As of January 1, 2025, it has become significantly easier for businesses and associations in Denmark to obtain a business account. The new law ensures that all business owners and associations have the right to open a basic business account with major banks.
At Finklusiv, we see this as an important step in the fight against financial exclusion and a great advancement for entrepreneurs and small business owners.
Why is this change important?
Many small businesses and associations have faced significant challenges in opening a business account. Strict banking requirements and long processing times have been barriers for entrepreneurs who simply want to run their businesses legally and efficiently. Without a business account, it has been difficult to receive payments, manage finances, and access a NemKonto, which is essential for receiving public subsidies and payments.
With the new law, businesses and associations now have the right to obtain a basic business account, provided they meet the fundamental requirements. This will especially benefit:
- New entrepreneurs who previously struggled to get started due to banking restrictions.
- Microbusinesses and SMEs, who now have easier access to essential banking services.
- Associations, which have often faced difficulties in obtaining an account to manage their funds.
What does the new law entail?
The law secures several key rights for businesses and associations:
Right to a basic business account: All businesses and associations have the right to open an account that enables transactions and access to a NemKonto.
Faster processing time: Banks must process applications for a basic business account within 10 working days, provided the necessary documentation is submitted.
Clear rejection criteria: Banks can only reject applications based on justified suspicion of money laundering or financial crime. Businesses also have the right to appeal any rejection.
Which banks are covered? The obligation to offer a basic business account applies to Denmark’s largest banks, classified as systemically important financial institutions (SIFI). These include Danske Bank, Nordea, Jyske Bank, Sydbank, Spar Nord Bank, and Arbejdernes Landsbank.
How can you ensure a smooth process?
If you have experienced difficulties in obtaining a business account, preparation is key. When applying, make sure to have the following ready:
- CVR number and business registration
- Ownership structure and details about business activities
- Identification documents for business owners
- A business plan or documentation of the business purpose, if required
Ensure your application is well-prepared: A complete and well-documented application increases your chances of being accepted. Once a bank rejects an application, it can be difficult to overturn their decision.
At Finklusiv, we assist small businesses and associations in navigating banking requirements and ensuring they have the necessary documentation in place. If you’re unsure how to proceed or have faced rejection, don’t hesitate to contact us.
What does this mean for you?
This legislation is a step in the right direction towards a more inclusive and fair business environment in Denmark. Finklusiv has already helped more than 120 business owners gain access to a business account, and we are ready to support even more with this new opportunity.
Do you need help getting your business account? Contact us today, and we’ll guide you through the process!
