Introduction

A business account is a bank account linked to your company's CVR number (Central Business

Register number). It helps you separate the company’s finances from your personal finances.

It is important that your business account is registered as a ‘NemKonto’ because authorities will use

your NemKonto when they make payments to the company. For example, if the Danish Tax Agency

needs to return VAT to your company or if there are other payments from the state or municipality.

For personally owned small businesses (PMV) and sole proprietorships, it is not legally required to

have a business account as their NemKonto; they can use a private account instead. However, many

banks still require a business account to manage your company’s finances. 

For companies like ApS and A/S, having a business account is mandatory. While some banks may initially allow a personal account for personally owned businesses, it is crucial to keep personal and company transactions separate.

Why your bank needs to understand your business

Banks are under strict supervision and have a duty to ensure that money laundering does not occur through their customers’ accounts. This involves a number of procedures that bank employees must follow. That’s why they ask many questions and need to document the answers you provide. Do not take these questions personally; they are required by anti-money laundering regulations. If all necessary procedures are not in place and money laundering is discovered in one of the bank’s customers, the bank could face a large fine.

Therefore, it is very important that the bank knows its customers well. This means the bank must have knowledge of key information about its customers, such as:

• The company's actual business sector (e.g., transport, catering, restaurant, etc.)
• Who owns the company
• The company's address

• Other essential information about the company's operations and expected business volume

Preparing for a business account: what the bank requires and what to expect

When a bank assesses your request for a business account, they pay close attention to your

expectations for the company’s development in the coming year. They review your business plan as

well as your financial expectations, including how much revenue you expect, how large your expenses will be, and how you expect to use your accounts in the coming year. Therefore, you will need to fill out documents with this information. If the bank discovers that you are using your accounts in a way that significantly deviates from what you have stated, they are obliged to follow up on the reason.

Therefore, it is very important that you contact the bank and discuss your plans in advance if you are considering changing your activity, your contact information, or bringing a new owner into your company.​

The bank’s document requirements

If the bank has had a long-term customer relationship with you, they will typically ask for fewer documents than if you are a new customer with them.

The documents a bank typically requests when applying for a business account are:

Business-related documents

• Registration certificate for your company
• List of owners
• A detailed business plan if you have a startup
• Operating budget / liquidity budget
• Previous bank statements if your company has been operating for over a year
• Contract with your main customer as well as information on debt and plans for the business account if you are a subcontractor

Personal documents

• ID (passport, driver's license, health card, and possibly a residence permit)
• Latest tax information and tax returns from the last two years
• Information on any outstanding debt, pension savings, and current account overview
• Expectations for future transactions on the account

The extent of the requested information varies from bank to bank. However, all banks will ask about the company’s purpose and the scope of its expected operations.

What to do if your bank rejects your application

If you are rejected by your own bank, it can be difficult to convince another bank to open a business account for you. Remember, they typically require that they handle all your finances when they

approve a business account for you. Few banks accept that you have a business account and a

personal account in different banks.

If you are rejected by traditional banks in Denmark, you could consider whether a foreign payment

platform might solve your problem. There are some that also offer to register your account as a

NemKonto for you, so this can be a good plan B.