Licence types
Investment firms
Brokerage, dealing, portfolio management and advice under securities law. Compared across 54 regimes. Figures are the statutory minimums from each regulator; real capital needs are usually higher.
| Jurisdiction | Licence | Minimum capital | Timeline | Risk |
|---|---|---|---|---|
| Austria Europe (EU) | Investment firm licence (Wertpapierfirma); simplified licence for a Wertpapierdienstleistungsunternehmen under the MiFID II Art. 3 exemption FMA | EUR 75,000 | FMA informs the applicant within six months of a complete application (WAG 2018 s. 3) | Standard |
| Belgium Europe (EU) | Authorisation as a stockbroking firm (beursvennootschap / société de bourse) or as a portfolio management and investment advice company NBB (stockbroking firms, after FSMA advice); FSMA (portfolio management and investment advice companies) | EUR 75,000 | MiFID II art. 7(3): decision within 6 months of a complete application | Standard |
| Cyprus Europe (EU) | Cyprus Investment Firm (CIF) authorisation CySEC | EUR 75,000 | MiFID II art. 7(3): decision within six months of a complete application | Standard |
| Estonia Europe (EU) | Authorisation of an investment firm Finantsinspektsioon | EUR 75,000 | Decision within 2 months of all required information and documents, and not later than 6 months after the application | Standard |
| France Europe (EU) | Agrément as an investment firm (entreprise d'investissement) ACPR, with the AMF reviewing the programme of operations for the investment services concerned | EUR 75,000 | 6 months from a complete file; 4 months for an extension of services (ACPR) | Standard |
| Germany Europe (EU) | Investment firm licence (Wertpapierinstitut) BaFin | EUR 75,000 | Not published | Standard |
| Ireland Europe (EU) | MiFID investment firm authorisation Central Bank of Ireland | EUR 75,000 | Determination within 6 months of receipt of a complete application | Standard |
| Italy Europe (EU) | Investment firm (SIM) authorisation (MiFID II) CONSOB after consulting Banca d'Italia | EUR 75,000 | CONSOB decides within 6 months of a complete application (TUF art. 19(1)) | Standard |
| Lithuania Europe (EU) | Financial brokerage firm (investment firm) licence Bank of Lithuania | EUR 75,000 | MiFID II art. 7(3): decision within 6 months of a complete application | Standard |
| Luxembourg Europe (EU) | Investment firm authorisation (MiFID II) CSSF | EUR 75,000 | Decision notified within 6 months of a complete application; final deadline 12 months, silence equals refusal | Standard |
| Malta Europe (EU) | Investment services licence (MiFID investment firm) MFSA | EUR 75,000 | MiFID II art. 7(3): decision within six months of a complete application | Standard |
| Netherlands Europe (EU) | Investment firm licence (MiFID II) AFM (prudential supervision by DNB) | EUR 75,000 | Not published | Standard |
| Poland Europe (EU) | Authorisation to conduct brokerage activity as a brokerage house (dom maklerski) KNF | EUR 150,000 | MiFID II art. 7(3): decision within 6 months of a complete application; no Polish-specific deadline verified | Standard |
| Portugal Europe (EU) | Investment firm authorisation (MiFID II) CMVM (registration of financial intermediaries); allocation of the authorisation decision not verified | EUR 75,000 | Not published | Standard |
| Spain Europe (EU) | Investment firm authorisation (empresa de servicios de inversion) CNMV | EUR 75,000 | Decision within 6 months of receipt or of completion of the file; silence may be treated as refusal (Ley 6/2023 art. 131(1)) | Standard |
| Gibraltar Europe (non-EU) | Investment firm (Part 7 permission) GFSC | GBP 75,000 | Not published | Standard |
| Guernsey Europe (non-EU) | Licence under the Protection of Investors Law GFSC | Not published | Not published | Standard |
| Isle of Man Europe (non-EU) | Class 2 investment business licence IOMFSA | Not published | IOMFSA service standard of 6 months from a complete application; longer if incomplete or issues arise | Standard |
| Jersey Europe (non-EU) | Registration to carry on investment business JFSC | Not published | Not published | Standard |
| Liechtenstein Europe (non-EU) | Investment firm authorisation (Zulassung als Wertpapierfirma); asset management company licence under the VVG for advisory and portfolio management firms that hold no client assets FMA Liechtenstein | EUR 75,000 | FMA decides at the latest six months after receipt of the complete application (WPFG Art. 6(5)) | Standard |
| Monaco Europe (non-EU) | CCAF agrément for financial activities (portfolio management, advice, reception and transmission of orders, custody, multi family office) CCAF | EUR 150,000 | The Commission decides within 6 months of receiving a complete file | High risk |
| Switzerland Europe (non-EU) | Securities firm licence FINMA | CHF 1,500,000 | Not published | Standard |
| United Kingdom Europe (non-EU) | MiFID investment firm (Part 4A permission) FCA | GBP 75,000 | FSMA Part 4A deadlines: 6 months from a complete application, 12 months from an incomplete one (as stated for bank applications by the Bank of England) | Standard |
| Bahrain Middle East | Investment firm licence (Category 1 to 4) Central Bank of Bahrain | BHD 25,000 | Not published | Standard |
| Qatar (QFC) Middle East | QFC authorisation as investment dealer (dealing in investments as principal) QFC Regulatory Authority | QAR 7,000,000 | Not published | Standard |
| Qatar (QFC) Middle East | QFC authorisation as an INMA firm (investment management, advisory, arranging, custody, agency dealing) QFC Regulatory Authority | QAR 900,000 | Not published | Standard |
| United Arab Emirates (onshore) Middle East | Financial activity licence (dealing, brokerage, custody, advice, portfolio management and similar) Capital Market Authority (formerly SCA) | Not published | Not published | Standard |
| United Arab Emirates: Abu Dhabi Global Market (ADGM) Middle East | Financial Services Permission for Dealing in Investments as Principal or Providing Credit (Category 2) FSRA | USD 2,000,000 | Not published | Standard |
| United Arab Emirates: Abu Dhabi Global Market (ADGM) Middle East | Financial Services Permission for Dealing in Investments as Agent or as Matched Principal (Category 3A) FSRA | USD 500,000 | Not published | Standard |
| United Arab Emirates: Abu Dhabi Global Market (ADGM) Middle East | Financial Services Permission for Managing Assets or Managing a Collective Investment Fund (Category 3C) FSRA | USD 250,000 | Not published | Standard |
| United Arab Emirates: Dubai International Financial Centre (DIFC) Middle East | Licence for Dealing in Investments as Principal or Providing Credit (Category 2) DFSA | USD 2,000,000 | Not published | Standard |
| United Arab Emirates: Dubai International Financial Centre (DIFC) Middle East | Licence for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A) DFSA | USD 200,000 | Not published | Standard |
| United Arab Emirates: Dubai International Financial Centre (DIFC) Middle East | Licence for Managing Assets or Managing a Collective Investment Fund (Category 3C) DFSA | USD 140,000 | Not published | Standard |
| Australia Asia-Pacific | Australian Financial Services Licence (dealing, advice, custody, managed investment schemes) ASIC | AUD 50,000 | Not published | Standard |
| Hong Kong Asia-Pacific | SFC licence for Type 1 regulated activity (dealing in securities) SFC | HKD 5,000,000 | SFC states about 15 weeks for a licensed corporation application | Standard |
| Japan Asia-Pacific | Financial instruments business registration (Type I and investment management) FSA (via the local Finance Bureau) | JPY 50,000,000 | Not published | Standard |
| Labuan (Malaysia) Asia-Pacific | Labuan securities licence Labuan FSA | MYR 150,000 | Not published | Standard |
| New Zealand Asia-Pacific | FMA market services licence: discretionary investment management service (DIMS) and managed investment scheme manager FMA | Not published | Not published | Standard |
| Philippines Asia-Pacific | Broker-dealer licence SEC | Not published | Not published | Standard |
| Singapore Asia-Pacific | Capital markets services licence (CMS), dealing in capital markets products and other regulated activities MAS | SGD 50,000 | MAS expects up to 6 months to review a complete application; IPA holders then have up to 6 months to meet conditions | Standard |
| South Korea Asia-Pacific | Financial investment business authorisation or registration (investment dealer, broker, collective investment, advisory) FSC | Not published | Not published | Standard |
| Antigua and Barbuda Americas & Caribbean | Broker-dealer, custodian or investment adviser licence (ECSRC) Eastern Caribbean Securities Regulatory Commission | Not published | Not published | Standard |
| Bahamas Americas & Caribbean | Registration as a securities firm (dealing, arranging, managing, advising; CFD dealing) Securities Commission of The Bahamas | Not published | Not published | Standard |
| Barbados Americas & Caribbean | Registration as broker, dealer, investment adviser, trader, underwriter or securities company Financial Services Commission | Not published | Not published | Standard |
| Bermuda Americas & Caribbean | Investment business licence or Class A / Class B registered person Bermuda Monetary Authority | Not published | Not published | Standard |
| British Virgin Islands Americas & Caribbean | Investment business licence Financial Services Commission | Not published | Not published | High risk |
| Canada Americas & Caribbean | Securities dealer, adviser (portfolio manager) or investment fund manager registration Provincial and territorial securities regulators; investment dealers and mutual fund dealers must also be CIRO members | CAD 25,000 | Not published | Standard |
| Cayman Islands Americas & Caribbean | Securities investment business licence (and registered person status) Cayman Islands Monetary Authority | KYD 100,000 | Not published | Standard |
| Curaçao Americas & Caribbean | Securities intermediary and/or asset manager licence (effectenbemiddelaar / vermogensbeheerder) Centrale Bank van Curaçao en Sint Maarten (CBCS) | Not published | CBCS decides within 60 days of a complete application | Standard |
| Dominica Americas & Caribbean | Broker-dealer, limited service broker, investment adviser and custodian licences Eastern Caribbean Securities Regulatory Commission | Not published | Not published | Standard |
| Panama Americas & Caribbean | Licencia de casa de valores (broker-dealer licence); licencia de asesor de inversiones (investment adviser licence) Superintendencia del Mercado de Valores | Not published | Not published | Caution |
| Mauritius Africa | Investment Dealer licence (Full Service Dealer including or excluding Underwriting, Broker, Discount Broker) Financial Services Commission | Not published | Not published | Standard |
| Seychelles Africa | Securities dealer licence Financial Services Authority | USD 50,000 | Not published | Standard |
| South Africa Africa | Financial services provider (FSP) licence Financial Sector Conduct Authority | Not published | Not published | Standard |
Sources are listed on each jurisdiction page. Information only, not legal advice.