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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?

Opening a corporate bank account in Denmark can be a complex process, especially for new companies. This is due to the regulations that banks must comply with to prevent money laundering. To speed up the process of opening a bank account, it is a good idea to prepare a business plan and budget to present to the bank.

What should be prepared for the bank?

To increase the chances of opening a corporate bank account in Denmark, it is recommended to prepare several documents, such as a business plan, 12-month profit and loss budget, annual balance sheet budget, and a 12-month cash flow budget. In addition, having a website for the company can also help to professionally introduce the company to the bank.

Which banks are worth trying first?

Although no bank is considered easy to deal with when setting up a corporate bank account in Denmark, some of the most common options include Nordea, Danske Bank, and Nykredit. However, some banks like Jyske Bank may not be worth trying due to the high additional cost of an audit each year. This is because some banks, including Jyske Bank, now require a company audit to create a bank account.

When setting up a bank account for the company, there are costs to consider. For example, both Nordea and Danske Bank typically charge around DKK 4,000-5,000 for opening a company bank account. In addition, some banks may require an annual audit that can cost DKK 20,000-50,000+VAT per year, even though an annual audit is not legally required for smaller companies in Denmark.

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

If banks reject an application for a business bank account, it can be challenging for the business to operate. A bank account is necessary for receiving payments from customers, paying suppliers, and other financial transactions.

Based on experience, it is most common for a Danish bank to open a company bank account after 3-6 months, once the first financial report can be shown. While opening a new corporate bank account is possible, it often requires patience.


If it's difficult to open a Danish bank account, an alternative option is to use a business bank account with Revolut, which is not a Danish bank but offers online banking. A corporate bank account can be opened in various currencies, including DKK, EUR, USD, and more. However, there is a disadvantage to transferring money in Denmark as it will be an IBAN/SWIFT transfer rather than a regular bank-to-bank transfer. While this may not be a problem for B2B customers, B2C customers may be suspicious of international transfers.

Revolut may not be the best solution, but it enables businesses to operate until they are able to open a Danish bank account. Additionally, a MasterCard from Revolut can be used to pay for business expenses, and it is also possible to finalize payment solutions for the website with Revolut.

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

Due to anti-money laundering regulations, it is generally required for a business owner/director to have a personal meeting with the bank.

Can somebody else open a bank account for me?

The bank only accepts the owner/director during the onboarding process and does not allow any other individuals to represent the business.

Can my accountant open a bank account for me?

It is not possible for an accountant to open a bank account on behalf of a business. The owner/director of the company must be the one to open the bank account.

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

It is possible to set up a limited liability company (usually ApS) without having a corporate bank account. However, if the share capital is expected to be transferred from the lawyer after registration, a company bank account will be needed. Additionally, once the company starts receiving money from clients, a corporate bank account will be necessary. It's important to note that accepting payments from clients on a private bank account is considered a shareholder loan, which is heavily taxed in Denmark. Therefore, it is essential to have a corporate bank account for the business.

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

Starting a sole proprietorship in Denmark is possible without a corporate bank account, but it will be necessary to have one once the business begins to receive payments from customers. It's important to avoid using a private bank account for business transactions because the bank may close the account due to company use.

There are many banking options in Denmark, each with different features. To select the most favorable option, it's important to study various offers and compare them. The cost of the bank account is one of the most frequently compared features. Below are some selected bank accounts, starting from the cheapest option.

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