Expanding a Business in Denmark
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Why Expand to Denmark?
Although small, Denmark has a strong, open economy. It depends highly on trade with other countries and is the ideal starter market for small to medium sized businesses that are new to exporting. At the moment it has one of the best economies in Europe due to its low unemployment, moderate inflation and high growth. Denmark participates fully in economic collaboration of the EU but has not yet joined the European Economic and Monetary Union (EMU). This means that they are part of the EU but have four opt out options that also include keeping their own money instead of having the Euro. Licensing or incorporating a business in Denmark must be regarded as a valuable options.
Whats the Attraction for UK Businesses?
With high living standards and focus on quality goods and services it is also a good starters market for small to medium sized business, especially those expanding into the export market for the first time. Who is interested in registering a business in Denmark can count on minimal bureaucracy, high education and unequivocal tax laws. Denmark also focuses on the free exchange of goods and is an optimal choice for UK investors. It has robust purchasing power, ease of access, widespread use of the English language and inflation as temperate as its climate.
Expanding a business in Denmark may be particularly profitable in the following sectors:
Aid-funded business- this is a win, win section. The idea is that British company wins the business, the aid agency funds the project and the developing country gains a sustainable asset. It must be remembered that you need to know and be known by the right people.
Creative & Media - Creative industries typically include industries that focus on: creating and exploiting intellectual property products such as music, books, film and games; or providing business-to-business creative services including advertising, public relations and direct marketing. Economic activities focussed on designing, making and selling objects or works of art such as jewellery, haute couture, books of poetry and other creative writing, and fine art are often included in the sector because the value of such objects derives from a high degree of aesthetic originality.
Education & Skills The Danish know how important education and a skilled workforce are and how it can help the economy.
Financial & Legal Services Money makes the world go round and of course that means financial and legal services are the up most important.
ICT - Information Communications Technology, A good way to think about ICT is to consider all the uses of digital technology that already exist to help individuals, businesses and organisations use information.
Life sciences (Biotechnology, Pharmaceutical and Healthcare) - Research and developments in this sector continue to make this a growing sector.
Mass Transport (Rail, Airports, Ports) Travel has been available to everyone and is a key factor to the worlds economy.
Giftware, Jewellery & Tableware The craft market is moving forward and offers the market individual crafts.
Chemicals - Chemicals are found in many products and with the new emphasis on saving the planet, chemicals is going eco-friendly.
Food & Drink its not just Danish bacon were talking about here. The food and drink industry is a market that will never go out of fashion so take advantage of market that will know we will always needed.
The main cities, which are also the best place for licensing, incorporating or starting a business in Denmark are:
Challenges Foreign Companies Face
Two major points that foreign companies may face when setting up a business in Denmark are the lack of skilled labour workforce and high taxations for worker and businesses. These are things to be address within the country but there are still good reasons to consider Denmark. Research and planning are keys to helping to reduce possible risk of challenges and proceed smoothly in expanding a business in Denmark.
Organisations that can assist with Entering the Market
Azets is an international accounting, payroll, advisory and business services group that delivers a personal experience both digitally and at your door.
ACCOUNTOR IN BRIEF Accountor Group is the largest provider of HR and financial advisory services in Northern Europe. We have offices in seven countries, and our 2,600 employees provide services to more than 30.000 customers around Europe. We combine technology, great service and expertise in relation to our customers.
Do you need advice from an expert in your field, on the ground? Need help finding the best route to market for your product or service?
When expanding your business to Denmark, donít forget to protect your brand. We provide Trademark Registration Services in Denmark and in the entire European Union.
Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 150+ countries around the world.
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