companydata.dkPublic limited company (A/S)
An aktieselskab (A/S) is a Danish limited company with share capital of at least DKK 400,000 and a requirement for both an executive board and a board of directors (or supervisory board). Only an A/S can be listed on a stock exchange.
The A/S is the company form for larger businesses. Compared to an ApS, the capital requirement is higher and the governance structure more formal: a board of directors (or supervisory board) is required in addition to the executive board. At least 25% of the capital — but always at least DKK 20,000 — must be paid in at formation.
A/S vs. ApS
- Capital requirement: DKK 400,000 versus the ApS's DKK 20,000
- Governance: both a board of directors/supervisory board and an executive board required — an ApS can manage with an executive board alone
- Shares can be offered to the public and listed — ApS shares cannot
- Signal value: an A/S is often perceived as more established by customers and partners
Related terms
Private limited company (ApS)
An anpartsselskab (ApS) is a Danish private limited company where the owners are liable only for their contribution. It is Denmark's most common company type and requires share capital of at least DKK 20,000.
Share capital (selskabskapital)
Share capital (selskabskapital) is the capital the owners have subscribed and contributed to a limited company. The minimum is DKK 20,000 for an ApS and DKK 400,000 for an A/S. The capital is public in CVR and can later be increased or reduced.
Board of directors (bestyrelse)
The bestyrelse (board of directors) is a company's supreme governing body: it sets strategy, appoints the executive board, and supervises day-to-day management. An A/S must have a board (or supervisory board); in an ApS it is optional.
Executive board (direktion)
The direktion (executive board) is a company's day-to-day management — one or more directors registered in CVR who run daily operations. Every Danish limited company must have one.