1 What is SKAT?
It is the tax authority in Denmark.
2. what is a CVR?
It is a company registration number.
3. what is an audit of Danish companies?
An audit is the process of verifying financial statements that is required for companies operating in Denmark.
4. what is a Nemkonto?
A Nemkonto is a bank account that is mandatory for every resident of Denmark.
5. What is the CPR?
It is a registry that collects information on all persons with a personal number (CPR-nummer) in Denmark.
6. what is A- kasse?
A-kasse is a Danish insurance institution that offers financial protection for the unemployed.
7. What is DSFA?
It is the Danish Financial Supervisory Authority.
8. what does DBA stand for?
Danish Business Authority.
9. what is a profit and loss statement?
An income statement is a financial document that presents information about a company's financial result for a specific period.
10. what is an annual balance sheet?
An annual balance sheet is a financial document that shows the financial position of an enterprise at the end of a fiscal year.
11. What does Class A mean in the preparation of financial statements?
These are private companies based in Denmark with up to 10 full-time employees. To fall into this group, such a company's total assets must not exceed DKK 7 million and its annual net turnover should be less than DKK 14 million.
12. What does Class B mean in the preparation of financial statements?
Class B includes private and public limited liability companies, limited partnerships, commercial foundations and other companies based in Denmark that have up to 50 full-time employees. To fall into this group, a company's total assets must not exceed DKK 36 million and its annual net turnover must be less than DKK 72 million.
13. What does Class C mean in the preparation of financial statements?
Class C includes medium and large companies, limited partnerships, private and public limited liability companies, commercial foundations and other companies based in Denmark that have more than 50 full-time employees. To fall into this group, a company's total assets must not exceed DKK 143 million and its annual net turnover must not exceed an amount in the range of DKK 286 million.
14. What does Class D mean in the preparation of financial statements?
Class D includes all state-owned joint stock companies that are required to prepare consolidated financial statements in accordance with the rules given by the MSFF. This obligation expires after 4 or 6 years, on May 1. Class D also includes listed companies that are required to prepare separate financial statements.
15. What is Ansættelsesbevis loven?
Ansættelsesbevis loven is a Danish law that regulates the obligation of employers to provide employees with written information on terms and conditions of employment.
16. What is the UIP?
It is the Danish Labor Inspection Authority.
17. what does RUT stand for?
The Register of Foreign Service Providers.
18. What documents are needed to start a business in Denmark?
- Application for company registration
- Document confirming your identity
- Documents confirming the location of the company
- Documents confirming VAT registration
19. What is a Selvangivelse?
It is a tax return form is a document issued by the Danish Tax Authority (SKAT).
20. what is Oplyysningsseddel?
It is a document that summarizes an employee's earnings is a document that employers in Denmark are required to issue to their employees upon termination of employment.
21. By when is the tax return filed in Denmark?
Tax returns can be filed via the website within 6 months of the end of the tax year, which is at least 12 months long, but does not have to match the calendar year. If the tax year ends between February 1 and March 31, the tax return must be filed by August 1. Tax payments must be made twice a year, on March 20 and November 20.
22. What is Arsopgorelse?
Arsopgorelse is a Danish term meaning "annual report."
23 What is Forretningplan?
Forretningplan is a Danish term meaning "business plan."
24. Where should one register a business in Denmark?
Registration is done through the website www.erhvervsstyrelsen.dk.
25. what is IFRS?
It is the International Financial Reporting Standards.
26. what does IASB stand for?
The International Accounting Standards Board.
27. what is DASC?
It is the Accounting Standards Committee.
28. what does EFRAG stand for?
The European Financial Reporting Advisory Group.
29. what is the SSR?
It is the Danish Financial Supervisory Authority.
30. Where should food product imports be reported in Denmark?
Importation of food products into Denmark must be reported to the Danish Veterinary and Food Inspectorate (www.vfd.dk).
