1. Test Your Business Idea.

We get it. You have a great idea and are raring to get going. But let’s take a breath and make sure you have everything in order first. Before you launch your company, it's a smart move to test your business concept. Start by asking yourself a few key questions:

• What do you want to sell?
• Who is your target audience?
• How big is the demand, and what’s the competition like?
• How can I get in touch with potential customers?
• What price can I charge for my product/service, and what are my minimum earning requirements?
• What will it cost to start my business?

If the answers encourage you, it's time to craft your presentation. Your pitch. This should clearly and simply explain your idea to everyone, from friends and family to potential investors. Test your pitch out on your close ones before you move on to potential investors. And stay open to the feedback you get.

Consider any objections and make sure you have solid answers. You can also try testing your idea with a simple webshop. This allows you to collect data and feedback about your product or service, giving you an initial sense of whether your idea can become a success.

2. Name Your Company.

Your company name should be unique and reflect both you and your mission. If you want to know if a company name is already taken, you can look it up in the Danish Central Business Register (CVR) . Remember to also check if your desired domain name is available.

3. Choose Your Business Type.

Before you can get started, you have to choose a business type. The main options are a personally-owned business or a limited company. If you have a personally-owned business, you are personally liable for the company's debts and obligations. If you have a limited company, you have limited liability, meaning you are only liable for the capital you invest in the company.

Personally-owned business.

This is a straightforward way to get started, as you won’t need to invest any capital. The main types are:

• Personally-owned smaller business (PMV): For turnover less than 50,000 DKK within a 12-month period.
• Sole proprietorship (Enkeltmandsvirksomhed - EVS): Owned by one person.
• General partnership (Interessentskab - I/S): Has at least two owners.

Key takeaways for personally-owned businesses:

• Personal liability (joint liability for an I/S).
• Free to register.
• No initial capital requirement.
• Cannot own shares in other companies.
• Does not function as a separate legal entity.

Limited company.

If you want to start a limited company, a popular option is the private limited company (Anpartsselskab - ApS). This is a very common business structure in Denmark. The requirements to start an ApS are higher than for personally-owned businesses, but on the other hand, an ApS gives you access to several tax advantages.

Key takeaways for private limited companies (ApS):

• Limited liability (owners are only liable for their investment).
• A registration fee of 670 DKK.
• Requires a minimum share capital of 40,000 DKK.
• Can have multiple owners.
• Can own shares and holdings in other companies.
• Is obligated to submit annual financial statements.

Functions as a separate legal entity.

4. Get to know your numbers.

For most entrepreneurs, the initial funding comes from personal savings, friends, or family. Every successful business started out small, remember that. You can also explore grants, business angels, or other investors. It’s important not to underestimate your financial needs. That’s why you need to have a handle on your:

• Startup budget.
• Operating budget.
• Capital requirements.

Know your numbers first. Then, get external financing if you need it.

5. Create Your Business Plan.

Think of your business plan as your company’s playbook. It’s your guide for how you will develop and run the business, both now and in the future. It helps you clarify your thoughts, manage your to-do list, and gather information about potential customers and competitors. In short, it has all the information you need to seek external financing. This plan should, at a minimum, include:

• The owner(s) of the company
• The business idea
• Product/service
• Marketing plan
• Finances (budget and financing)
• Operations

6. Organize Your Accounting and Bookkeeping.

As a business owner, you must track expenses, income, VAT, and tax reporting. It might seem like a lot, but remember that there are many tools (and a friendly digital bank) out there to help you. You have two main options:

• Handle it yourself using accounting software.
• Get help from a professional like an accountant or bookkeeper.

Whatever you choose, your accounting must follow the Danish Bookkeeping Act and other requirements for your business type. Remember to always save your receipts and documentation. This will save you a lot of time and trouble.

7. Get the Right Insurance.

When you start a business, there are several insurance policies to consider. For instance, workplace injury insurance is a legal requirement to cover you and your employees in case of an accident. If you have a company car, liability insurance is also legally required. And if you have a physical location, it’s a good idea to get fire insurance. You never know, right? This is not legally required, but it's a requirement from almost all financial institutions. It’s good if you research the matter further yourself, and you might also want to contact a professional advisor. There are many rules regarding insurance.

8. Get your CVR number.

If you’ve already done all of these steps, all you need to do is get a CVR number. A CVR number is a must-have for all Danish companies. You can't get a business bank account or insurance without it. Here’s a guide on how to get it.

The last step: Get a business account.

Traditional banks can be slow and expensive for entrepreneurs like yourself. But Lunar is here to change that. We offer the cheapest business accounts in Denmark*, with a 0 DKK setup fee. Apply easily online today and get ready for the journey of a lifetime. A journey filled with less banking and more business.

*The comparison was made on 13/03/2025 and is based on first-year expenses for nationwide banks. The comparison is limited to banks with publicly available prices, where the setup fee and annual subscription are clearly stated.

Join 30,000 others with Lunar Business

Lunar offers Denmark's most affordable business account for entrepreneurs and the self-employed. Too many founders find that traditional banks are slow and difficult to work with, and that getting a business account is expensive. That's not the case with us. We make managing your finances easy and affordable, so you can minimize routine tasks and grow your business faster.

Are you about to start your company, or are you already up and running? With Lunar, you get an affordable business account with a DKK 0 setup fee, and you can apply easily online today.

Last updated: 24/07/2025. We have compiled general information, but there may be specific rules or circumstances applicable to you and your business that you should be aware of.