark, companies are generally required to keep accounting records and supporting documentation for at least 5 years after the end of the financial year. This includes:

Well-organised records make it easier to respond to bank queries and to prove the legitimacy of your transactions.

Tax and reporting obligations linked to your bank account

Your corporate bank account is closely connected to your Danish tax and VAT compliance. Key obligations include:

Discrepancies between your bank movements and reported figures to the Danish Tax Agency (Skattestyrelsen) can lead to audits and penalties, so regular reconciliations are essential.

NemKonto and communication with public authorities

Most Danish companies designate their corporate bank account as a NemKonto, which is used for payments from public authorities, such as tax refunds, subsidies or reimbursements. Once your account is linked as NemKonto:

Failure to maintain a valid NemKonto can delay refunds and other public payments to your company.

Data protection and confidentiality

Danish banks must comply with GDPR and Danish data protection rules. At the same time, they are obliged to share certain information with authorities, for example under AML, tax transparency (including CRS and FATCA) and sanctions regulations. You should:

Inconsistent or incomplete data can trigger additional questions from both the bank and public authorities.

Consequences of non-compliance

If you do not meet your ongoing obligations, Danish banks can and do take action. Typical consequences include:

To avoid these issues, respond promptly to bank requests, keep your corporate information updated and maintain transparent, well-documented business activities.

How your accountant can help

A Danish accountant or accounting firm can significantly reduce the compliance burden related to your corporate bank account by:

Working closely with your accountant and your bank makes it easier to stay compliant and to maintain a stable banking relationship in Denmark.

Do I need a bank account to start a sole proprietorship in Denmark?

To start a sole proprietorship in Denmark, it is possible to do so without a corporate bank account, but once payments from customers begin to come in, an account will be necessary. It is strongly recommended not to use a private bank account for business use, as it may result in the bank closing your account.

There are many banking options available in Denmark, each with different features. To select the most favorable option, it is important to study and compare multiple offers. One of the most commonly compared features of bank accounts in Denmark is their price. Below are tables featuring selected bank accounts, starting from the cheapest.

When carrying out key administrative procedures, due to the risk of errors and possible legal consequences, it is advisable to consult an expert. If necessary, we encourage you to get in touch.

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