New opportunities for businesses: Easier access to basic business accounts

The Danish Ministry of Industry, Business, and Financial Af-fairs has proposed a bill that will make it easier for Danish companies and associations to access a basic business ac-count — a change that could impact both financial stability and operations. According to the proposal, the proposal will enter into force on 1 January 2025.

Key points of the proposal

• Easier access to basic business accounts
• Simplified account setup process
• New complaints board

Easier access to basic business accounts

One of the main points of the proposal is granting Danish companies and associations the right to open a basic business account. This account can be used to receive payments and provide easy access to the NemKonto system. This will enable businesses to manage their daily finances more easily, without relying on more expensive and complex banking solutions.

A simpler setup process

The proposal includes a simplification of the setup process for basic business accounts. Banks will be required to process complete applications for a basic business account within 10 days, unless there is suspicion of money laundering or terrorist financing.

It is also proposed that the account should either be free of charge or available for a reasonable fee, making it financially accessible for small businesses and start-up associations.

New complaints board to ensure fair treatment

In addition, it is proposed that a new Board of Appeal is established. This Board of Appeal would allow companies and associations to file complaints if their applications for basic business accounts are denied.

The Board of Appeal will ensure that financial institutions handle all applications objectively and transparently. By providing an impartial assessment of denials, businesses can achieve the necessary fairness, leading to more transparency and fair treatment in the banking sector.

Although the proposal has not yet been passed, it may be useful to prepare for the potential changes. At Baker Tilly Legal, we offer professional guidance to help you understand and prepare your business for the new rules and the opportunities they may bring.