Legal & Regulatory

Customs and Import Controls

For goods of a value under 1000kg or EUR 1000, a verbal declaration at Customs, and presenting the invoice, is sufficient. For higher values, you must deposit at the Customs office: 1) a brief declaration (air or maritime manifest) to conclude the collection of the goods. 2) a common law declaration (SAD, single administrative document), as well as the accompanying documents to allow their clearance. The SAD form can be obtained from Chambers of Commerce or an approved printer. A computerised Customs clearance platform (SOFI: International freight computer system) can be accessed in Customs offices or in some Chambers of Commerce. In the case of deliveries and purchases within the European Community, the declaration of exchange of goods (DEB) or Intrastate declaration must be sent to the Customs service.

As part of the "SAFE" standards advocated by the World Customs Organisation (WCO), the European Union has set up a new system of import controls, the "Import Control System" (ICS), which aims to secure the flow of goods at the time of their entry into the customs territory of the EU. This control system, part of the Community Program eCustomer, has been in effect since January 1, 2011. Since then, operators are required to pass an Entry Summary Declaration (ENS) to the customs of the country of entry, prior to the introduction of goods into the customs territory of the European Union.

The Union Customs Code will fully enter into force in May 2016. It replaces the Modernised Customs Code (MCC) and simplifies various procedures, such as introducing a paperless environment, centralised clearance, and more. You can check the Customs website of the EU for updates.

FX policies

The fixed-exchange-rate policy means that Denmark's monetary policy is aimed at keeping the krone stable against the euro. Danmarks Nationalbank conducts monetary policy by setting the monetary-policy interest rates. These interest rates are linked to the lending and deposit facilities made available by Danmarks Nationalbank to the banks and mortgage banks. When Danmarks Nationalbank changes its interest rates relative to those of the European Central Bank (ECB), this normally affects the exchange rate of the krone against the euro. Via the money market, the monetary-policy interest rates also affect the lending and deposit rates offered to firms and consumers

GDP:

$306.9 billion

OECD Risk Score:

1

Ease of doing business index

3rd

Household income

$44,360