Denmark in brief
Denmark has improved its position in World Economic Forum’s “Global Competitiveness Index”. The efficient and respectable institutions, a relatively strong economy and the “flexicurity” model all contributed to an improvement in Denmark’s competitiveness from 15th place in 2013 to 13th place in 2014.
New Commercial Foundations Act
On 3 June 2014, the Danish Parliament passed a new Commercial Foundations Act. The Act modernises the legislation governing commercial foundations and introduces clearer rules on, among other things, the responsibilities undertaken by board members, financial statements meetings, and the appointment of auditors as well as mergers.
Denmark to relax tax scheme and create a fast-track scheme for foreign key employees
The Danish Minister of Taxation proposes to lower the minimum monthly salary requirement to qualify under the special tax scheme for international researchers and key employees by EUR 1,343. The objective is to make it easier for Danish businesses to recruit international specialists. In addition, the Danish Minister for Employment has proposed simpler access to Denmark for highly qualified employees from outside the EU. This includes a fast-track scheme that can be applied by certified companies.
Denmark easiest country in Europe to do business in Denmark is once again ranked the easiest country in Europe to do business in according to the World Bank’s Doing Business 2015 report. On a global scale, Denmark has improved its position, moving from 5th to 4th in the world, behind only Singapore, New Zealand and Hong Kong.
Growth in Danish-Chinese trading partnership
China is becoming an increasingly important trading partner for Denmark. This was underlined in September when the Danish Prime Minister, Helle Thorning-Schmidt, visited China together with a Danish business community delegation to promote and strengthen the partnership with China. The Danish surplus on the trade between the two countries has increased from DKK 1 billion in 2012 to DKK 7.8 billion in 2013 and experts predict that China will become Denmark’s leading trading partner in the future.
Stricter reporting requirements for listed companies
Through a new proposal, the Minister for Business and Growth wants to make stricter requirements for large and listed companies. This includes a requirement to publish certain payments in connection with activities within oil, gas and minerals. Also, state-owned public limited companies with more than 500 employees and other listed companies must report on their corporate social responsibility on matters such as environmental and social aspects.
Yes to the Unified Patent Court
The Danish referendum on the Unified Patent Court in May resulted in a Danish approval. Consequently, Denmark has now signed the Unified Patent Court agreement after a majo- rity of the voting Danish population supported a yes to the agreement.
Task force to strengthen efforts against unauthorised copying In a new bill, the Minister for Business and Growth proposes an increased effort against unauthorised copying by establishing a separate task force within the Patent and Trademark Office. The task force will have the powers to process enquiries from rights holders and licence holders regarding infringements of intellectual property rights. The task force will also aid the Public Prosecutor for Serious Economic and International Crime in theirs efforts against unauthorised copying.
New Danish EU commissioner
On 2 September 2014, a government reshuffle took place after the now former leader of the Social Liberals, Margrethe Vestager, was nominated Denmark’s new EU commissioner.