Denmark – Viking country
Based in Northern Europe, Denmark is the smallest of the Scandinavian countries and consists of the peninsula of Jutland (Jylland) and some 400 named islands. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark. A maritime country, Denmark borders both the Baltic and the North Sea.
Once the seat of Viking raiders, Denmark has today evolved into a prosperous, industrialized and highly developed nation who has been participating actively in the general political and economic integration of Europe.
Well known as one of the most egalitarian societies in the world, Denmark is a constitutional monarchy with a parliamentary system of government and a unicameral parliament. The population of Denmark is approximately 5.4 million. Danish is the principal language and fluency in English is high amongst Danes as it is a required school subject. Copenhagen is the country’s capital – a city rich in history and culture.
Denmark became a charter member of the United Nations and was one of the original signers of the North Atlantic Treaty and OECD. Denmark became a member of the European Union (EU) in 1973, although it has not yet joined the Eurozone. In a referendum on Denmark’s participation in the third phase of the Economic and Monetary Union (EMU), particularly the common currency, the euro, held in September 2000, more than 53% of Danes voted “no,” and Denmark retained krone as its currency unit.
Denmark boasts of a modern market economy dependent on imported raw materials and foreign trade. Its mixed market capitalist economy is characterized by a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy. The booming Danish economy has resulted in Danes enjoying the highest per capita GDP in the European Union (EU).
Denmark has a large fishing industry, and possesses a merchant fleet of considerable size. The manufacturing sector’s main areas of activity include food products, chemicals, machinery, metal products, electronic and transport equipment, beer and paper and wood products. Tourism is also an important economic activity.
Denmark is a net exporter of food and energy. Its main exports include machinery, instruments, animals and foodstuffs, chemicals and oil and gas.
According to World Bank Group, Denmark has the most flexible labour market in Europe (the labour market was deregulated in the 1990s). Also, according to the World Economic Forum 2008 report, IMD and The Economist, Denmark is one of the most competitive economies in the world. According to rankings by OECD, Denmark has the most free financial markets in EU-15 and also one of the most free product markets.
Like the rest of the world, Denmark was affected by the 2008-2009 global economic crisis. The recent Greek financial crisis has affected Denmark to some extent–as the euro falls in value, the krone also falls, making Danish exports more competitive. However, the Danish economy is now on its path to recovery.
Danes enjoy among the highest standards of living in the world and the Danish economy is characterized by extensive government welfare measures- its social-welfare programmes are the envy of continents, and an equitable distribution of income. Literacy is 100% since education is free and unemployment is low. Denmark has been frequently ranked as one of the happiest and least corrupt countries in the world.
Danish Business Immigration Investor program;
Competitive business costs, very flexible labour market conditions, and a wide range of options for business development and innovation make Denmark an attractive choice for new investors and businessperson who wish to invest in and establish a business in the country.
Denmark has been repeatedly ranked as the best country to do business in. It is also ranked as one of the easiest places in the world to do business in. Denmark is known as the country with the highest income equality rate. The country’s political and social stability, attractive working conditions and high standard of living and education makes it a desirable destination for investors who would like to settle and conduct business in Europe.
Denmark does not offer a specific program for citizenship or residency by investment. Countries offering such programs require an applicant invest a substantial amount of money in an economically viable business, government approved projects or bonds in the destination country. This investment has to be generally maintained for a specific period of time and the applicant has to fulfill certain conditions before citizenship or residency is granted.
However, businessmen who wish to make an investment and operate a business or establish a company in Demark may apply under the Self–employed class of Denmark immigration.
When processing an application under the self-employed class, the Immigration Service will pay particular attention to the following conditions:
- There must be particular Danish business interests related to the establishment of a business in Denmark.
- The applicant must present documentation that proves that he/she has access to sufficient financial means to run a business in Denmark.
- The applicant’s physical presence and involvement is vital to the establishment of the business, and the applicant must participate actively in its day-to-day operation. If the applicant had only financial interests in the business – for example, if the applicant is a shareholder – then he/she is not eligible for a Danish residence and work permit.
Normally, applicants are considered ineligible for a residence and work permit for the purpose of opening a restaurant, retail shop, small business enterprise and suchlike in Denmark. An applicant can begin work in Denmark after receiving the residence and work permit. If the applicant works in a self-employed capacity and/or starts an independent company in Denmark illegally, he/she risks expulsion, fine or imprisonment.
Residence and work permit is usually granted for a period of one year. After this time, an applicant can apply for an extension of the permit.
Residence and work permits can be revoked if the company ceases operations or if there is a significant change in its type of activity. The applicant is obliged to inform the Immigration
Service if any of these should happen. If the applicant decides to shut down the company and open a new one, he/she must apply for a new residence and work permit providing details of the new company or business to be established.
If an applicant has been granted a residence and work permit as a self-employed person, he/she does not automatically have the right to bring his/her family to Denmark. The applicant’s spouse, registered partner or cohabiting partner, as well as any children under the age of 18 who are living at home with the applicant, may be eligible for residence permits. However, the applicant’s family members must be able to support themselves and they have to live together with the applicant at the same address in Denmark. The applicant’s spouse, registered partner or cohabiting partner is allowed to work full-time for the entire period his or her permit is valid.
Only the principal applicant who is applying for a residence and work permit as self-employed person is required to complete the application form.
Along with the application form, the applicant has to also provide:
- Documentation of paid fee
- Copy of passport and two passport photos
- Documentation for CVR (in the central company register of the Danish Commerce and Company Agency
- Annual report or budget (preferably reviewed by an accountant)
- Documentation for equity interest or company equity
- Business plan, which includes type of business, innovative aspects of company or prospective number of workplaces
- Documentation for any partnerships with or other forms of support from Danish companies.
- Documentation for any contracts or other agreements the applicant has entered into
- Documentation for relevant training/education, previous experience as a self-employed person and/or work from the field in question
- Documentation for personal capital (e.g. bank statements)
|Benefits of Danish Residence Permit for investors:
1. Easy access to entire European Union and some of the wealthiest consumers in the world.
2. Availability of highly flexible and productive work force.
3. Strategic European location coupled with excellent infrastructure.
4. Best test market in the world and highly cost efficient.
5. Citizenship can be obtained after 5 years of continuous stay.