Insight

Improving access to basic bank accounts for businesses in Denmark

Access to a basic payment account in Denmark plays a pivotal role, serving as a crucial step in launching a business. Recognizing its significance, the Danish government is taking steps to fortify access to a basic payment account, aiming to streamline processes and eliminate unnecessary complications.

What

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This proposal will benefit all businesses. By removing barriers, the way is paved for foreign businesses and individuals to bring their innovative ideas to Denmark.

The initiative to strengthen access to a basic payment account will grant businesses the ability to process received payments, simplify administrative tasks, and gain access to a NemKonto.

When a bank receives a request to open a basic payment account, it is committed to processing the application promptly, within a maximum of 10 days, provided all necessary information is provided. If the financial institution refuses to establish a basic payment account a recourse mechanism is being introduced. Businesses and associations will have the opportunity to challenge any rejection of their application for a basic payment account through a complaint process.

This initiative underscores the government commitment to fostering a business-friendly environment, empowering entrepreneurs to navigate financial processes seamlessly. As we embark on this journey, we are confident that facilitating access to basic payment accounts will contribute to a thriving and dynamic business landscape in Denmark.