Afroscandic Business Guide.
In this edition, we shall be looking at the investment opportunities and conditions for operating business in Denmark. Denmark is a land of golden opportunities for those looking for a place to start business or to expand their business scope. There are so many reasons why you need to consider Denmark when you want to choose a place to do business.
Below is the excerpt from a recent publication from the Danish Business Council. Enjoy it!
New Danish Growth Plan:
Lower corporate tax rate, reduced energy taxation and better access to financing are elements of a new Danish growth plan that will improve conditions for doing business in Denmark.
Last week the Danish government agreed upon the main elements of a growth plan estimated at 75 billion DKK which will improve the framework conditions for operating a business in Denmark.
Minister for Trade and Investment Mrs. Pia Olsen Dyhr says:
– “We are constantly working to improve the conditions for doing business in Denmark and I am very pleased that the Danish government can now launch these significant amendments which will make it even more attractive to run a business in Denmark.”
– “Foreign investors often point to the competent Danish workforce as one of the main reasons to establish a business here. As part of the new growth plan, we have allocated DKK 1 bn. ($ 175 mill.) for continuing education to further raise the competence level of our workforce in order to improve productivity and growth”.
– “Denmark is already ranked at the top of international surveys like the World Bank’s Ease of Doing Business report, and I hope that with the new improved framework conditions even more foreign companies will choose Denmark, when they are looking to expand or professionalize their business.”
Key elements of the Danish growth plan:
• Lowered corporate taxation. A gradual reduction of the corporate taxation from the current 25% to 22% by 2016. The current EU average is 23%.
• Reduced energy taxation. Significant reduction of energy tax and levies.
• Improved access to financing. Better access to financing and liquidity for companies through an extension of VAT credit periods for companies, growth loans for entrepreneurs, small growth guarantees and new export guarantees.
• Increased tax credits for costs linked to R&D activities.
• More and improved continuing education in order to raise the overall competence level of the Danish workforce.
• More public investment projects. Increased level of public investments and a dedicated effort towards increasing investments in remodeling of private homes and energy remodeling of public buildings
•Strengthening international competiveness. Funding to address key challenges within Danish key sectors with growth potential to enhance international competitiveness.
In addition to the growth plan, the Danish Government has launched a number of initiatives in order to retain and improve Denmark’s position as one of the most advanced, competitive, and business friendly economies in the world. Those initiatives include the launch of an innovation strategy and growth teams within eight focus sectors.
The innovation strategy supports a goal-oriented approach to the creation of innovative solutions that can solve global societal challenges, while the growth teams bring businesses, organisations, Government and other stakeholders together to discuss specific industry growth conditions. These discussions will eventually lead to recommendations for the Government.
Here is another Afroscandic’s publication on Denmark : The Standard of living and Tax System in Denmark
Till our next edition, I remain your partner in progress urging you to live life creating landmarks.
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