Denmark

Financial Reporting Obligations for Companies in Denmark

1. Registry for Submission of Financial Statements

In Denmark, companies are required to submit their annual reports (financial statements) to the Danish Business Authority (Erhvervsstyrelsen). Submissions are filed to the Financial Statements Register (Regnskabsregisteret).

2. Legal Forms Obliged to Publish Financial Statements

The following legal forms must submit and publish financial statements in the Regnskabsregisteret (subject to thresholds or special rules noted):

  • Aktieselskab (A/S) — Public Limited Company
    • Obligated: Yes (always)
  • Anpartsselskab (ApS) — Private Limited Company
    • Obligated: Yes (with small-company audit exemptions possible)
  • Iværksætterselskab (IVS) — Entrepreneurial Company
    • Note: Form phased out for new registrations; existing IVS follow ApS rules until conversion or dissolution.
  • Partnerselskab (P/S) — Limited Partnership Company with Shares
    • Obligated: Yes (with small-company audit exemptions possible)
  • Kommanditselskab (K/S) — Limited Partnership
    • Obligated: Yes (with small-company audit exemptions possible)
  • Interessentskab (I/S) — General Partnership
    • Obligated: Yes, when one or more partners are legal entities; otherwise may be exempt.
  • Foreninger med erhvervsmæssig karakter — Commercial Associations
    • Obligated: Yes, subject to business activity and thresholds.
  • Andelsselskab med begrænset ansvar (A.m.b.a.) — Cooperative with Limited Liability
    • Obligated: Yes (with small-company audit exemptions possible)
  • Erhvervsdrivende fonde — Commercial Foundations
    • Obligated: Yes (always)

Legal forms generally not obliged to publish financial statements (unless specific criteria are met):

  • Enkeltmandsvirksomhed — Sole Proprietorship (may be exempt; filing can arise if VAT-registered or thresholds are exceeded).
  • Personligt ejet mindre virksomhed (PMV) — Personally Owned Small Business (generally exempt unless opting into regimes or exceeding criteria).
  • Interessentskab (I/S) — General Partnership with only natural-person partners (generally exempt unless thresholds or specific conditions apply).
  • Frie erhverv — Freelancers/self-employed (generally exempt unless VAT-registered or exceeding thresholds).

3. Audit Requirements for Financial Statements

Audit obligations in Denmark depend on legal form and size. The table below summarizes the rules and criteria.

Legal Form (Original)

Audit Rule

Criteria

Aktieselskab (A/S)

Mandatory audit

Always audited; no exemptions.

Anpartsselskab (ApS)

Audit unless exempt

Exemption if, for two consecutive years, the company meets at least two of: turnover < DKK 8m; total assets < DKK 4m; employees < 12.

Partnerselskab (P/S)

Audit unless exempt

Same exemption thresholds as ApS.

Kommanditselskab (K/S)

Audit unless exempt

Same exemption thresholds as ApS.

Interessentskab (I/S)

Audit depends on partners

If any partner is a legal entity → follow ApS rules; if all partners are natural persons → may be exempt.

A.m.b.a. (Cooperative with Limited Liability)

Audit unless exempt

Same exemption thresholds as ApS.

Erhvervsdrivende fonde (Commercial Foundations)

Mandatory audit

Always audited; no exemptions.

Small-company audit exemption (where available) applies if, for two consecutive financial years, the entity meets at least two of: turnover < DKK 8 million; total assets < DKK 4 million; employees < 12.

Special notes: A/S and Commercial Foundations must always be audited. IVS is phased out for new registrations; existing IVS follows ApS rules until converted or dissolved.

4. Stock Exchange Listing and Financial Statements

Companies listed on the Danish stock exchange must publish their financial statements on Nasdaq Copenhagen ( https://www.nasdaqomxnordic.com ).

5. Deadline for Submitting Financial Statements

  • General deadline: Within five months after the end of the financial year for ApS and A/S.
  • Listed companies: Typically within four months after the end of the financial year.

6. Partial Financial Statements

There are no specific provisions for filing partial financial statements. Required entities must submit complete annual reports in line with Erhvervsstyrelsen rules.

7. Consequences of Not Submitting Financial Statements on Time

  • Fines: Daily penalties may be imposed until submission.
  • Legal actions: Persistent non-compliance can result in legal proceedings and striking off.
  • Dissolution: In severe cases, compulsory dissolution may follow.

8. Conditions for Foreign-Owned Branches and Newly Established Companies

  • Foreign-owned branches: Must submit financial statements in line with parent obligations; deadlines and formats mirror domestic entities. Translations into Danish may be required where applicable.
  • Newly established companies: Apply the same deadlines from the end of their first financial year according to legal form.

Sources

Source Link
Erhvervsstyrelsen (Danish Business Authority) https://erhvervsstyrelsen.dk
Regnskabsregisteret (Financial Statements Register) https://datacvr.virk.dk
Nasdaq Copenhagen https://www.nasdaqomxnordic.com
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