Since 1 January 2025, Danish businesses and associations have had a statutory right to open a basic business account when a number of conditions are met.

The rules are designed to prevent banks from rejecting small businesses, startups, and associations simply because they are not considered attractive or profitable customers. A bank may still require documentation and carry out checks under anti-money laundering rules, but it can no longer freely reject an otherwise lawful business without addressing the rules on a basic business account.

The law entered into force on 1 January 2025 and changed the name of the relevant legislation to the Act on Payment Accounts and Basic Business Accounts.

Why was it necessary to introduce a right to a business account?

A bank account is a fundamental part of a company's infrastructure. Without an account, a business may struggle to:

  • receive payments from customers
  • pay suppliers, tax, and VAT
  • set up standing orders and direct debits
  • link a NemKonto (public payment account)
  • separate the company's finances from the owner's personal finances
  • document payments correctly in its bookkeeping

Nevertheless, many entrepreneurs have over the years experienced banks either rejecting their application or imposing extensive requirements for documentation, personal finances, and other banking relationships.

A survey by SMVdanmark among 1,122 self-employed individuals showed that 12 percent had experienced difficulties obtaining a business account. Among those who had encountered problems, 60 percent felt that the bank did not consider self-employed people to be good customers. The survey was conducted in 2021 and should therefore not be read as a picture of the situation after the legislative change, but it documents the problem that led to the new rules.

Why did banks reject startups?

Banks' reluctance did not necessarily mean that the business had done anything wrong.

Small business customers can be relatively expensive for banks to administer. The bank must, among other things, identify the company's owners, understand its business model, and assess whether expected payments match the company's activities. This applies even to a small business with limited turnover.

At the same time, the bank may not earn much from a business that only wants an account and a payment card but does not require loans, pensions, investments, or other financial products.

Before the legislative change, businesses did not have the same statutory access to a basic account that private individuals already enjoyed. This made it possible for a bank to reject a customer relationship based on its general business and risk policy, even when the business did not want credit.

The result was that some self-employed people used their personal account for business payments, while others chose foreign banks and financial services such as Revolut.

However, a bank may require that a personal account is used only for private purposes. At the same time, all businesses with a CVR or SE number must designate a NemKonto so that public authorities can pay, for example, negative VAT, refunds, and other amounts to the business.

What is a basic business account?

A basic business account is a payment account in the name of the business or association. The account must provide access to the most essential payment functions, but it is not necessarily identical to the bank's standard business packages.

The basic business account must be opened in Danish kroner and must, as a general rule, make it possible to:

  • open, use, and close the account
  • deposit money electronically
  • deposit up to DKK 20,000 in cash per month
  • withdraw cash
  • receive payments
  • make bank transfers and standing orders
  • set up direct debits
  • use payment cards, including for online payments
  • manage payments via the bank's online facilities

However, the bank is only required to offer a particular function if it already offers that function to its other business customers. A bank without cash counters is therefore not necessarily obliged to establish a new cash service solely for basic accounts.

A basic account does not give the right to loans

The right covers the payment account itself. It does not automatically entitle the business to:

  • overdraft facilities
  • overdraft credit
  • loans or financing
  • credit cards
  • foreign currency accounts
  • card acquiring agreements
  • special integration or advisory services
  • bank guarantees

The bank may therefore be obliged to open an account without being obliged at the same time to lend money to the business.

This is an important distinction. The purpose of the law is to ensure access to basic payment infrastructure — not to require banks to take on credit risk.

Who has the right?

The right applies broadly, but it is not unconditional.

For a business, it is generally required that the company has its registered office and address in Denmark. In addition, at least one member of the management board must be resident in Denmark.

If the business does not have a management board, at least one beneficial owner with at least 25 percent ownership must be resident in Denmark. If there is no beneficial owner with at least 25 percent, at least one person with management responsibility must be resident in Denmark.

Associations must have their statutory registered office in Denmark, and at least one person authorised to sign on behalf of the association must be resident in Denmark.

The rules may therefore cover, among others:

  • sole proprietorships
  • general partnerships
  • private limited companies (ApS)
  • public limited companies (A/S)
  • other business legal entities
  • ordinary non-business associations

The right is, as a general rule, a right to one basic business account. If the business already has a Danish payment account with the necessary functions, another bank may as a general rule refuse to open a further basic account.

There is an exception if the business can document that the existing account is to be closed. This makes it possible to switch banks and move payments and payment agreements during a transition period.

Are all banks required to offer the account?

No. The right cannot necessarily be enforced against every local bank, savings bank, payment app, or foreign fintech company.

The rules apply primarily to:

  • banks designated as systemically important financial institutions, the so-called SIFI institutions
  • banks that are part of a SIFI group
  • branches of foreign credit institutions that are part of a relevant SIFI group
  • other larger Danish financial institutions that exceed a fixed threshold for working capital

An institution is only covered if it already offers business accounts with the ability to deposit and withdraw funds and to make and receive payments. The Danish Financial Supervisory Authority publishes an updated list of covered institutions each year.

As of 1 July 2026, the list includes, among others, Danske Bank, Jyske Bank, Nykredit Bank/Spar Nord Bank, Nordea Danmark, AL Sydbank, Saxo Bank, Coop Bank, Ringkjøbing Landbobank, Sparekassen Danmark, Sparekassen Kronjylland, Lån & Spar Bank, SJF Bank, Middelfart Sparekasse, and Danske Andelskassers Bank. The list may change as a result of mergers, group changes, and the size of the banks.

The bank must respond within 10 business days

Once the bank has received a complete application, it must, as quickly as possible and no later than 10 business days thereafter, either:

  • open the basic business account, or
  • reject the application for the business or association.

The deadline does not necessarily start on the day the business first contacts the bank. It runs from the point at which the bank has received all necessary information and documents.

This means that the business should ask the bank to confirm in writing:

We now consider the application complete, and the 10-business-day deadline runs from today's date.

Otherwise, disagreement may arise about whether the bank still lacks documentation and whether the deadline has even started.

What documentation can the bank require?

The new rules do not remove the banks' obligations under the anti-money laundering legislation.

The bank may still require documentation for, among other things:

  • the business's CVR registration
  • articles of association and incorporation documents
  • ownership and management relationships
  • the identity of beneficial owners
  • the business's business model
  • expected turnover and number of transactions
  • where the money comes from
  • significant customers and suppliers
  • which countries the business trades with
  • necessary industry licences
  • contracts, invoices, budgets, or business plans

A newly established business will naturally not be able to present historical accounts or many previous invoices. Instead, it should prepare a realistic budget and a precise description of what the business sells, who the customers are, and how payments are expected to be made.

The law gives the business a right to an account. It does not give the business the right to refuse to answer the bank's relevant questions.

The bank can still reject an application

A right to a basic business account does not mean that the bank must always say yes.

The bank may, among other things, reject the application if:

  • the business does not provide the information required for the bank's customer due diligence procedure
  • the bank has knowledge of or concrete suspicion of money laundering, terrorist financing, or other activities subject to reporting obligations
  • the business already has a comparable payment account in Denmark
  • the business lacks a legally required licence to carry out its activity
  • the business cannot demonstrate a genuine interest in obtaining the account
  • the business, its owners, or management have previously seriously or repeatedly breached their obligations to the bank
  • persons linked to the business have committed criminal acts against the bank
  • persons linked to the business have behaved offensively or caused nuisance to the bank's customers or employees

The rejection must be based on the specific business. A bank cannot, for example, automatically reject all businesses in a particular industry without making an individual assessment. This was also clarified during the Danish Parliament's consideration of the law in relation to businesses dealing in cryptocurrency.

The fact that a business is small, newly established, or does not want a loan is not in itself a lawful ground for rejection. The same applies to the fact that the customer is not particularly profitable for the bank.

The bank cannot require you to become a full customer

One of the most important changes is that the bank must not make the basic business account conditional on the owner moving their entire banking relationship to the bank.

The bank therefore cannot require the business owner at the same time to:

  • move their private salary account
  • move pensions and investments
  • take out insurance or loans
  • buy other bank products that are not linked to the basic account
  • consolidate the family's personal finances in the bank

There is a limited exception for shares, cooperative shares, or guarantee certificates if ownership of these is generally a condition of being a customer of the institution in question.

What may a basic account cost?

The account does not have to be free.

The bank may charge a reasonable fee, but when setting the fee it may only take into account the bank's costs and a reasonable profit from offering the account.

There is no fixed maximum price in Danish kroner. Disputes may therefore arise about what is reasonable.

The bank must not circumvent the right by setting an artificially high price that is intended to deter small businesses from applying. On the other hand, a business should expect to pay for the bank's ongoing administration, customer due diligence, payment cards, and other account functions.

A complaint may also concern the size of the bank's fee — not only a rejection or termination.

Requirement for a written and reasoned rejection

If the bank rejects the application, the business must as a general rule receive a free written explanation on paper or in another durable medium, such as an email or a document in online banking.

The rejection must also state how the decision can be appealed.

In special cases, the bank may omit the detailed explanation, for example if this is necessary to avoid disclosing a report or suspicion under the anti-money laundering rules.

A telephone response such as "it does not fit our customer policy" should therefore not be accepted as the final handling of an explicit application for a basic business account.

How to complain

The business should first complain to the bank's own complaints procedure for basic business accounts. Covered banks are required to establish such a procedure.

If the bank upholds the rejection, termination, or fee, the case may be brought before the Danish Financial Complaints Board — Basic Business Account. The board can handle complaints from both businesses and associations, even though ordinary business disputes cannot always be handled by the Danish Financial Complaints Board.

As of August 2026, the complaint fee is DKK 1,000 including VAT. The fee is refunded, among other situations, if the complainant is wholly or partly successful.

The Danish Financial Supervisory Authority does not normally decide the specific dispute between the business and the bank. However, the authority may use enquiries as a basis for investigating whether a bank has a general practice that is contrary to the rules.

What do the rules mean for businesses using Revolut?

Revolut and similar foreign banks became popular among Danish entrepreneurs because they in some cases offered faster setup, digital features, and easier handling of multiple currencies.

A Danish business may still use a foreign account. A foreign account can also be registered as the business's NemKonto, but the account cannot be registered directly by the foreign bank. Instead, the business must apply to the Danish Agency for Digital Government to have the account designated as a NemKonto.

Revolut Business for Danish customers is operated by Revolut Bank UAB, which is a Lithuanian bank. Danish business customers generally receive a Lithuanian IBAN number, as Denmark is not on Revolut's list of countries with special local business IBAN numbers.

A foreign account may be well suited to international payments, but a Danish business account may be simpler in relation to NemKonto, Danish payment agreements, and ordinary bank administration.

The wording of the law states that the bank may reject if the business already has a comparable payment account in Denmark. This suggests that an existing account with a foreign bank such as Revolut does not in itself remove the right to apply for a basic business account at a covered Danish bank. However, this is a legal interpretation of the wording of the law, and specific disputes may ultimately need to be decided by the complaints board.

Have the rules solved the problem?

The rules are a clear improvement for entrepreneurs and smaller businesses.

They provide four significant rights in particular:

  • the bank must make an individual assessment
  • the bank must respond no later than 10 business days after a complete application
  • a rejection must as a general rule be in writing and reasoned
  • the business can complain to a dedicated complaints board

But the rules do not solve every problem.

The bank still decides when the application is complete. Anti-money laundering rules may still lead to extensive questions and documentation requirements. The concept of a "reasonable fee" has no fixed amount, and the right applies only to certain banks. Finally, it is only a basic account — not a right to financing or a full banking relationship.

The practical effect therefore depends on whether banks apply the rules in good faith and whether businesses use the complaint option when they believe a rejection is not justified.

How to apply

When you contact the bank, you should explicitly state that you are applying for:

A basic business account under Chapter 4a of the Act on Payment Accounts and Basic Business Accounts.

Attach as much documentation as possible from the outset:

  • CVR extract
  • share register or overview of owners
  • identification for owners and management
  • articles of association and incorporation document
  • brief description of the business model
  • budget for the first year
  • expected incoming and outgoing payments
  • information on customers, suppliers, and countries
  • relevant licences and contracts

Then ask the bank to confirm in writing when the application is considered complete. Keep all emails, documents, and messages. This is essential if the case is later handled by the bank's complaints officer or the Danish Financial Complaints Board.

The right to a basic business account has removed an unreasonable barrier for many Danish entrepreneurs and associations.

Banks must still combat money laundering and financial crime, but a lawful business must not be rejected simply because it is small, newly established, or not expected to buy the bank's other products.

The new right is not a guarantee of loans or an advanced banking package. It is a right to the most fundamental thing: an account where the business can receive its income, pay its bills, and run its operations on proper terms.

If you are considering starting a company or need a professional business address, Flexum can help with the practical setup so you can focus on your business.