Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to Finanstilsynet's decision, including banking and payment rails.
Get an investment license in Denmark.
A market of 6.0 million people under a 2021 act written for investment firms alone: lov om fondsmæglerselskaber og investeringsservice og -aktiviteter (lov nr. 1155 af 8. juni 2021) gives Finanstilsynet the licence of § 13 for an aktieselskab with a bestyrelse and a direktion, § 18 capital of €75,000, €150,000 or €750,000 by service set, and a § 22 clock of six months from a complete application with a hard stop at twelve. Finanstilsynet counted 59 fondsmæglerselskaber in December 2025, 16 in klasse 2 and 43 in klasse 3. Finanstilsynet publishes no application fee. Corporate tax is 22%, 26% for financial companies under § 17 A. We build the file from Copenhagen.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Denmark in brief
A 2021 act of its own, a twelve-month hard stop and 59 firms on the count.
Denmark took investment firms out of its Financial Business Act in 2021. Lov om fondsmæglerselskaber og investeringsservice og -aktiviteter, lov nr. 1155 af 8. juni 2021, in force since 26 June 2021, makes any undertaking providing the bilag 1, afsnit A services a værdipapirhandler that needs Finanstilsynet's tilladelse (§ 13, stk. 1), and calls those that are not banks, mortgage banks or UCITS management companies fondsmæglerselskaber (§ 13, stk. 2). Bilag 1 follows MiFID II Annex I, custody ancillary. The firm is an aktieselskab with a bestyrelse and a direktion (§ 26), head office and registered office in Denmark (§ 20, nr. 8), and a member of Garantiformuen (§ 20, nr. 9). § 18 sets the capital: €75,000 for services 1, 2, 4, 5 and 7 without permission to hold client money or securities, €150,000 in the general case, €750,000 for own-account dealing or firm-commitment underwriting, or for own-account dealing with an OTF.
§ 22 gives the applicant two clocks: a reasoned refusal must arrive within six months of receipt, or of the information that completes the file, and a decision must come within twelve months of receipt; after six months of silence on a complete application the applicant may go to court. The file goes in via virk.dk: business model, the bestyrelse's forretningsorden (§ 68, stk. 1), the direktion's guidelines (§ 67, stk. 2), procedures per service, AML policies under hvidvaskloven § 8 and three years of monthly budgets. Finanstilsynet publishes no application fee; the annual levy for a Danish-licensed firm we confirm rather than print. Finanstilsynet counted 59 fondsmæglerselskaber in December 2025, up from 46 in 2021 - 16 in klasse 2, 43 in klasse 3 - with DKK 1,154 million of profit after tax. Selskabsskat is 22%, with a 26/22 factor for financial companies under § 17 A. We build the file from Copenhagen.
A 6.0 million market under a 2021 act of its own: Finanstilsynet's licence as fondsmæglerselskab under § 13 - § 18 capital €75k/€150k/€750k, six months from a complete file with a twelve-month backstop (§ 22), FAIF at €125k, 59 firms on the 2025 count, the 30-state passport.
22% selskabsskat, 26% for financial companies under § 17 A, Garantiformuen €20,000, no printed application fee. A/S with bestyrelse and direktion. Built end to end from Copenhagen.
The two builds
The fondsmæglerselskab - or the FAIF under the AIFM act.
Two Finanstilsynet licences under two acts: the fondsmæglerselskab under § 13 of the 2021 act at €75,000-€750,000 by service set, and the forvalter af alternative investeringsfonde under the AIFM act at €125,000. The investeringsrådgiver sits below both, insured rather than capitalised and without a passport. We fix the act before the file.
The § 13 fondsmæglerselskab - or the €125k FAIF.
01 - FONDSMÆGLERSELSKAB
The § 13 investment firm
Tilladelse under § 13 of lov nr. 1155/2021 for the bilag 1, afsnit A services - RTO, execution, portfolio management, advice, own-account dealing, underwriting and placing, MTF and OTF - with § 18 capital at €75,000 without permission to hold client money or securities, €150,000 as the general tier, €750,000 for dealing on own account or firm-commitment underwriting.
Tilladelse under § 13 of lov nr. 1155/2021 for the bilag 1, afsnit A services - RTO, execution, portfolio management, advice, own-account dealing, underwriting and placing, MTF and OTF - with § 18 capital at €75,000 without permission to hold client money or securities, €150,000 as the general tier, €750,000 for dealing on own account or firm-commitment underwriting.
- ✓Bilag 1, afsnit A, nr. 1-9 · custody ancillary
- ✓€75,000 - nr. 1, 2, 4, 5, 7 without client assets
- ✓€150,000 - the general tier
- ✓€750,000 - nr. 3 and 6 · nr. 3 with 9
- ✓6 months from a complete file, 12 absolute (§ 22)
- ✓Klasse 2 K-factors · klasse 3 fixed overheads
02 - FAIF · AIFM
€125,000 initial capitalThe FAIF under the AIFM act
The tilladelse som forvalter af alternative investeringsfonde under lov om forvaltere af alternative investeringsfonde m.v. - €125,000 for an external manager and €300,000 for an internally managed fund under AIFMD art. 9 - with automatic Garantiformuen membership on authorisation and Finanstilsynet's notification fees of DKK 4,100-8,000 for marketing across the EEA.
FAIF under the AIFM act at €125,000 external or €300,000 internal, Garantiformuen membership automatic, EEA notification fees DKK 4,100-8,000.
- ✓FAIF tilladelse under the AIFM act
- ✓€125,000 external · €300,000 internal (AIFMD art. 9)
- ✓UCITS ManCo separately under lov om finansiel virksomhed § 10
- ✓Garantiformuen membership automatic on authorisation
- ✓AIFM notification fees DKK 4,100-8,000
- ✓Application via virk.dk, as for the fondsmæglerselskab
Costs and timelines are confirmed for your case before any work begins. Finanstilsynet prints no application fee for a fondsmæglerselskab and no annual levy figure for a Danish-licensed one; the published § 361 amounts - DKK 8,000 for an EU/EEA branch, DKK 15,000 for a third-country branch - are the neighbours' lines, and yours is itemised in your quote.
Why Denmark
An act of its own, a hard stop and a count that grew.
Denmark sells a 6.0 million market behind a 2021 statute written for investment firms alone - with a clock that has a backstop and a register that has grown every year since.
✓
A market of 6.0 million
Danmarks Statistik counted 6,032,304 people in August 2026 - the client base one Danish licence reaches before the other 29 EEA states are notified.Before any passport.
✓
An act for investment firms
Lov nr. 1155 af 8. juni 2021 lifted the fondsmæglerselskab out of the Financial Business Act, with the IFD capital of § 18 and MiFID II's Annex I as bilag 1.Lov 1155/2021, § 18 IFD.
✓
Six months, twelve at most
§ 22: a reasoned refusal within six months of a complete file, a decision within twelve months of receipt whatever happens, and a right to go to court if six months pass in silence.§ 22, courts after six.
✓
A register that grew
46 fondsmæglerselskaber in 2021, then 48, 54, 59 and 59 by December 2025 - 16 in klasse 2, 43 in klasse 3 - earning DKK 1,154 million after tax between them in 2025.46 to 59 since 2021.
✓
No class 1 firm, no €5 million tier
Finanstilsynet reports no Danish firm with klasse 1 status, and the bill carries no national €5,000,000 CRR tier - the ladder stops at €750,000.Ladder stops at €750k.
✓
22% - or 26% - and a fee nobody prints
Selskabsskat is 22%, but § 17 A multiplies a financial company's taxable income by 26/22, and whether a fondsmæglerselskab falls inside is a question we settle per firm. Finanstilsynet publishes no application fee and no levy figure for a Danish-licensed firm. Budget for both, in Danish.§ 17 A, fee unprinted.
How it compares
How Denmark differs from other routes.
The honest comparison: a firm-specific act with a hard-stop clock and no printed fee - against Nordic neighbours with a printed fee, a lower rate or an older capital ladder.
Denmark vs other jurisdictions
| Feature |  Denmark | Other jurisdictions |
|---|---|---|
| Regime | Lov nr. 1155/2021 · § 13 - Finanstilsynet | Lag 2007:528 Sweden · vphl. Norway |
| Capital | €75k / €150k / €750k - § 18 | Sweden 3 kap. 6 § adds €5m · Norway still €50k / €125k / €730k |
| Passport | 30 EEA states · investeringsrådgiver none | Same passport · Norway via the EEA Agreement |
| Timeline | 6 months, 12 absolute (§ 22) · no stats | Sweden 6 months on FI's word · Norway 6 months |
Regime
DenmarkLov nr. 1155/2021 · § 13 - Finanstilsynet
Other jurisdictionsLag 2007:528 Sweden · vphl. Norway
Capital
Denmark€75k / €150k / €750k - § 18
Other jurisdictionsSweden 3 kap. 6 § adds €5m · Norway still €50k / €125k / €730k
Passport
Denmark30 EEA states · investeringsrådgiver none
Other jurisdictionsSame passport · Norway via the EEA Agreement
Timeline
Denmark6 months, 12 absolute (§ 22) · no stats
Other jurisdictionsSweden 6 months on FI's word · Norway 6 months
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Denmark | Fondsmæglerselskab - Finanstilsynet | 22% CIT · 26% financial | § 18 €75k-€750k, A/S, § 22 clock, no printed fee |
 Sweden | Värdepappersbolag - FI | 20.6% CIT | 3 kap. 6 § €75k-€5m, fee SEK 975,000, board of three |
 Finland | Sijoituspalveluyritys - FIN-FSA | 20% CIT · 18% proposed 2027 | IFR tiers, 171 firms, 90% cover to €20,000 |
 Norway | Verdipapirforetak - Finanstilsynet | CIT confirmed per case · VAT 25% | vphl. § 9-39 €50k-€730k, 6 months, no fee |
DenmarkLicense typeFondsmæglerselskab - Finanstilsynet
Taxation22% CIT · 26% financial
Requirements§ 18 €75k-€750k, A/S, § 22 clock, no printed fee
SwedenLicense typeVärdepappersbolag - FI
Taxation20.6% CIT
Requirements3 kap. 6 § €75k-€5m, fee SEK 975,000, board of three
FinlandLicense typeSijoituspalveluyritys - FIN-FSA
Taxation20% CIT · 18% proposed 2027
RequirementsIFR tiers, 171 firms, 90% cover to €20,000
NorwayLicense typeVerdipapirforetak - Finanstilsynet
TaxationCIT confirmed per case · VAT 25%
Requirementsvphl. § 9-39 €50k-€730k, 6 months, no fee
Before you apply
Requirements for the Danish licence.Requirements for the licence.
Finanstilsynet reviews against § 20 of the 2021 act and the governance order, through virk.dk, and the § 22 clock runs from receipt of a complete file. The checklist below is what a passing application contains.
01
Danish A/S - a fondsmæglerselskab must be an aktieselskab with a bestyrelse and a direktion (§ 26), head office and registered office in Denmark (§ 20, nr. 8).
02
Initial capital - €75,000, €150,000 or €750,000 under § 18 by service set; a FAIF €125,000 or €300,000 under AIFMD art. 9.
03
Fit and proper - bestyrelse and direktion members meeting §§ 75, 76 and 78 (§ 20, nr. 3), on Finanstilsynet's fit-and-proper forms and guidelines.
04
Qualifying owners - every holder meeting § 60, stk. 1 (§ 20, nr. 4), with no close links that hinder supervision (nr. 5-6).
05
Business model - the description under § 3 of the governance order, organisation chart, staff qualifications and three years of monthly budgets.
06
Board and management rules - the bestyrelse's forretningsorden (§ 68, stk. 1) and the direktion's written guidelines (§ 67, stk. 2), filed with the articles.
07
Procedures and contracts - business procedures for every service applied for, standard client contracts and an auditor's declaration.
08
AML - policies under hvidvaskloven § 8, stk. 1 and a named AML officer.
09
Garantiformuen - membership of the deposit and investor guarantee scheme as a licence condition (§ 20, nr. 9), automatic on authorisation, covering €20,000 per investor.
10
Prudential machinery - IFR arts 11-13 from day one: K-factors for klasse 2, fixed overheads or the permanent minimum for klasse 3, with sound organisational arrangements under § 20, nr. 7.
01
Danish A/S, two bodies.
02
Capital per § 18 tier.
03
Fit and proper §§ 75-78.
04
Owners under § 60.
05
Business model and budgets.
06
Forretningsorden and guidelines.
07
Procedures per service.
08
AML under hvidvaskloven § 8.
09
Garantiformuen member.
10
IFR own funds live.
Reflects lov nr. 1155 af 8. juni 2021 as quoted from bill L 207, the AIFM act and IFR/IFD as of 2026; the consolidated § numbering is confirmed against the LBK before filing.Lov 1155/2021 (bill L 207) + AIFM act + IFR/IFD, as of 2026.
How it works
From first call to Finanstilsynet's register.
01
Act and tier
The 2021 act, the AIFM act or the investeringsrådgiver route decided, services fixed under bilag 1, tier chosen - €75k, €150k or €750k - in writing before drafting.2021 act, AIFM or adviser.
02
Company and bench
Danish A/S, capital paid, bestyrelse, direktion and qualifying owners ready for §§ 75-78 and § 60.Ready for §§ 75-78.
03
The virk.dk application
Business model, forretningsorden, guidelines, procedures, AML policies and budgets - complete at filing, so the § 22 clock runs from day one.Complete, so § 22 runs.
04
Finanstilsynet review
Six months from a complete file, twelve from receipt at most; question rounds in between and a right to the courts after six months of silence.Six months, twelve max.
05
Licence and passport
Virksomhedsregister entry, Garantiformuen membership, EEA notifications - 30 markets open.30 markets open.
Quick facts
RegulatorFinanstilsynet
LicenceFondsmæglerselskab, § 13
No client assets€75,000
General tier€150,000
Dealing · underwriting€750,000
Statutory clock6 months · 12 absolute (§ 22)
Firms on register59 (December 2025)
Corporate tax22% · 26% financial
Finanstilsynet publishes no processing statistics - only the count, which rose from 46 to 59 between 2021 and 2025 - so the honest plan is the six-month statute plus the time it takes to make the file complete, with the twelve-month backstop as the outer wall.
On the ground in Denmark
Run from our Copenhagen office.
Prifinance - Denmark
Copenhagen · Denmark
Copenhagen, Denmark
01
Company and capital
Aktieselskab with bestyrelse and direktion, head office in Denmark and the § 18 tier paid - the § 20 refusal grounds closed before the file opens.§ 20 grounds closed.
02
The virk.dk file
Business model, forretningsorden, direktion guidelines, procedures per service and three years of monthly budgets drafted to the governance order - and defended through Finanstilsynet's question rounds.To the governance order.
03
Bestyrelse and direktion
Board and executive members prepared on Finanstilsynet's fit-and-proper forms under §§ 75, 76 and 78 - sourced from Copenhagen's regulated-firm bench.Fit-and-proper ready.
04
Passporting and launch
Garantiformuen membership on authorisation, safeguarding accounts and EEA notifications at one month for services (§ 34) and three for a branch (§ 33) - with our Tallinn head office a short flight across the Baltic.30 states at launch.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Denmark.
A 22% rate that becomes 26% for financial companies, a 22% dividend line that treaties and the 15% rule cut, and a 25% VAT the mandate sits outside.
Selskabsskat 22%
The rate for companies for 2026 and 2027 under § 17, stk. 1 of the selskabsskattelov - the base number for a fondsmæglerselskab.2026 and 2027.
The 26/22 factor
§ 17 A multiplies a financial company's taxable income by 26/22, which comes to 26% - the sector's samfundsbidrag. Whether a given fondsmæglerselskab falls inside is settled per firm before the model is built.§ 17 A, per firm.
Dividends 22%, or 15%
Dividends to foreign companies carry 22% under § 2, stk. 3, cut to 15% where the holder owns under 10% of the share capital and an exchange-of-information agreement exists; treaties cut further.15% under 10%.
Udbytteskat at source
Kildeskatteloven § 65: 27% withheld for individuals, 22% for companies, 15% for investment companies - reclaimed or reduced by treaty.27% · 22% · 15%.
Moms 25%
25% of the taxable base under § 33 of the momslov; the financial-services exemption of § 13, stk. 1, nr. 11 keeps the mandate outside VAT and the overheads inside.Finance exempt.
The levy nobody prints
Finanstilsynet's annual levy under ch. 22 of the Financial Business Act is printed for branches and agents - DKK 8,000, DKK 15,000 for a third-country branch - but not for a Danish-licensed firm. We confirm it with Finanstilsynet before the budget is signed.Confirmed first.
Tax summary
Corporate tax22% · 26% financial
Dividend withholding22% · 15% under 10%
VAT25% · finance exempt
Application feeNone printed
Investor cover€20,000 Garantiformuen
*Figures as of 2026 per Danish law and the Skatte- og Vækstministeriet. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Danish A/S, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
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Denmark · Finanstilsynet fondsmæglerselskab licence
Launch your investment firm in Denmark with expert support.
Full-service assistance - from the Danish A/S and the virk.dk file to the fondsmæglerselskab licence, the bestyrelse and direktion, passporting and ongoing compliance - run through our Copenhagen office.
Get a consultation →Free legal opinion
Is Denmark the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Danish investment licence, answered.
Which licence does an investment firm need in Denmark?+
Tilladelse as a fondsmæglerselskab under § 13 of lov om fondsmæglerselskaber og investeringsservice og -aktiviteter (lov nr. 1155 af 8. juni 2021) for the bilag 1, afsnit A services - RTO, execution, own-account dealing, portfolio management, advice, underwriting and placing, MTF and OTF. Fund managers need the FAIF tilladelse under the AIFM act instead.
What capital does § 18 require?+
€75,000 for services nr. 1, 2, 4, 5 and 7 without permission to hold client money or securities; €150,000 for firms outside nr. 1, 3 and 4; €750,000 for own-account dealing or firm-commitment underwriting (nr. 3 and 6), and for own-account dealing with an OTF. No Danish firm has klasse 1 status. The bill carries no €5,000,000 tier.
How long does Finanstilsynet take?+
§ 22: a reasoned refusal must reach the applicant within six months of receipt, or of the information that completes an incomplete file, and a decision must come within twelve months of receipt in any event. After six months of silence on a complete application the applicant may go to court. Finanstilsynet publishes no processing statistics.
What does the licence cost at Finanstilsynet?+
Finanstilsynet publishes no application fee for a fondsmæglerselskab, and the annual levy under ch. 22 of the Financial Business Act is printed only for branches, agents and notifications - DKK 8,000 for an EU/EEA branch, DKK 15,000 for a third-country one, DKK 4,100-8,000 for AIFM notifications. We confirm your line before filing.
What is the investeringsrådgiver route?+
A lighter licence under lov om finansielle rådgivere, investeringsrådgivere og boligkreditformidlere: personal recommendations limited to the bilag 2, nr. 1 and 3 instruments and orders passed to a værdipapirhandler or bank, professional liability insurance instead of capital, no client money, an annual fee of DKK 18,400 at 2016 level, a six-month decision - and no passport.
Who has to be in place?+
An aktieselskab with both a bestyrelse and a direktion (§ 26), each member fit and proper under §§ 75, 76 and 78, qualifying owners meeting § 60, stk. 1, and head office and registered office in Denmark (§ 20, nr. 8). No explicit four-eyes rule, no residency rule and no staff minimum appear in the bill text.
Does the licence passport across the EEA?+
Yes - the full MiFID passport into 30 EEA states: Finanstilsynet forwards a branch notification within three months (§ 33, stk. 3) and a services notification within one month (§ 34, stk. 2). An inbound EU/EEA branch may open after two months (§ 38); a third-country branch is decided in six months (§ 43). The investeringsrådgiver cannot passport.
How are Danish investment firms taxed?+
22% selskabsskat for 2026 and 2027, multiplied by 26/22 for financial companies under § 17 A where the firm falls inside; 22% on dividends to foreign companies, 15% for holders under 10% with an information-exchange agreement; udbytteskat at 27% for individuals; 25% moms with financial services exempt under § 13, stk. 1, nr. 11.
Denmark or Sweden for a new firm?+
Sweden prints everything - €75,000 to €5,000,000 of capital, a SEK 975,000 fee, SEK 250,000 of cover - and taxes at 20.6%, but wants three directors and the fee first. Denmark has no printed fee, a § 22 clock with a twelve-month backstop, and 22% (26% for financial companies). Stockholm for the lower rate; Copenhagen for the cheaper entry.
Why Prifinance for Denmark?+
A Copenhagen office for the virk.dk file, a bestyrelse and direktion prepared on Finanstilsynet's fit-and-proper forms before filing, and the § 20 grounds closed so the § 22 clock runs from day one. Our Tallinn head office is a short flight across the Baltic, and Garantiformuen membership and the EEA notifications run as part of launch.
Which licence?+
§ 13 fondsmæglerselskab.
Capital?+
€75k/€150k/€750k · FAIF €125k.
How long?+
Six months, twelve max.
Fee?+
None printed.
Adviser route?+
Insured, no passport.
People?+
Bestyrelse and direktion.
Passport?+
30 EEA states.
Taxes?+
22%, 26% financial.
Or Sweden?+
Cheaper entry vs lower rate.
Why you?+
Copenhagen office, Tallinn HQ.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Danish Financial Supervisory Authority (Finanstilsynet) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.