Denmark
Estonia
Finland
Georgia
Germany
GreeceNikolai 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 ACPR decision, including banking and payment rails.
Get a forex license in France.
France licenses forex and CFD brokerage as an entreprise d'investissement: an agrément from the ACPR under the Code monétaire et financier, with the AMF approving the programme d'activité inside the same six months - IFD capital from €75,000 to €750,000, no application fee, and €30,000 a year to the AMF once licensed. The hard part is not the licence. Since 2017 the Sapin II law has banned electronic advertising of forex and CFD products to French retail clients, so a French broker grows through its own website, professional clients and the EU passport. We build the two-regulator file from Paris.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
France in brief
Two authorities, one agrément, one advertising ban.
France splits the MiFID licence between two authorities. The Autorité de contrôle prudentiel et de résolution (ACPR) grants the agrément of an entreprise d'investissement under Art. L.532-1 of the Code monétaire et financier, and it may only do so once the Autorité des marchés financiers (AMF) has approved the programme d'activité for each investment service (Art. L.532-4). The services are those of Art. L.321-1. A market maker that is counterparty to client CFDs needs service 3, négociation pour compte propre; an STP broker needs services 1 and 2, reception-transmission and execution; managed accounts add service 4. Capital follows the IFD classes transposed in June 2021 - €750,000 for dealing on own account, €150,000 for holding client money, €75,000 for neither - and the ACPR tests own funds against the prudential requirements over the first three years, in a target and a stressed scenario. Neither authority charges an application fee.
What makes France unusual is marketing law. Art. L.533-12-7 of the Code, inserted by the Sapin II law of 9 December 2016, forbids any electronic promotional communication to retail clients for forex CFDs, rolling spot forex, binary options and any CFD whose loss can exceed the stake: no search ads, no social media, no affiliates, no webinars, no retargeting. Sponsorship is banned too, under a fine of up to €100,000. Only the firm's own website, communications to professional clients and limited-risk CFDs with a built-in guarantee stay open. Add the AMF's permanent CFD measure of 1 August 2019 - 30:1 to 2:1, close-out, negative balance protection, no bonuses - and the fixed €30,000 annual AMF contribution for any firm with execution or dealing permissions, and the French licence becomes a deliberate choice: a home base for a European group rather than a cheap retail launchpad. We build it from our Paris office.
An agrément as entreprise d'investissement from the ACPR under the Code monétaire et financier, with AMF approval of the programme d'activité inside: €750,000 own account, €150,000 with client money, €75,000 without; no application fee; a six-month clock.
Two constraints: Sapin II has banned electronic forex and CFD advertising to French retail clients since 2017, and the AMF costs €30,000 a year. Built as a European seat from our Paris office.
The two routes
Négociation pour compte propre - or the agency entreprise d'investissement.
One agrément, one programme d'activité per service: dealing on own account at €750,000 for the market maker, or reception-transmission and execution at €75,000-€150,000 for the STP broker. The AMF approves each service separately, so the service list is settled before the file is written.
Own-account dealing at €750k - or RTO/execution at €75k-€150k.
01 - NÉGOCIATION POUR COMPTE PROPRE
The market-maker agrément
Service 3 of Art. L.321-1 with execution (service 2): the firm is counterparty to its clients' CFDs at €750,000 initial capital, client funds under mandatory cantonnement, two effective managers in France and the AMF's 2019 CFD measure built in - plus the €30,000 annual AMF contribution from the first 1 January on the register.
Service 3 of Art. L.321-1 with execution (service 2): the firm is counterparty to its clients' CFDs at €750,000 initial capital, client funds under mandatory cantonnement, two effective managers in France and the AMF's 2019 CFD measure built in - plus the €30,000 annual AMF contribution from the first 1 January on the register.
- ✓Négociation pour compte propre - service 3
- ✓€750,000 initial capital
- ✓IFR K-factors above the floor
- ✓Cantonnement of client funds · L.533-10
- ✓AMF CFD measure 2019 - 30:1 to 2:1
- ✓Passport after the agrément · 30 states
02 - RTO · EXÉCUTION POUR COMPTE DE TIERS
€75k-€150k initial capitalThe agency broker
Services 1 and 2 - reception-transmission and execution for third parties - at €75,000 when no client money is held and €150,000 when it is. The STP model that routes flow to a liquidity provider, with gestion de portefeuille (service 4) added where managed accounts are planned. RTO or advice alone drops the AMF contribution to €10,000.
RTO and execution (services 1-2); €75k without client money, €150k with; AMF €10,000 if RTO/advice only; upgrade path.
- ✓RTO and execution - services 1 and 2
- ✓€75,000 without client money
- ✓€150,000 with client money
- ✓AMF contribution €10,000 if RTO/advice only
- ✓Portfolio management for managed accounts
- ✓Upgrade path to service 3
Costs and the calendar are confirmed for your case before any work begins. There is no ACPR or AMF application fee; the annual contributions (€30,000 AMF, ACPR levy of 0.66 per mille with a €500 floor), FGDR membership, capital and substance costs are itemised in your quote.
Why France
A home base, not a launchpad.
France is chosen by groups that want Paris as their European seat and can live without retail advertising - these are the six reasons that survive that filter.
✓
No application fee
Neither the ACPR nor the AMF charges for the agrément itself; costs arrive after grant as the annual contributions. The money goes into capital and people, not into a filing ticket.ACPR and AMF charge nothing at filing.
✓
A six-month clock with the AMF inside it
The ACPR instructs the file within six months of a complete dossier, forwards it to the AMF within five working days, and the AMF rules on the programme d'activité within three months (R.532-3). Two authorities, one calendar.6 months ACPR, 3 months AMF.
✓
The advertising ban cuts both ways
Since 2017 no forex or CFD firm may push electronic advertising at French retail clients, whether French or passported. The ban that limits your growth also limits the competition's; most retail complaints the AMF records concern firms passporting in.Limits you and the competition.
✓
FGDR cover of €70,000 plus €70,000
The garantie des titres pays up to €70,000 for securities and a further €70,000 for cash held with an investment firm, within two months of eligibility - well above the EU's €20,000 floor.Above the EU €20,000 floor.
✓
Prudence the ACPR shares with banks
The ACPR is attached to the Banque de France and supervises banks with the same tools. It wants three-year plans in two scenarios, own funds covering the requirements throughout, and the key functions (compliance, risk, internal audit, AML) held in-house. A firm built that way passes elsewhere too.Three-year plans, two scenarios.
✓
The passport from Paris
Once the agrément is granted and any suspensive conditions lifted, EEA notifications go through the ACPR into 30 states; the CFD rules you meet abroad are the same ESMA package the AMF applies at home.30 states after the agrément.
How it compares
How France differs from other routes.
France is the expensive, well-supervised, hard-to-advertise option. Set against the EU desks brokers usually pick, this is how it reads.
France vs other jurisdictions
| Feature |  France | Other jurisdictions |
|---|---|---|
| Regime | CMF · ACPR agrément + AMF programme | Single authority in Cyprus, Malta, Lithuania |
| Application fee | None | None in Italy · €947 Lithuania · €50,000 Luxembourg |
| Retail marketing | Electronic advertising banned since 2017 | ESMA package in Cyprus, Estonia, Malta |
| Annual regulator cost | €30,000 AMF + ACPR levy | Spain min €500 · Malta €17,500 · Luxembourg €123,750 |
Regime
FranceCMF · ACPR agrément + AMF programme
Other jurisdictionsSingle authority in Cyprus, Malta, Lithuania
Application fee
FranceNone
Other jurisdictionsNone in Italy · €947 Lithuania · €50,000 Luxembourg
Retail marketing
FranceElectronic advertising banned since 2017
Other jurisdictionsESMA package in Cyprus, Estonia, Malta
Annual regulator cost
France€30,000 AMF + ACPR levy
Other jurisdictionsSpain min €500 · Malta €17,500 · Luxembourg €123,750
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| France | Entreprise d'investissement - ACPR/AMF | 25% IS · 15% first €42,500 | IFD €75k-€750k, no fee, advertising ban |
 Luxembourg | CSSF investment firm | 23.87% Luxembourg City | IFD €75k-€750k, €50,000 fee, 12-month limit |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
 Spain | Sociedad de valores - CNMV | 25% · 23% below €10m turnover | €750k SV / €150k AV, €10,000 fee, ad ban 2023 |
FranceLicense typeEntreprise d'investissement - ACPR/AMF
Taxation25% IS · 15% first €42,500
RequirementsIFD €75k-€750k, no fee, advertising ban
LuxembourgLicense typeCSSF investment firm
Taxation23.87% Luxembourg City
RequirementsIFD €75k-€750k, €50,000 fee, 12-month limit
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD €75k-€750k, EU passport
SpainLicense typeSociedad de valores - CNMV
Taxation25% · 23% below €10m turnover
Requirements€750k SV / €150k AV, €10,000 fee, ad ban 2023
Europe
Forex licences in neighbouring jurisdictions
Before you apply
Requirements for the ACPR agrément.Requirements for the licence.
The ACPR tests the firm, the AMF tests the programme d'activité, and both read the same dossier filed on the ACPR Autorisations portal. The dossier that passes contains the ten items below.
01
French entity - an SA or SAS with its registered office and effective management in France, directed by at least two persons (Art. L.532-2 CMF).
02
Initial capital - €750,000, €150,000 or €75,000 by IFD class, with own funds shown to cover the minimum capital, the own-funds requirements and the ratios over the first three financial years.
03
Two effective managers - knowledge, experience, competence, availability and honourability established individually and collectively, with fit-and-proper supervisory-body members and key-function holders.
04
Qualifying shareholders - direct and indirect holders of 10% or more identified and assessed, each signing a letter of commitment to support the firm's prudential compliance (ACPR Instruction 2021-I-20).
05
Business plan in two scenarios - P&L, balance sheet and cash flow for three years, target and stressed, in Excel, with staffing per service and a remuneration policy.
06
Programme d'activité per service - organisation, procedures, draft client agreements and the market-abuse detection set-up, written to AMF Instruction DOC-2014-01 and approved by the AMF within three months.
07
Key functions in-house - permanent control, internal audit, risk management, compliance and the AML/CFT officer under the arrêté of 3 November 2014 and the arrêté of 6 January 2021, even where tasks are outsourced; every outsourcing contract and a flow-of-funds diagram go in the file.
08
An AMF-carded RCSI - the compliance officer for investment services holds the AMF professional card (by exam) and is reviewed by the AMF; a manager may hold the role in a small firm.
09
Client funds under cantonnement - segregation is mandatory for an investment firm (Art. L.533-10); insurance or a guarantee is not an alternative.
10
The AMF CFD measure and Sapin II built in - 30:1 to 2:1 initial margin, 50% close-out, negative balance protection, no incentives, the firm-specific risk warning, and a marketing plan that respects Art. L.533-12-7 from day one.
01
SA or SAS, managed in France.
02
Capital per IFD class.
03
Two effective managers.
04
Shareholders' letters of commitment.
05
Three-year plan, two scenarios.
06
Programme d'activité per service.
07
Key functions in-house.
08
RCSI with the AMF card.
09
Cantonnement of client funds.
10
CFD measure and Sapin II built in.
Reflects the Code monétaire et financier, the arrêtés of 4 December 2017, 3 November 2014 and 6 January 2021, AMF Instruction DOC-2014-01 and the ACPR's published criteria, as of 2026.CMF, arrêtés of 2014, 2017 and 2021, AMF DOC-2014-01, as of 2026.
How it works
From first call to the REGAFI register.
01
Model and services
Own account or agency, the L.321-1 service numbers and the IFD capital class - fixed in writing, because the AMF approves each service on its own.L.321-1 numbers fixed.
02
Company and people
SA or SAS formation, capital paid in, two effective managers, the RCSI and the key-function holders named and vetted.SA/SAS, capital, managers.
03
ACPR pre-contact, then the dossier
The Direction des autorisations hears the project and agrees a provisional timetable; then the complete dossier goes onto the ACPR portal.Complete on the portal.
04
ACPR and AMF review
The ACPR forwards within five working days; the AMF rules on the programme within three months; the ACPR within six of a complete file. We plan for 9-12 months from the pre-contact meeting to REGAFI.6 + 3 months; plan 9-12.
05
Agrément, REGAFI, passport
Entry on REGAFI, FGDR membership, passport notifications once any suspensive conditions are lifted - 30 states from a Paris agrément.REGAFI, FGDR, 30 states.
Quick facts
RegulatorsACPR · AMF
FrameworkCode monétaire et financier
Capital - no client money€75,000
With client money€150,000
Own account€750,000
Application feeNone
Statutory clock6 months ACPR · 3 months AMF
Our planning range9-12 months
The six months run from a dossier the ACPR calls complete, and the AMF's three months sit inside them - which is why the pre-contact meeting and a complete first filing are the entire schedule strategy.
On the ground in France
Run from our Paris office.
Prifinance - France
Paris · France
Paris, France
01
French company formation
SA or SAS with registered office and effective management in Paris, two managers and the capital evidence the ACPR expects - built for the agrément.Built for the agrément.
02
The two-regulator dossier
Programme d'activité to DOC-2014-01, three-year plan in two scenarios, policies and outsourcing contracts - one dossier that answers the ACPR and the AMF at once, defended through both reviews.One file, both reviews.
03
People with the right cards
Two effective managers, an RCSI with the AMF card, the AML/CFT officer and the key-function holders sourced in France - the substance the ACPR visits.RCSI, AML officer, managers.
04
Marketing within the law
A client-acquisition plan built around Art. L.533-12-7: own website, professional clients, limited-risk products and the EU passport - so the licence is usable the day it is granted.Usable on day one.
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 France.
The standard French corporate system: 25% impôt sur les sociétés, a small-company band at 15%, and a payroll tax that only VAT-exempt firms pay - no broker-specific regime either way.
Impôt sur les sociétés 25%
The standard rate for financial years opened from 1 January 2022 (CGI Art. 219 I); a 3.3% contribution sociale on the IS applies above €7.63 million of turnover and €763,000 of IS (Art. 235 ter ZC).15% on the first €42,500.
15% on the first €42,500
Companies with turnover up to €10 million pay 15% on the first €42,500 of profit (CGI Art. 219 I b) - useful in year one, marginal for a working broker.3.3% of IS, large firms.
Dividend withholding 25% · 12.8%
25% to non-resident companies and 12.8% to non-resident individuals (CGI Art. 119 bis, 187); EU/EEA parents holding 10% for two years are exempt under Art. 119 ter, treaty rates otherwise.0% EU parent.
VAT-exempt dealing
Currency and securities transactions are exempt under CGI Art. 261 C 1°; no input-VAT recovery, and the 20% standard rate touches only overheads.20% only on overheads.
Taxe sur les salaires
Firms exempt from VAT on at least 90% of turnover pay a payroll tax of 4.25%, 8.5% and 13.6% by bracket (CGI Art. 231) on top of social charges - the French awkwardness every broker's budget has to carry.4.25% to 13.6%.
Participation regime
Dividends from a 5% holding kept two years are 95% exempt (CGI Art. 145, 216); long-term gains on titres de participation are taxed on a 12% add-back, about 3% effective.95% exempt dividends.
Tax summary
Corporate tax25% · 15% on first €42,500
Contribution sociale3.3% of IS above thresholds
Dividend withholding25% companies · 12.8% individuals · 0% EU parent
VAT on dealingExempt · 20% standard
Payroll tax4.25% / 8.5% / 13.6%
*As of 2026 per the Code général des impôts and the DGFiP. 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: French 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
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France · ACPR and AMF
Launch your forex project in France with expert support.
Full-service assistance - from company formation to the ACPR agrément, the AMF programme d'activité, passporting and ongoing compliance - run through our Paris office.
Get a consultation →Free legal opinion
Is France 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 France forex licence, answered.
What licence does a forex broker need in France?+
An agrément as an entreprise d'investissement from the ACPR under Art. L.532-1 of the Code monétaire et financier, with the AMF's approval of the programme d'activité for each service. A market maker needs service 3 (négociation pour compte propre); an STP broker needs services 1 and 2 of Art. L.321-1.
How much capital does a French broker need?+
The IFD classes as transposed in June 2021: €750,000 for dealing on own account, €150,000 for holding client money without own-account dealing, €75,000 for RTO or execution without client money. The ACPR also wants own funds covering the requirements for three years in a stressed scenario.
How long do the ACPR and AMF take?+
The ACPR instructs a complete dossier within six months; it forwards the file to the AMF within five working days and the AMF decides on the programme d'activité within three months, silence meaning refusal (R.532-3). The ACPR states only the statutory period. We plan for 9-12 months including the pre-contact phase.
What does the agrément cost?+
Nothing at filing: neither the ACPR nor the AMF charges an application fee. Once on REGAFI you pay €30,000 a year to the AMF (€10,000 if licensed only for RTO or advice) and the ACPR contribution of 0.66 per mille of your minimum own-funds requirement, at least €500. FGDR contributions are confirmed in the quote.
Can a French broker advertise CFDs?+
Not electronically to retail clients. Art. L.533-12-7 CMF (Sapin II, 2016) bans banners, social media, e-mailings, sponsored search, affiliates, webinars and retargeting for forex CFDs, rolling spot and loss-beyond-stake CFDs; sponsorship is banned under a €100,000 fine. The firm's own website and professional clients remain open.
Which retail CFD rules apply in France?+
The AMF's decision of 1 August 2019 under MiFIR Art. 42: initial margin from 3.33% (30:1) on major pairs to 50% (2:1) on crypto, per-account close-out, negative balance protection, no incentives and the firm-specific risk warning. Binary options have been banned for retail clients since 2 July 2019.
Who protects client money in France?+
Cantonnement is mandatory - client funds are segregated, and insurance is not an alternative for an investment firm. Behind that stands the FGDR garantie des titres: up to €70,000 for securities and a further €70,000 for cash held with the firm, paid within two months of eligibility.
Does the compliance officer need an AMF card?+
Yes. The RCSI (responsable de la conformité pour les services d'investissement) holds the AMF professional card, obtained by exam, and the AMF reviews the appointment. In a small firm a manager may hold the role; an external provider may help, but the firm stays responsible.
France or Cyprus for a CFD broker?+
Cyprus wins for a retail launch: 15% tax, an English-language file, the Limassol cluster and no advertising rules beyond the ESMA package. France wins as a group seat - no application fee, FGDR cover of €70,000 plus €70,000, a supervisor attached to the Banque de France - for firms whose growth does not depend on online retail marketing. We model both.
Why Prifinance for France?+
We build the entreprise d'investissement from our Paris office: SA or SAS formation, the programme d'activité to DOC-2014-01, the three-year plan in two scenarios, the RCSI and AML officer with the right credentials, and a marketing plan that survives Art. L.533-12-7. Then the passport, so the French seat serves 30 states.
What licence?+
Entreprise d'investissement - ACPR + AMF.
Capital?+
€75k/€150k/€750k by class.
How long?+
6 months; plan 9-12.
Fee?+
None; €30,000 AMF yearly.
Advertise CFDs?+
Not electronically to retail.
Retail rules?+
AMF 2019: 30:1, NBP, no bonuses.
Client money?+
Cantonnement; FGDR €70k + €70k.
Compliance officer?+
AMF-carded RCSI.
Vs Cyprus?+
Their launchpad; your group seat.
Why you?+
Paris desk, two-regulator dossier.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
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Google
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Google
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Google
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Google
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Get a free legal opinion on 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.Free legal opinion: which French route fits your project and what it will cost.
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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 Autorité de contrôle prudentiel et de résolution (ACPR), the Autorité des marchés financiers (AMF) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.