What happened to Denmark.

I am writing this post to express my dissapointment and get different opinions as to what has happened to Denmark that once stood for an "Easiest" and "Least  Bureaucratic" country to cunduct the business in.

My story goes way back in 2016 when i have started my first business, i remember just like it was yesterday, it took 5 minutes on virk, couple of signatures with nemid, a small "formal" budget and both the company, the moms registration, the bank account, everything was set and ready to use. From the moment of initiating the process of opening up the company, till the moment the company was operational with the bank account in place, it passed no more than 1 working week.

Now.

Another great idea, a new company. Started the process back in February the 15th. It took 7 days for virk to register it, and approve the capital with the accountant. Yes, so happy, lets just move on. Go to the bank, "We are sorry, but your chosen branch usually means that you have to be moms registered, but we cant see that you are moms registered, come back when you have that in place" Contact virk, we are sorry, that is the skat you have to contact. 

Contact skat.

Yes, we are sorry, it can take  up to 15 working days but not even that is a guarantee. 

Wait with skat almost 4 full weeks to get the moms approved. 

Go back to the bank:

Well, if you want the konto, we need:

- Personal årsopgorelse for last 3 years

- Kontoudskifter from personal bank account for past 1 year

- Detailed budget and projections for the upcoming 3 year.

-If you own any company besides, kontoudskifter, årsregnskaber,  for the 3 years from your other company. Plus the budgets for the upcoming one year for the existing company. 

... then the list goes on with 10 more different things that they "need to have" in order to "assess if i am the right customer" for them...

Went to the small local bank, in person, told them what i need and how i need it, and without any of the above that nordea, dansk bank and arbejdernes landsbank has asked (I really do not feel comfortable with somebody at nordea going throug my personal bank acount statement looking at how much just eat have i ordered in a past year), i have gotten the bank account in a small local bank without a hassle what so ever, settled in a week time.

After a very stressful experience, and more than 2 months of stress and waiting, while my capital is standing at the revisor and getting eaten by a negative interest, my question is, what has happened to Denmark? Why did it become so hard to start your own business, unless you pay tremendous amounts of money to the companies specialized in doing it for you?

What went wrong in just 5 years period?

Which is quite interesting, because here in Norway I just contacted my Danske Bank and told them I needed a company account, and after a few questions about expected income, expenses and so (over the phone) everything was arranged automatically. It did not cost me a penny to create, and no paperwork to submit.

So why so difficult in Denmark?

Dan Åsen Hansen:

So why so difficult in Denmark?

Due to EU regulations. 

it is much easier - if you are Norwegian to get a bank in Norway - would be the same if a Dane wanted an account in Norway - nearly impossible (and same in Sweden) if you do not have your official address there at least. (in which case getting a Danish bank for a Danish citizen living i Norway or Sweden would be as close to impossible as possible)

Anything but EU passport also makes it very difficult for people in all EU countries - and it all comes down to regulations - KYC and whitewash  and that the bank shall prove innocence if a transaction is doubtful - it is not TAX that shall prove the bank guilty in -whatever

More than 50.000 transactions were reported to authorities (SØIK) last year by the banks

br John Hannover

Maybe things changed to the worse, but 4 years ago I got an account in Sweden without any problems. They only required me to meet at their headquarter in Stockholm in person, but beside from that they