A growing number of people and companies are now doing business outside their countries. If you’re among them, you might want to try setting up a business in Denmark.
According to the latest Doing Business Report of World Bank, Denmark is one of the best places in the world to do business. In fact, the annual report ranks this Scandinavian country in 5th place among the 183 nations covered moving up from its 6th spot. Norway and Sweden are also among the Scandinavian nations that generally get a high rating from the World Bank. Singapore, meanwhile, has been consistent in holding its top spot for six straight years now.
There are many benefits to doing business in Denmark. Establishment procedures are quick and affordable. Online registration is possible and resident requirements as well as notarial deeds are not needed. In addition, language requirements are very flexible while dividends can be distributed on an interim basis.
It is also an advantage if an organization puts up a company instead of just a branch office. This way, the process is faster and cost efficient. Registration can be completed in a matter of hours for a company but it can take weeks for a branch office.
For its latest report, World Bank added a new parameter which is access to electricity. There are 11 original areas taken into consideration. These include ease of starting a business, level of taxes, dealing with construction permits and employing workers, enforcing contracts and closing a business as well as stronger protections of investors and property rights among others.
In the areas of trading across borders and resolving insolvency, Denmark was included in the top 10 list of the Doing Business Index report.
This Ease in Doing Business Index was created in 2001 by World Bank as a way to determine a country’s business laws and regulations and how they affect businesses. Providing their input are some 8,000 government officials, lawyers, accountants, business consultants and other professionals.