Amendments to Danish Companies Act into force
18 March 2021 - On 1 January 2021, certain amendments to the Danish Companies Act came into force. The following are the key changes to be taken into consideration in order to comply with the new rules:
- Danish companies governed by the Danish Companies Act must store documents for a minimum of 5 years from the end of the financial year in which the documents were produced. In addition, the documentation must be stored in a proper manner and be provided to public authorities without a delay in case of inspection. Non-compliance with the new rules may result in compulsory dissolution of the company.
- Members of the company's executive board must be individuals who actually serve as members of management. To ensure this, the Danish Business Authority (the “DBA”) has the option of requiring additional verification of the person's identity, or even requesting a personal appearance. In case of doubt, the registration might be rejected, and the person deregistered from the CRV register.
- Companies must declare their actual registered addresses. To ascertain whether the company complies with this requirement, the DBA has the right to conduct inspections of registered offices. In case of non-compliance, the authority has the right of referring for compulsory dissolution of the company.