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, but it is worth a try. 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 with them and a private account with another bank.
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.
Get help with a strong application – it can make all the difference
While it’s possible to apply for a business account on your own, many find the process technical and time-consuming – and even small mistakes or missing documents can lead to rejection.
At Finklusiv, we specialize in helping business owners prepare a professional and convincing application that meets the banks’ requirements. We understand what banks are looking for and how to present your business in the best possible way to increase your chances of getting approved.
We make sure your documents are in order, and we help you clearly explain your business model, expected turnover, and future transactions – all in a way banks can understand and trust.
Who is Finklusiv?
Finklusiv is a social enterprise working to ensure equal access to financial services in Denmark. We’ve already helped more than 145 business owners gain access to a business account – and we’re ready to help you too.
Need support with your application or want to learn more about how we work?
📩 Contact us today – and let’s talk about your options.
