Short guide to
business start
in Denmark

The Business Development
Center in Aarhus

Mogens Thomsen, Business Consultant
m...
Iværksættere i Aarhus
Global Bridges

Use of your network in home country
Use of network from other placements
New entrepreneur in Denmark

Large Danish
network

No Danish
network
Low level of
competence

High level of
competence
What kind of
business
will you start?
Business Plan
- Items at business start you should have knowledge about

Business Plan template at: www.startvaekst.dk/for...
Rules when Starting a Business in Denmark
1) Registration of company
You must have a residence and work permit (www.newtod...
Legal Forms of Companies
Proprietorship – personally owned business
This type is the less complicated business format. The...
Accounts in a Company – 12 Months

Example of a:

SHOP

Turnover / Sales
- Used Goods/Variable Costs
= Gross profit
- Fixe...
Economic System in a Company
- Five stages in the management of the economy

Accounting programme: e.g. Summa Summarum or ...
Moms (VAT) Accounts
You sell:
4 hours of consulting services of 500 kr.
+ 25 % moms
To pay

2.000 kr.
500 kr.
2.500 kr.

Y...
Insurance to Owner
 Health insurance

It covers the holder's absence from work from the third 1.
days at ordinary disease...
Compulsory Insurance to the Company
 Work Accident incurance

All involved assisting both business as in private househol...
www.StartVaekst-Aarhus.dk
- all about entrepreneurship in Aarhus
www.studentervaeksthus.au.dk/en
- your own entrepreneurship centre at Uni
www.VentureCup.dk
- student business competition
Startup Library
- EntrepreneurshipInDenmark.dk + Tools and information
Guides to Startup 27 Different Businesses
Download at: www.startvejledninger.dk – in Danish only
www.newtodenmark.dk
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Basics about start up - Mogens Thomsen

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Basics about start up - Mogens Thomsen

  1. 1. Short guide to business start in Denmark The Business Development Center in Aarhus Mogens Thomsen, Business Consultant mt@startvaekst-aarhus.dk www.startvaekst-aarhus.dk Phone: 70 22 00 76 http://dk.linkedin.com/in/mogensthomsen
  2. 2. Iværksættere i Aarhus
  3. 3. Global Bridges Use of your network in home country Use of network from other placements
  4. 4. New entrepreneur in Denmark Large Danish network No Danish network Low level of competence High level of competence
  5. 5. What kind of business will you start?
  6. 6. Business Plan - Items at business start you should have knowledge about Business Plan template at: www.startvaekst.dk/forretningsplan
  7. 7. Rules when Starting a Business in Denmark 1) Registration of company You must have a residence and work permit (www.newtodenmark.dk) VAT registration / CVR number Contact www.webreg.dk 2) Permits: Food: Local Food Control Authorities (www.fvst.dk) License to trade in food (www.naeringsbasen.dk) Premises: The municipality's technical department Trade license, alcohol (restaurant and hotel): Available from police Authorization (sewer, electrical engineer, certified translator, etc.) 3) Bookkeeping and accounting Bound to keep records / accounts Person = Company Collect VAT (+ 25% of your price) SKAT (the tax authority) helps and monitor businesses
  8. 8. Legal Forms of Companies Proprietorship – personally owned business This type is the less complicated business format. There is no minimum stated capital, however, the owner is personally liable to the full extent of his/her assets. This is the most frequently used business format for minor newly established businesses. You need a residence and work permit to start a sole proprietorship company. Partnership (I / S) Partnership (I / S) - this is a personally owned business only with multiple owners.There are no capital adequacy and the owners liable individually and personally liable. It is advisable to have prepared a stakeholder contract. Anpartsselskab (ApS) – a small limited company Anpartsselskab (ApS) - ApS may be formed of one or more persons and it must be reported to the Commerce and Companies Agency. There is a capital requirement of min. kr. 80.000,‑ and we notice with the capital. Aktieselskab (A/S) Limited company (Ltd.) There is a capital requirement of min. DKK 500,000
  9. 9. Accounts in a Company – 12 Months Example of a: SHOP Turnover / Sales - Used Goods/Variable Costs = Gross profit - Fixed costs - Interest - Depreciation = Surplus = your “salary” 700,000 - 300,000 400,000 - 192,000 - 9,000 0 199,000 •Personal tax is paid on the basis of "Surplus" •You receive an extended income tax form •Tax on profits should be paid regularly throughout the year •Budgets and accounts are always without VAT CONSULTAN 250.000 0 250.000 - 45.000 - 1.000 0 204.000
  10. 10. Economic System in a Company - Five stages in the management of the economy Accounting programme: e.g. Summa Summarum or E-conomic
  11. 11. Moms (VAT) Accounts You sell: 4 hours of consulting services of 500 kr. + 25 % moms To pay 2.000 kr. 500 kr. 2.500 kr. You purchase: A calculator + moms To pay 200 kr. 50 kr. 250 kr. Settlement of moms: Sales moms Purchase moms To pay SKAT 500 kr. 50 kr. 450 kr.
  12. 12. Insurance to Owner  Health insurance It covers the holder's absence from work from the third 1. days at ordinary disease like flu and colds. The higher premium you can receive benefits from the first day. The scheme is administered by your local municipality. Download form to: www.adir.dk  Occupational As an independent you can be safe from an occupational disease. The coverage allows you to get compensation if you get an occupational disease. Read more about the Labour Market Occupational Diseases: www. aes.dk  Accident insurence Your private accedent incurence covers not work in your own business. It must be changed to full time incurence when it is business-dependent..
  13. 13. Compulsory Insurance to the Company  Work Accident incurance All involved assisting both business as in private households are required to sign a workers' compensation, as compensation is paid in case of an industrial injury. Signed in a general insurance company  Statutory liability If you have registered vehicles in the company a compulsory liability insurance must be taken out.  Occupational insurance  In 1999 the parliament decided to establish the Labour Market Occupational insurance- called AES. Is mandatory for all private and public employers in Denmark. See more: www.aes.dk
  14. 14. www.StartVaekst-Aarhus.dk - all about entrepreneurship in Aarhus
  15. 15. www.studentervaeksthus.au.dk/en - your own entrepreneurship centre at Uni
  16. 16. www.VentureCup.dk - student business competition
  17. 17. Startup Library - EntrepreneurshipInDenmark.dk + Tools and information
  18. 18. Guides to Startup 27 Different Businesses Download at: www.startvejledninger.dk – in Danish only
  19. 19. www.newtodenmark.dk

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