Austria
Bulgaria
Sweden
United KingdomNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the NBB licence, including banking and payment rails.
Get a forex license in Belgium.
A forex or CFD dealer in Belgium needs a stockbroking-firm licence (société de bourse, beursvennootschap) from the National Bank of Belgium (NBB), granted under the Act of 20 July 2022 on the advice of the Financial Services and Markets Authority (FSMA). Since 18 August 2016 the FSMA Regulation of 26 May 2016 has banned the distribution to Belgian consumers, through electronic trading platforms, of CFDs and rolling spot forex with leverage, binary options and sub-one-hour derivatives. Brokers passporting in are bound too. That makes Belgium a licence for professional clients and for passporting out, not a retail CFD market. Initial capital runs from €75,000 to €750,000, the NBB decides within six months of a complete file, and we build that file from Brussels.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Belgium in brief
The NBB licence, without the Belgian retail CFD market.
Belgium licenses forex and CFD dealing through the stockbroking firm, société de bourse in French and beursvennootschap in Dutch, under the Act of 20 July 2022 on the legal status and supervision of stockbroking firms. That statute took these firms out of the Banking Act and transposed the IFD for them. The NBB grants the licence on the FSMA's advice. Services are those of Art. 2 of the Law of 25 October 2016, numbered 1 to 9 as in MiFID II Annex I, and a broker that is counterparty to its clients' trades needs service 3, dealing on own account. Initial capital follows IFD Art. 9: €750,000 for dealing on own account, €150,000 for a firm holding client money, €75,000 for one holding neither. The NBB decides within six months of a complete file, and silence after six months counts as a refusal that can be appealed to the Council of State.
Then the ban. The FSMA Regulation of 26 May 2016 forbids anyone to distribute, on a professional basis, to consumers in Belgium a derivative traded through an electronic trading system that is a binary option, runs for less than one hour or involves leverage. A Royal Decree of 21 July 2016 approved it. Its Art. 3 also bars referral rewards, bonuses that cannot be withdrawn in cash, external call centres and funding by credit card. The rule binds every firm distributing in Belgium, wherever it is established, and leaves out legal persons, consumers treated as professional clients at their own request and clients abroad served from Belgium. The register is small: on 5 October 2026 the NBB listed eight Belgian stockbroking firms, two licensed to deal on own account, none a retail CFD or FX house. Client cash at a Belgian investment firm is covered up to €100,000 per person and institution, five times the EU floor of €20,000.
A Belgian stockbroking-firm licence from the NBB under the Act of 20 July 2022, granted on FSMA advice: IFD capital €75k/€150k/€750k, six months from a complete file, EEA passport by NBB notification.
Since 18 August 2016 the FSMA has banned CFDs and forex with leverage, binary options and sub-one-hour derivatives for Belgian consumers, passported firms included. Professional clients, legal persons and clients abroad remain.
The two statuses
Two licences, two supervisors.
The NBB licenses stockbroking firms for any MiFID service, dealing on own account included. The FSMA licenses portfolio management and investment advice companies (SGPCIs) for four investment services and no dealing at all. Your model decides which file we build.
NBB stockbroking firm for dealing; FSMA SGPCI for advice and portfolios, no dealing.
01 - STOCKBROKING FIRM · NBB
The société de bourse
The société de bourse is the only Belgian investment-firm status that can deal on own account, hold client margin and provide FX services. The NBB grants it on FSMA advice at €750,000 initial capital. As an IFR class-2 firm it needs a risk committee and a remuneration committee unless average assets stay at or below €300 million.
The société de bourse is the only Belgian investment-firm status that can deal on own account, hold client margin and provide FX services. The NBB grants it on FSMA advice at €750,000 initial capital. As an IFR class-2 firm it needs a risk committee and a remuneration committee unless average assets stay at or below €300 million.
- ✓Dealing on own account - service 3
- ✓€750,000 initial capital (IFD Art. 9)
- ✓Class 2: full K-factor own funds
- ✓Variable pay capped at bank level
- ✓Approved auditor's report in phase 2
- ✓Passport out by NBB notification
02 - SGPCI · FSMA
No own-account dealingThe portfolio management and advice company
The FSMA licenses an SGPCI for four investment services only: reception and transmission, execution, portfolio management and advice. It may not deal on own account, take deposits, safekeep instruments or provide FX services, so it cannot make markets in CFDs. Fifteen firms held the status on 16 October 2026.
Services 1, 2, 4, 5 only; no deposits, no FX services; 15 firms in 2026.
- ✓Services 1, 2, 4 and 5 only
- ✓No deposits, loans or safekeeping
- ✓Compliance officer approved by the FSMA
- ✓Guarantee Fund membership required
- ✓Fee indexed yearly, due even if refused
- ✓EEA passport through the FSMA
Costs and timelines are confirmed for your case before any work begins. NBB and FSMA fees and annual contributions are confirmed in the quote, with capital, the auditor's report and substance costs itemised beside them.
Why Belgium
A central-bank licence for professional and outbound business.
Belgium sells an NBB licence and an EEA passport; it does not sell access to Belgian retail traders.
✓
Licensed by the central bank
The NBB grants the stockbroking-firm licence and supervises the firm's capital; the FSMA advises on the grant and polices conduct. The name a professional counterparty reads on the licence is the National Bank of Belgium.NBB grants, FSMA supervises conduct.
✓
No retail CFDs at home
Since 18 August 2016 no firm, Belgian or passported, may offer Belgian consumers CFDs or forex with leverage, binary options or sub-one-hour contracts through a platform. The FSMA's 2026 consumer page still states the prohibition. Plan the revenue elsewhere.Consumer ban since 18 August 2016.
✓
The ban stops at the border
The FSMA Regulation covers distribution in Belgium, and the FSMA's own FAQ leaves out distribution abroad from Belgium. A Belgian stockbroking firm notifies the NBB on the forms of Communication NBB_2020_038 of 2 October 2020, then serves clients in each EEA host state under that state's CFD rules - 30:1 to 2:1 in most of them.Clients abroad served under host rules.
✓
A green light before the build
The NBB reads a conceptual file in phase 1 and gives its green light before phase 2, when the firm is built and audited. Filing everything at once is allowed. The set-up cost is then carried at the applicant's own risk.Green light before the build spend.
✓
€100,000 of cash cover
Belgium's Guarantee Fund protects client cash held with a Belgian investment firm up to €100,000 per person per institution, paid within three months, and the Protection Fund covers instruments to €20,000. Stockbroking firms must describe the Protection Fund cover to clients in writing.Five times the EU floor.
✓
Small-firm relief to €300 million
Belgium raised the IFD's €100 million threshold threefold. A stockbroking firm averaging at most €300 million of on- and off-balance-sheet assets over four years needs no specialised board committees and no independent director (Art. 23 of the 2022 Act).No committees for small firms.
How it compares
How Belgium differs from other routes.
The Netherlands and Luxembourg keep retail CFDs open at 30:1 to 2:1. Belgium closed them to consumers in 2016, when the FSMA called these products unsuitable for retail investors, and the rest of the comparison follows from that.
Belgium vs other jurisdictions
| Feature |  Belgium | Other jurisdictions |
|---|---|---|
| Licensing authority | NBB, on FSMA advice | AFM with DNB advice · CSSF · CySEC |
| Retail CFDs | Banned to consumers since 2016 | 30:1 to 2:1 in the Netherlands and Luxembourg |
| Statutory clock | 6 months from a complete file | 13 weeks Netherlands · 12-month limit Luxembourg |
| Client cash cover | €100,000 per person | €20,000 Netherlands and Luxembourg |
Licensing authority
BelgiumNBB, on FSMA advice
Other jurisdictionsAFM with DNB advice · CSSF · CySEC
Retail CFDs
BelgiumBanned to consumers since 2016
Other jurisdictions30:1 to 2:1 in the Netherlands and Luxembourg
Statutory clock
Belgium6 months from a complete file
Other jurisdictions13 weeks Netherlands · 12-month limit Luxembourg
Client cash cover
Belgium€100,000 per person
Other jurisdictions€20,000 Netherlands and Luxembourg
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Belgium | NBB stockbroking firm | 25% CIT · 20% band if eligible | IFD €75k-€750k, retail CFD ban |
 Luxembourg | CSSF investment firm | 23.87% Luxembourg City | IFD €75k-€750k, €50,000 fee, 12-month limit |
 Netherlands | AFM investment firm - Wft 2:96 | 19% · 25.8% above €200k | IFD €75k-€750k, 13-week clock, €200/h fee |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
BelgiumLicense typeNBB stockbroking firm
Taxation25% CIT · 20% band if eligible
RequirementsIFD €75k-€750k, retail CFD ban
LuxembourgLicense typeCSSF investment firm
Taxation23.87% Luxembourg City
RequirementsIFD €75k-€750k, €50,000 fee, 12-month limit
NetherlandsLicense typeAFM investment firm - Wft 2:96
Taxation19% · 25.8% above €200k
RequirementsIFD €75k-€750k, 13-week clock, €200/h fee
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD €75k-€750k, EU passport
Europe
Forex licences in neighbouring jurisdictions
Before you apply
Requirements for the NBB licence.Requirements for the licence.
The NBB wants to hear from an applicant before anything is filed, then reads a conceptual file before the firm is built. The ten items below are what a stockbroking-firm application contains.
01
Belgian-law company - a société de bourse de droit belge, with the required prior contact with the NBB's services before the file goes in.
02
Initial capital - €750,000 for dealing on own account, €150,000 with client money, €75,000 otherwise, at the IFD Art. 9 levels the 2022 Act adopts.
03
Two effective managers - at least two natural persons of professional integrity and adequate expertise, deciding collegially and under mutual control (MiFID II Art. 9).
04
Qualifying shareholders - every holder of 10% or more able to ensure sound and prudent management, as MiFID II Art. 10-13 require.
05
Three control functions - risk management, compliance and internal audit, independent; internal audit can be outsourced in full, compliance and risk tasks only without the responsibility.
06
Board committees - a risk committee and a remuneration committee for a class-2 firm, unless average assets stay at or below €300 million over four years (Art. 23 of the 2022 Act).
07
Client categorisation - opt-up procedures under MiFID II Annex II on file, because a Belgian consumer is outside the 2016 ban once treated as a professional client at their own request.
08
Approved auditor's report - a réviseur agréé, paid by the applicant, reports on the conditions and organisation in phase 2, and the NBB may visit on site.
09
Investor protection - client cash covered to €100,000 by the Guarantee Fund and instruments to €20,000 by the Protection Fund, with clients told of the cover in writing (Royal Decree of 25 May 1999).
10
AML/CFT - a framework under the Law of 18 September 2017, supervised by the NBB, with suspicious transactions reported to the CTIF-CFI.
01
Belgian-law company, NBB contacted first.
02
Capital per IFD class.
03
Two effective managers, collegial.
04
10% shareholders assessed.
05
Three independent control functions.
06
Committees unless under €300m.
07
Professional opt-ups documented.
08
Approved auditor's report.
09
Fund cover told to clients.
10
AML under the 2017 Law.
Reflects the Act of 20 July 2022, the Law of 25 October 2016, the FSMA Regulation of 26 May 2016 and IFR/IFD as of 2026. The Law of 22 July 2026, carrying CRD VI and the IFD amendment, goes into the manuals before filing.Act of 20 July 2022 + Law of 25 October 2016 + FSMA Regulation 2016, as of 2026.
How it works
From the first NBB contact to the licence letter.
01
Model and client base
Market maker or agency, professional clients or legal persons, which EEA states: fixed in writing first, because the 2016 ban shapes every answer.Who the ban leaves you.
02
Prior contact with the NBB
The introductory exchange with the NBB's services that the procedure requires before any file is lodged.Required before filing.
03
Phase 1: the conceptual file
Two paper copies and an electronic copy go to the NBB, and its green light comes before the build is paid for.Conceptual file, green light.
04
Phase 2: build and audit
Company, people, systems and control functions in place, the réviseur agréé's report delivered, a possible on-site visit; six months from the complete file.Build, audit; 6-month clock.
05
Licence and passports
The decision arrives by registered letter within 15 days, activity must start within 12 months, and NBB notifications open the EEA.Letter in 15 days; passports.
Quick facts
RegulatorNBB · FSMA on conduct
StatusSociété de bourse
Own account€750,000
With client money€150,000
Retail CFDsBanned to consumers
Statutory decision6 months, complete file
Client cash cover€100,000 per person
Our planning range12-18 months
The six-month clock starts only when the NBB holds a complete file, and the conceptual phase comes before it. We plan for 12-18 months from the first contact to the licence letter.
On the ground in Belgium
Run from our Brussels office.
Prifinance - Belgium
Brussels · Belgium
Brussels, Belgium
01
Belgian company formation
The société de bourse incorporated under Belgian law, its capital paid in and evidenced, and a board of natural persons the NBB can assess one by one.Built for the NBB.
02
NBB contact and phase 1
We open the prior contact with the NBB's Banking Supervision department and write the conceptual file - model, client base, capital, governance - before anything is built.Contact and conceptual file.
03
Phase 2 and the auditor
Policies, systems and the three control functions set up, the réviseur agréé's report worked through with the auditor, and the NBB's possible on-site visit rehearsed.Build, auditor, visit.
04
Professional clients and passports
Opt-up procedures for professional clients, then one NBB notification for each EEA state served, timed to the licence date.Opt-ups and NBB notifications.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Belgium.
25% on profit, a 20% band for the first €100,000 where the conditions are met, four prepayment dates and no VAT on dealing.
Corporate tax 25%
The standard rate published for tax year 2026, applied to the whole taxable profit of a stockbroking firm that does not qualify for the reduced band.Tax year 2026.
20% on the first €100,000
A reduced rate on the first €100,000 of taxable profit, available under conditions we check for each structure before the model is built.First €100,000, conditions.
Four advance payments
Corporate tax is prepaid in four instalments, due 10 April, 10 July, 10 October and 20 December.Four dates a year.
No surcharge for three years
A newly formed small company owes no surcharge for insufficient advance payments in its first three financial years. For a broker still waiting on its licence, that removes one cash-flow trap.First three years, new small firms.
VAT-exempt dealing
Payment, currency and securities transactions, negotiation included, are exempt under Art. 44 § 3 of the VAT Code, the Belgian text of Art. 135(1)(d)-(f) of the VAT Directive.Art. 44 § 3 VAT Code.
Dividends out, per structure
Dividend withholding and its exemptions are confirmed per structure, against the parent's seat and the applicable treaty, before the holding layer is fixed.Confirmed per structure.
Tax summary
Corporate tax25% · tax year 2026
Reduced band20% on first €100,000 · conditions
Advance payments10 Apr · 10 Jul · 10 Oct · 20 Dec
VAT on dealingExempt · Art. 44 § 3
Dividend withholdingConfirmed per structure
*As of 2026 per the rates VLAIO publishes for tax year 2026 and the Belgian VAT Code. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Belgian-law company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Follow Prifinance
Active across our channels.
Belgium · NBB · FSMA
Launch your forex project in Belgium with expert support.
Full-service assistance - from the first contact with the NBB to the stockbroking-firm licence and the passport notifications - run through our Brussels office.
Get a consultation →Free legal opinion
Is Belgium the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Belgium forex licence, answered.
What licence does a forex broker need in Belgium?+
A stockbroking-firm licence (société de bourse) from the National Bank of Belgium under the Act of 20 July 2022, granted on the FSMA's advice. It is the only Belgian investment-firm status that may deal on own account, hold client margin and provide FX services. Belgium has no separate forex or CFD licence.
Can a Belgian broker offer CFDs to retail clients?+
Not to consumers in Belgium. The FSMA Regulation of 26 May 2016, in force since 18 August 2016, bans distributing through electronic platforms any derivative that involves leverage, any binary option and any contract running under one hour. Legal persons, opted-up professional clients and clients abroad fall outside it.
Does the ban bind EU brokers passporting into Belgium?+
Yes. The FSMA Regulation applies to distribution in Belgium by anyone, wherever established, so a Cypriot or Maltese passport changes nothing for Belgian consumers. ESMA's list of national CFD measures under MiFIR Art. 42 has no Belgian entry; Belgium relies on its own 2016 text.
How much capital does the NBB require?+
The IFD levels the 2022 Act adopts: €750,000 for dealing on own account, €150,000 for a firm holding client money, €75,000 for one holding neither. A CFD dealer is a class-2 firm under the IFR, so K-factor own funds and liquid assets of a third of the fixed-overheads requirement sit above that floor.
How long does the NBB take?+
Six months from a complete file, by the clock of MiFID II Art. 7(3), and NBB silence after that counts as a refusal open to appeal. The prior contact and phase 1 come first, so we plan for 12-18 months end to end.
What do the NBB and the FSMA charge?+
Any NBB or FSMA application fee and annual contribution is confirmed with the regulator before we quote, and the applicant pays the approved auditor whose report closes phase 2. For an SGPCI the FSMA fee was €3,261 from 1 January 2017, is indexed every year and is due even if the application is withdrawn or refused.
Which clients can a Belgian CFD desk serve?+
Legal persons, consumers treated as professional clients at their own request, and clients in other EEA states under those states' CFD rules. Under MiFID II Annex II an opt-up needs two of three tests: ten significant trades a quarter over four quarters, a portfolio above €500,000, a year in a professional financial role.
How are Belgian brokers taxed?+
At 25% corporate tax, as published for tax year 2026, with 20% on the first €100,000 where the conditions are met. Prepayments fall on 10 April, 10 July, 10 October and 20 December. Securities and currency dealing is VAT-exempt under Art. 44 § 3 of the VAT Code.
Belgium or Luxembourg for a professional-client CFD desk?+
Luxembourg, for most plans. Retail CFDs stay possible there at 30:1 to 2:1 under CSSF Regulation 19-06, every CSSF fee is published (€50,000 to apply, €123,750 a year for dealing) and silence after twelve months is a refusal. Belgium fits a narrower brief: an NBB licence, client cash covered to €100,000 rather than €20,000, passports out. We model both.
Why Prifinance for Belgium?+
We run the file from our Brussels office: the prior contact with the NBB, the conceptual file for phase 1, then the build, the control functions and the réviseur agréé's report in phase 2. In the first call we also say when a retail plan belongs in another EU state.
What licence?+
NBB stockbroking firm, FSMA advice.
Retail CFDs?+
Banned to consumers since 2016.
Passport in?+
Bound by the ban too.
Capital?+
€75k/€150k/€750k by class.
How long?+
6 months statutory; 12-18 planned.
Fees?+
Confirmed in the quote.
Which clients?+
Professionals, companies, clients abroad.
Taxes?+
25%; 20% band under conditions.
Vs Luxembourg?+
Retail open there; €100k cover here.
Why you?+
Brussels office, both NBB phases.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the National Bank of Belgium (NBB), the Financial Services and Markets Authority (FSMA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.