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Doing Business in Denmark

You have the right and very attractive business proposition for the Danish market. Your products, brands or services are spot on for entering Denmark - according to your research and the market demands. But what about the next step? How will you transform and execute the vision, the strategy and the launch of your busi-ness in Denmark - whilst at the same time establishing your company and your new organisation as an active and respected part of the Danish society and business environment?

You will need a professional and experienced partner and advisor. A Chartered Accountancy firm with a proven track record and an undisputed reputation who can guide your company safely through the formalities, and handle all paperwork for the new company. We can also provide you with specialist advice on selecting the right location in Denmark, HR Management and recruiting local management and staff, setting up your administration and systems, and  marketing issues.

Excellent opportunities

Denmark is an open and very liberal country for international companies who want to do ‘local' business or use Denmark as a hub for their activities in the Nordic countries. Denmark is also a very attractive location for international Holding Companies.

Although Denmark is among the world leaders when it comes to tax on personal income - the opposite is a fact when it comes to taxation of Limited Companies and Holding Companies who are offered very favourable conditions. However, in any case you will need a business partner with proximity and in depth knowledge about both local and national requirements for starting up and operating a successful business in Denmark.

Local in Touch - Global in Reach

In this case, HLB Beierholm State Authorised Public Accountants - among the biggest accounting firms in Denmark with 13 local offices all over the country, and a leading member of the HLB International Network - will be the right choice for you - and for any company operating in Denmark.

Our strength is our local presence and international reach - and an organisation represented by the most respected and innovative professionals in the Danish accounting profession. Several of our Partners are currently holding positions as respected members of the Board of the Institute of State Authorised Public Accountants and of a number of the organi-sation's most important and influential committees. This gives our firm an outstanding ability to be updated on any change in Danish legislation influencing the business environment. At the same time this involvement provides the active HLB Beierholm Partners with an excellent opportunity to also influence the political decision making process and  future legislation.

In particular, HLB Beierholm is focussed on servicing small and medium size companies, and the firm is widely known and respected for its expertise as a professional and dedicated advisor for this category of companies - across all indus-tries and sectors. Further, all of the Partners of HLB Beierholm are active and respected members of their local communities and its busi-ness life - and they have a wide-ranging personal network to other professional business advisors, the local authorities and the business executives who are your potential customers and/or business partners in Denmark.

This position will open doors - and will provide your company with access to all your needs when doing business in Denmark. Both in relation to the formalities to be handled - and in relation to operating a successful business.

Working by the highest standards

The international accounting profession is changing rapidly these years - of course with significant impact from the global financial crisis. This implies that any company must be even more careful in selecting their professional advisors and future business partners.

Examples of recent change in the international accounting industry include a revised Code of Ethics coming from the International Federation of Accountants (IFAC) and the new European Union 8th Directive on Company Law. Both now distinguishing between accounting "networks" and accounting "associations".

In addition, the Forum of Firms, a body operating under the auspices of IFAC and setting strict membership require¬ments relating to international quality assurance, has now appointed its first full members, comprising  the top interna-tional accounting networks.

Furthermore, International Standards of Auditing (ISAs), Quality Control (ISQC) and International Financial Reporting Standards (IFRS) are gaining increasing acceptance globally.  These are not just issues for auditors. All aspects affect companies operating internationally. The following checklist is aimed at giving a supportive insight in how to pre-select an international accounting group that best suits your business.

If the firm or firms wanting to provide services to your company can answer ‘YES' to all of the following questions, then they should be on your shortlist.

1.    Is the firm a member of an international network?

2.    Is the network to which the firm belongs, a member of the Forum of Firms?

3.    Does the network have an on-going quality assurance review programme?

4.    Does the network have an up-to-date international audit manual, setting minimum standards -

       for  all its member firms?

5.    Does the network have a common brand identity?

6.    Does the network have a central office supporting member firms with their client?

7.    Does the network have a comprehensive approach to handling international business?

HLB Beierholm - State Authorised Public Accountants and The HLB International network can answer ‘yes' to all of the above questions. And therefore, you will be in professional and safe hands when choosing Beierholm as your selected business advisor in Denmark.

Please feel free to search for more information at www.hlbi.com - or contact our international Partners: Peter Nordahl, Jan Molin or Jan C. Nielsen on phone +45 39 16 76 00.

HLB Beierholm is a member of HLB International. Formed in 1969, HLB International, through its member firms, can assist clients to do business in over 100 countries, with annual billings of over US$ 1.9 billion, generated by more than 1,720 member firm partners and 13,510 staff in over 450 offices.

The above item deals only briefly with matters of a technical nature. Before considering its application to your own circumstances, HLB International and the author recommend that you obtain professional advice from a suitably qualified person. Neither nor any member firm of HLB International accepts responsibility for any step you may take, or fail to take, on the basis of the above item.

HLB International is a world-wide network of independent professional accounting firms and business advisers, each of which is a separate and independent legal entity and as such has no liability for the acts and omissions of any other member. HLB International Limited is an English company limited by guarantee which co-ordinates the international activities of the HLB International organisation but does not provide, supervise or manage professional services to clients. Accordingly, HLB International Limited has no liability for the acts and omissions of any member of the HLB International network, and vice versa.