3 of the most frequent mistakes that you quickly can check:
1 - The industry code does not match with the CVR or your business description.
We obtain your company's industry code from virk.dk and if it doesn’t match the description you provided of your business, that can delay the process. So remember, please describe your business as clearly as possible so it matches your branch code on virk.dk – or change the branch code if your business has changed.
For example, if your idea is to set up a carpentry business, it is essential you register it under the correct industry code. If that is not the case, we will, unfortunately, have to reject your application.
2 - Is the country of birth you selected correct?
We cannot approve your application if you have entered your country of birth incorrectly.
3. Did you upload a clear picture of your photo ID?
Is the picture grainy? Was it dark when you took the photo? Or is a part of your photo ID not visible? Make sure to take a clear photo of your ID when applying. If you are in doubt, check out our how-to guide.
The better you describe your company idea, the faster it goes.
When you apply in the Lunar app, you must describe your business idea and model. The more you tell us, the faster we can get you up and running.
Your description must give us an understanding of what your company does and why you need an account with Lunar. This also means we need to know your expected cash flow – that is, what will come into and leave your account.
For example, how much money do you expect to receive and from whom? And what about fixed costs regarding suppliers, business partners and salary payments?
Need inspiration for your application? Take a look at the example below:
What is your business idea/business model?
Business idea: Petersens Tømrer og Snedker ApS deals with carpentry and joinery work. I am the only employee and my main focus is getting my saw mill – where the business is registered – up and running. Here I will carry out woodworking projects on behalf of private clients and businesses.
In addition, my company will also carry out smaller tasks in the form of replacing windows and roofs, laying floors, etc.
Suppliers: Concerning suppliers, XL Byg, Bygma, Stark and other timber loader suppliers are mainly used for the purchase of building materials.
Customers: The company handles tasks for both private individuals and businesses. The company estimates that distribution of projects will be split as such: 60% for private customers and 40% for business customers.
Business partners: We have a partnership with Jackson EL, whereby they manage the electrical work on our projects, and we handle carpentry for their client jobs.
Save time – here's what you need to have ready.
Once you've applied, we may contact you for further details. We do this because we need to develop a deep understanding of you and your business and that you follow all necessary regulations – and so that we can give you the support you need.
Have your cooperation agreements ready.
One of the questions you are asked during the application process is if you have business partners. If the answer is ‘yes’, you can upload any cooperation agreements you have in place with them in the Lunar app. If the answer is ‘no’, please state clearly in the application and provide a brief explanation as to why.
Turnover and possible side job.
If you have a side business and side job, we need to know what percentage of your total turnover comes from both. For example, if you are a hairdresser by trade and sell beauty products on the side, we need to know how much each job contributes to your total income.
Make sure you have bank statements from your other bank.
If you switch to Lunar from another bank, we will ask you for documentation and bank statements from your current bank. If you are just starting out and we are your first commercial bank, of course you don't have to. You can do this directly from the app in the application process.
Where does your start-up capital come from?
We may ask for documentation about where the start-up capital for your company will come from, such as savings, loans or another source.
In addition, if you have employees please ensure you have access to your employer registration documentation.
Do you have a transport company?
Applications from postal and courier services, taxi companies, carriers and so on require proof of e.g. a truck driver's license and haulier’s permit, so please ensure to include all necessary documentation in your application.
Do you work as a subcontractor for a larger transport company? Then we’ll likely ask for a signed copy of your specific cooperation agreement (e.g., with GLS or Bring), and it must be signed. You can upload documentation in the cooperation agreement section of the Lunar app.
Do you have a holding company?
If you have just founded your company, please provide documentation indicating the origin of your initial capital funds. If you used savings to start up the company, for example, this would mean providing bank statements from your savings account.
If your company has been in operation for a length of time prior to your Lunar application, please provide your latest company account bank statements.
Are you in staffing or consulting?
If your business falls under any of the above categories, we will need proof of your cooperation agreements, which can be uploaded in the Lunar app. We will also need information on your cash flows (e.g, do you invoice hourly or by the day?).
We look forward to receive your application.