HOW TO: Open a company in Denmark.
- The International
- 21 hours ago
- 7 min read
Photographs: Various / Martina Lokajova
Text: Natália Šepitková
Martina Lokajova is originally from the Czech Republic and moved to Denmark in 2015 to pursue her education. Like many new internationals in Aalborg, she needed a job to support herself, so her first job was cleaning family houses. Later, when she moved to Copenhagen for her bachelor's degree, she worked as a marketing assistant at a biometric company. After completing her degree, her first full-time position was as a partner account manager at a software company, where she gained valuable experience in building win-win collaborations. This skill has been invaluable in her entrepreneurial journey. In 2021, she co-founded Tempty Foods, a Danish food innovation company that has harnessed one of nature’s hidden superpowers—mycelium, or “mushroom roots”—to create a new generation of food. Their mushroom root patties provide a delicious and sustainable alternative for those seeking to enjoy a plant-rich diet without compromising taste or quality.
Q: Why did you decide to start a business in Denmark?
A: I’ve always been the kind of person who tries to solve my problems. During my bachelor’s degree at Cphbusiness, I launched my first startup—an app designed to help people stay in shape while injured. I struggled with injuries and couldn’t find a suitable solution, so I tried to create one.
A few years later, during my master’s program at DTU, I faced a new challenge—IBS made it difficult for me to digest specific plant proteins, such as chickpeas, and I couldn’t find many alternatives that worked. That’s when I discovered mycelium (“mushroom roots”) and recognized its enormous potential for health and sustainability. That moment sparked the idea for Tempty Foods—but this time, I built the right team first.
Denmark is one of the best places to start a business if you have an innovative idea. The combination of soft funding opportunities, such as grants, and a strong startup ecosystem focused on green technology makes it possible to turn ideas into reality.
Q: What did you need before you opened your company?
A: Before launching Tempty Foods, we ensured we had the right founding team with the key competencies needed to bring our company to an MVP (minimum viable product). We also made an internal commitment agreement, deciding that from the moment we registered the company, we would give it our best effort for at least one year and see how far we could take it. This was incredibly helpful—it removed any space for doubt and kept us entirely focused on moving forward.
We also had early validation that we were onto something. We had already secured our first grants and won several competitions, including the international food innovation competition Ecotrophelia. These early successes reassured us that there was real potential in what we were building.
The combination of the right team, positive signals, and initial funding gave us the confidence to go all in and take the first big step toward making Tempty Foods a reality.
Q: Many internationals have considered opening a company in Denmark to be easier than in other countries, mainly due to the less complicated bureaucracy. Do you also have such experience?
A: Yes, starting a company in Denmark is relatively simple. If I remember correctly, we registered everything online, and within 48 hours, we had our CVR number. The only real challenge was getting a bank account, which took several weeks. That was challenging for us, as we urgently needed it for a crowdfunding campaign.
I’d also recommend that new founders, especially those with co-founders, establish a shareholder agreement early on. We were lucky to learn about this ahead of time through accelerator programmes, which helped us avoid potential challenges later. Denmark has a strong startup ecosystem, with many incubators and accelerators that provide mentorship, funding opportunities, and guidance, making the whole process of starting and structuring a company much easier.
Q: Did you also need to study some legal background (laws, rules, etc.) before opening the company?
A: Before opening the company, we searched online for the rules and asked other entrepreneurs in our network for tips on what to look into. There’s a lot of helpful information available, and speaking with others who had already gone through the process helped us understand what was important and what to be aware of. While we didn’t conduct any in-depth legal studies, we covered the basics, such as company registration, tax requirements, and contracts, so that we could start on the right foot.
Q: What was your process of opening a company like? Try to explain it step by step for those who are thinking of starting a business.
A: Opening Tempty Foods involved a few steps. First, my co-founders and I learned that the best structure for us was an ApS (private limited company) and that before registering Tempty Foods ApS, it would be ideal for each of us to have our own holding company (also ApS). Once we understood this, we used an online platform (I believe it was Legal Desk) to register our holding companies, each investing 40,000 DKK into them.
After getting our CVRs, we used our holding companies to register Tempty Foods ApS and transferred our investments into it. With a CVR for Tempty Foods, we could then apply for a business bank account, though this process took some time. Lastly, we got advice from our mentors that having a shareholder agreement was crucial, as it provides a clear structure for decision-making, including what happens if one of the founders decides to leave. This early setup helped us build a strong foundation for the company.
Q: How did you get your seed capital? Did you take advantage of any start-up grants? Are there any available for internationals?
A: We funded Tempty Foods through a mix of grants, competitions, and early investments. Within just a few weeks of working together, we secured our first funding from smaller grants and competitions, including Mikrolegat and Skylab Ignite. Later, during our first year, we received the InnoFounder grant, a crucial award that provided us with a salary for one year after graduation, allowing us to focus on building the company instead of needing a full-time job. A year later, we joined the GreenUp Accelerator, where we received a convertible note.
It took about 2.5 years before we brought on our first group of business angel investors in our pre-seed round, many of whom had experience in both the startup world and the food industry. More recently, we secured additional non-dilutive funding through Innobooster and Plantefonden, which have been great supports for our growth. As two international founders, we haven’t faced any issues when applying for grants and competitions in Denmark, making it a great place for startups to access funding.
Q: As CEO of a Denmark-based company, do you need to know the Danish language?
A: Not necessarily, but it definitely helps. As a CEO in Denmark, you can manage most business operations in English, as the startup ecosystem, investors, and many partners are used to working internationally. However, knowing Danish can be an advantage, especially for sales, networking, and handling local regulations or legal documents.
Nowadays, it’s super easy to translate documents with AI tools like ChatGPT, so language barriers are much less of an issue. In our case, my Danish co-founder handles most sales and customer-facing interactions, which has been really helpful. While I don’t need Danish for daily operations, I’ve found that understanding the language makes doing business in Denmark easier and helps build stronger connections.
Q: Can a company founded by internationals break through in the Danish market?
A: Yes, it’s definitely possible for a company founded by internationals to break through in the Danish market. Still, I believe it’s also a lot harder without a Dane or at least a Danish-speaking person on the team. While Denmark has a strong startup ecosystem and openness to innovation, networking and relationships play a huge role in business success, and being an international can make that more challenging.
One of the hurdles international founders might experience is media exposure—many Danish media outlets prefer conducting interviews in Danish, which can limit visibility if you don’t speak the language. Having a Danish co-founder has been a significant advantage for us, especially in sales and customer interactions, where cultural understanding and fluency make a difference.
That being said, I genuinely believe anything is possible if you put in the effort, energy, and persistence – so if you’re thinking about it, go for it!
Q: What is the biggest challenge for you regarding doing business in Denmark?
A: One of my biggest challenges in doing business in Denmark, especially in the food industry, is not speaking Danish fluently. When speaking to potential customers, such as chefs at fairs, I often choose to communicate in English, which can sometimes be a barrier since not everyone is accustomed to speaking English in these settings. As a result, I sometimes feel that I can’t connect on a more personal level, and conversations don’t flow as smoothly as they would if I spoke Danish, allowing people to express themselves more freely.
Q: What are the main advantages and disadvantages of doing business in Denmark?
A: When it comes to advantages, Denmark is a great place for startups, especially in sustainability and innovation, with strong support through grants, accelerators, and a simple business setup process. The high level of trust in business relationships also makes partnerships easier once you build a network.
The primary disadvantage is that the market is relatively small, which limits growth opportunities and access to larger investor capital compared to countries such as the UK and Germany. While Denmark supports early-stage startups well, scaling often requires expanding abroad.
Q: In your opinion, do internationals in Denmark significantly benefit the Danish market? If so, what kind?
A: Definitely! Denmark is a small country, and diversity would be limited without internationals. A mix of backgrounds and experiences is crucial for bringing new perspectives and innovative ideas and driving creativity across industries. Internationals also bring global networks, insights, and skills that can help Danish companies expand beyond Denmark and access new markets, making the business landscape more dynamic and competitive.
Q: What is your business plan for the future?
A: Our plan for Tempty Foods' future is to keep growing and make mycelium-based food a real, mainstream option. We’ve come a long way, but there’s still so much to do. We’re currently focused on expanding in Denmark, strengthening our B2B partnerships, and eventually moving into supermarkets so more people can get our products.
At the same time, we’re figuring out how to expand internationally, secure the proper subsequent funding, and keep innovating without losing what makes Tempty unique. It’s an exciting but challenging journey, and we’re committed to making sustainable, delicious food more accessible to everyone. So stay tempted. More products are coming.
"Denmark has a strong startup ecosystem, with many incubators and accelerators that provide mentorship, funding opportunities, and guidance, making the whole process of starting and structuring a company much easier."
