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SwedenNikolai 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 ASF authorisation, including banking and payment rails.
Get a forex license in Romania.
A forex licence in Romania is the authorisation of an SSIF (societate de servicii de investiții financiare) from the Financial Supervisory Authority (Autoritatea de Supraveghere Financiară, ASF) under Law 126/2018 on markets in financial instruments. The ASF register listed 16 SSIFs on 17 October 2026. Capital is the RON equivalent of €75,000, €150,000 or €750,000 under Law 236/2022, the authorisation fee is 15,000 lei, and the ASF decides within six months of a complete file. Profit and, since 1 January 2026, dividends are both taxed at 16%. The file is built and filed from our Bucharest office.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Romania in brief
A MiFID licence with a register of sixteen.
Romania licenses CFD and FX brokerage through one authorisation: the SSIF, the Romanian investment firm of Law 126/2018 (Monitorul Oficial no. 521 of 26 June 2018), which transposes MiFID II. Art. 10(1) reserves investment services to firms the ASF has authorised, and Art. 14(1) makes the authorisation list each service and activity expressly. No separate forex or CFD licence exists, so a forex licence in Romania means an SSIF authorisation with the right services on it. Initial capital sits in Law 236/2022 on the prudential supervision of SSIFs, in force since 25 July 2022: Art. 12 asks for the RON equivalent of €750,000 for dealing on own account, €75,000 for a firm that may not hold client funds or securities, and €150,000 for every other SSIF. Under Art. 16(1) of Law 126/2018 the ASF grants or refuses, with reasons, within six months of holding every document and answer it asked for.
Romania writes the substance rules down. An SSIF must be a joint-stock company (societate pe acțiuni) issuing registered shares, so an SRL is not eligible, and its registered office must be in Romania with at least two people running the firm. ASF Regulation 5/2019 adds an office in the SSIF's exclusive use with burglar and fire alarms, two backup systems in two locations and a compliance officer authorised by the ASF and employed by the firm. No client may be served before the firm joins the Investor Compensation Fund (Fondul de compensare a investitorilor, FCI). Derivatives traded outside ASF-supervised venues carry a tariff of 0.25 lei per contract, capped at 500,000 lei. Corporate tax is 16%, and dividends distributed since 1 January 2026 pay 16% as well, against 10% in 2025.
The ASF's SSIF authorisation under Law 126/2018: capital equal to €75k/€150k/€750k in RON (Law 236/2022 Art. 12), a 15,000 lei fee and a decision within six months of a complete file.
A joint-stock company with its registered office in Romania and at least two managers, FCI membership before the first client, 0.25 lei per OTC contract capped at 500,000 lei. 16% on profit and, from 2026, on dividends.
The two builds
Own-account SSIF or agency SSIF - the capital class decides.
Every SSIF holds the same authorisation, listed service by service. A market maker needs the RON equivalent of €750,000, an agency broker €150,000, or €75,000 if it may hold no client funds or securities; the 15,000 lei ASF fee is the same for all three.
The €750k market-maker SSIF - or the agency SSIF at €75k-€150k, all in RON.
01 - DEALING ON OWN ACCOUNT
The market-maker SSIF
Dealing on own account, point 3 of Annex 1 Section A to Law 126/2018, puts a CFD market maker under Art. 12(1) of Law 236/2022: the RON equivalent of €750,000, composed under IFR Art. 9, plus an initial FCI contribution of €7,500 in lei.
Dealing on own account, point 3 of Annex 1 Section A to Law 126/2018, puts a CFD market maker under Art. 12(1) of Law 236/2022: the RON equivalent of €750,000, composed under IFR Art. 9, plus an initial FCI contribution of €7,500 in lei.
- ✓Annex 1 Section A pt. 3 - own account
- ✓€750,000 in RON - Law 236/2022 Art. 12(1)
- ✓Initial FCI contribution: €7,500 in lei
- ✓30:1 to 2:1 under ASF Regulation 11/2018
- ✓0.25 lei per OTC contract, capped
- ✓Passport into 30 EEA states
02 - AGENCY · STP
€75k-€150k in RONThe agency SSIF
Reception and transmission of orders and execution for clients fall under Art. 12(2)-(3): the RON equivalent of €75,000 where the SSIF may hold no client funds or securities, €150,000 where it may. Its first FCI contribution is 1% of that minimum and never less than €1,000 in lei.
RTO and execution; €75k with no client assets, €150k with them; FCI entry 1%, at least €1,000.
- ✓Reception, transmission, execution
- ✓€75,000 in RON - no client assets
- ✓€150,000 in RON - client money held
- ✓FCI entry: 1%, at least €1,000
- ✓Same 15,000 lei authorisation fee
- ✓Own account later: the €750,000 class
The ASF charges 15,000 lei for the authorisation under ASF Regulation 16/2014. FCI contributions and the OTC tariff scale with client assets and contract volumes, resolution-fund contributions follow the terms the ASF sets, and each is itemised in the quote before work starts.
Why Romania
A 15,000 lei ticket into a register of 16.
Romania charges little at the door and nothing on revenue; the ASF takes its share per contract and asks for substance by the letter of its regulations.
✓
No ASF levy on revenue
ASF Regulation 14/2022 took SSIFs out of the operating-revenue quota in September 2022. What remains is the per-contract OTC tariff, plus the FCI and resolution-fund contributions.Dropped for SSIFs in 2022.
✓
A low authorisation fee
The SSIF authorisation tariff is 15,000 lei under Annex 3 of ASF Regulation 16/2014, and the ASF grants the authorisation only against payment (Regulation 5/2019 Art. 8(4)).Paid before the grant.
✓
A short register
On 17 October 2026 the ASF register showed 16 SSIFs: fourteen entered in 2006, one in 2015, and the newest, Investimental S.A., authorised by ASF decision 160 of 12 December 2022. A new SSIF joins a short list.16 SSIFs, two added after 2006.
✓
The register as a shield
Government Emergency Ordinance 71/2024 added measures against advertising and aggressive communication by entities not entered in the ASF register. An authorised SSIF is not the target of those measures.OUG 71/2024 targets unregistered advertisers.
✓
CFD rules in national law
Romania's leverage tiers sit in ASF Regulation 11/2018 under Art. 104 of Law 126/2018, a national measure rather than a MiFIR Art. 42 decision, and Regulation 8/2026 amended it in September 2026. We check the consolidated text before every launch.Reg. 11/2018, amended in 2026.
✓
Our Bucharest office
Our Bucharest office sets up the joint-stock company, the alarmed premises and the FCI membership, so the substance the ASF checks is in place on the day of filing.Company, premises, FCI arranged locally.
How it compares
How Romania differs from other routes.
The honest comparison: Romania is cheap to enter and charges no revenue levy, but Bulgaria taxes profit at 10%, Hungary at 9% and Cyprus has the broker cluster.
Romania vs other jurisdictions
| Feature |  Romania | Other jurisdictions |
|---|---|---|
| Statutory clock | 6 months from a complete file | 3 months Hungary · 6 months MiFID II standard |
| Authorisation fee | 15,000 lei | HUF 2,700,000 Hungary |
| Corporate tax | 16% | 9% Hungary · 10% Bulgaria · 15% Cyprus |
| Dividend tax | 16% since 1 Jan 2026 | 5% WHT Bulgaria · non-dom 0% Cyprus |
Statutory clock
Romania6 months from a complete file
Other jurisdictions3 months Hungary · 6 months MiFID II standard
Authorisation fee
Romania15,000 lei
Other jurisdictionsHUF 2,700,000 Hungary
Corporate tax
Romania16%
Other jurisdictions9% Hungary · 10% Bulgaria · 15% Cyprus
Dividend tax
Romania16% since 1 Jan 2026
Other jurisdictions5% WHT Bulgaria · non-dom 0% Cyprus
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Romania | ASF SSIF | 16% CIT · 16% dividends | IFD €75k-€750k in RON, joint-stock only |
 Bulgaria | FSC investment intermediary | 10% flat · 5% WHT | IFD €75k-€750k, euro area |
 Hungary | MNB investment firm | 9% CIT · local tax up to 2% | IFD €75k-€750k, 3-month clock |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
RomaniaLicense typeASF SSIF
Taxation16% CIT · 16% dividends
RequirementsIFD €75k-€750k in RON, joint-stock only
BulgariaLicense typeFSC investment intermediary
Taxation10% flat · 5% WHT
RequirementsIFD €75k-€750k, euro area
HungaryLicense typeMNB investment firm
Taxation9% CIT · local tax up to 2%
RequirementsIFD €75k-€750k, 3-month clock
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD €75k-€750k, EU passport
Europe
Forex licences in neighbouring jurisdictions
Before you apply
Requirements for the ASF authorisation.Requirements for the licence.
Law 126/2018 Art. 15(1) bars authorisation until every requirement is met, and ASF Regulation 5/2019 spells out what that means for premises, people and systems. The ASF counts these ten items.
01
Joint-stock company - a Romanian societate pe acțiuni issuing registered shares under Law 31/1990 (Law 126/2018 Art. 3(1) pt. 74); an SRL does not qualify.
02
Registered office in Romania - the sediul social sits in Romania (Art. 13), in the SSIF's exclusive use, with burglar and fire alarms and a title valid for at least 12 months from the application (Reg. 5/2019 Art. 6).
03
Initial capital - the RON equivalent of €75,000, €150,000 or €750,000 under Law 236/2022 Art. 12, composed under IFR Art. 9 and, for a new company, fully paid up as share capital.
04
Two managers - effective management by at least two persons who meet Art. 19 (Art. 28(1)), with management-body members of good repute and sufficient knowledge, skills and experience (Art. 24(1)).
05
Qualifying holdings - notification and ASF assessment when a holding crosses 10%, 20%, 33% or 50% (Art. 37), against the Art. 43 criteria and with ASF Regulation 3/2016 documents for shareholders.
06
Compliance officer - authorised by the ASF and entered in its register, on an individual employment contract, working for this SSIF only and passing an ASF-certified legislation test within six months (Reg. 5/2019 Art. 24-25).
07
Registered staff - services are delivered through employees acting for one SSIF only, entered in the ASF register or notified to the ASF (Law 126/2018 Art. 11, ASF Regulation 14/7/2018).
08
IT continuity - at least two backup systems in two locations with real-time saving, one at the back office and one at a disaster-recovery site, data centre or another SSIF office (Reg. 5/2019 Art. 8(2)).
09
Application pack - the Implementing Regulation 2017/1945 Annex I form with the Delegated Regulation 2017/1943 information, ASF Regulation 1/2019 documents for managers, internal rules with an organigram and market-abuse procedures (Reg. 5/2019 Art. 8(1)).
10
AML/CFT - a designated AML/CFT compliance officer under ASF Regulation 13/2019 and Law 129/2019, with the Oficiul Național de Prevenire și Combatere a Spălării Banilor (ONPCSB) as the financial intelligence unit.
01
Joint-stock company, registered shares.
02
Exclusive office in Romania, alarmed.
03
Capital per Law 236/2022 class.
04
Two managers meeting Art. 19.
05
Owners assessed at 10-50%.
06
ASF-authorised compliance officer.
07
Staff registered or notified.
08
Two backup sites, real time.
09
EU forms plus the Reg. 5/2019 pack.
10
AML officer; ONPCSB as FIU.
Reflects Law 126/2018, Law 236/2022, ASF Regulations 5/2019, 11/2018 and 16/2014 and IFR/IFD as of 2026. Client assets and product governance follow ASF/BNR Regulation 10/4/2018.Law 126/2018 + Law 236/2022 + ASF Reg. 5/2019 + IFR/IFD, as of 2026.
How it works
From the joint-stock company to the ASF register.
01
Model and capital class
Market maker or agency SSIF, the Annex 1 services and the Law 236/2022 class, agreed in writing before any drafting.Annex 1 services fixed.
02
Company and premises
Joint-stock company incorporated with paid-up capital; exclusive office with alarms and two backup sites in place.Capital, office, backups.
03
The ASF file
EU forms plus the Reg. 5/2019 Art. 8(1) pack, with managers, shareholders and the compliance officer documented.Reg. 5/2019 pack, complete.
04
ASF review
Six months from the complete file under Art. 16(1); our planning range is 10-14 months from the first draft to the decision.6 months statutory, 10-14 planned.
05
Authorisation and FCI
Tariff paid, authorisation granted, FCI joined - only then may the SSIF serve clients; passport notifications follow.Tariff, grant, fund, clients.
Quick facts
RegulatorASF
FrameworkLaw 126/2018 · Law 236/2022
Capital - no client assets€75,000 in RON
Capital - other SSIFs€150,000 in RON
Own account€750,000 in RON
Authorisation fee15,000 lei
Statutory decision6 months from complete file
Realistic timeline10-14 months
The ASF may withdraw an authorisation left unused for 12 months (Art. 17(1) a)). Banking, liquidity and FCI membership are lined up during the review, so the grant turns into trading.
On the ground in Romania
Run from our Bucharest office.
Prifinance - Romania
Bucharest · Romania
Bucharest, Romania
01
Joint-stock company formation
A societate pe acțiuni with registered shares and fully paid-up capital, incorporated for the SSIF authorisation from the first day.Joint-stock from day one.
02
Premises and backup sites
An office in the SSIF's exclusive use with alarms, a title running at least 12 months from filing and two backup sites in two locations, in place before the ASF asks for them.Alarms, title, two sites.
03
The ASF file
The EU forms, the ASF Regulation 1/2019 and 3/2016 documents, the internal rules and the market-abuse procedures, drafted in Bucharest and kept complete through every ASF request.Drafted in Bucharest.
04
FCI and first clients
FCI membership and the initial contribution, the compliance officer's ASF authorisation and the monthly OTC-tariff return are set up before the first client trades.Membership before trading.
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
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Romania.
16% on profit and, from 1 January 2026, 16% on dividends - Law 141/2025 made the payout the expensive step.
Profit tax 16%
Romanian companies pay profit tax (impozit pe profit) at 16% under Art. 17 of the Fiscal Code, Law 227/2015.Fiscal Code Art. 17.
Dividends 16% from 2026
Law 141/2025 of 25 July 2025 raised the tax on dividends distributed from 1 January 2026 to 16%, from 10% in 2025, for resident companies, resident individuals and non-residents alike.From 1 Jan 2026.
The 10% holding exemption
A Romanian parent holding at least 10% for a full year receives dividends untaxed when both companies pay profit tax; an EU or EEA parent holding 10% for an uninterrupted year and paying profit tax is exempt from withholding (Fiscal Code Art. 229(1) c) and c1)).Exempt after one year.
Withholding mechanics
Tax on dividends to non-residents is withheld at payment, declared on form 100 and paid by the 25th of the following month; a tax-residence certificate opens the treaty rate.Paid by the 25th.
VAT 21% as a cost
Financial services are VAT-exempt under Fiscal Code Art. 292(2) a), so an SSIF bears the 21% standard rate in force since 1 August 2025 on its own purchases.A cost for the broker.
The bank tax stops at banks
The turnover tax of Fiscal Code Art. 46^1, 4% for 2026, falls on credit institutions only; an SSIF is outside it.Credit institutions only.
Tax summary
Profit tax16% · Fiscal Code Art. 17
Dividends16% from 1 Jan 2026 · 10% in 2025
EU/EEA parentExempt · 10% for one year
VAT21% standard · finance exempt
Bank turnover taxCredit institutions only
*As of 2026 per the Fiscal Code (Law 227/2015) as amended by Law 141/2025 and the National Agency for Fiscal Administration (ANAF). 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: Romanian SSIF set up as a joint-stock 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.
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Romania · ASF
Launch your forex project in Romania with expert support.
Full-service assistance - from the joint-stock company and its premises to the ASF authorisation, FCI membership and ongoing compliance - run through our Bucharest office.
Get a consultation →Free legal opinion
Is Romania 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 Romania forex licence, answered.
What licence does a forex broker need in Romania?+
An SSIF authorisation from the ASF under Law 126/2018, which lists each investment service and activity expressly (Art. 14(1)). A CFD market maker adds dealing on own account; Romania has no separate forex or CFD licence, and credit institutions are authorised by the National Bank of Romania instead.
How much capital does an SSIF need?+
The RON equivalent of €750,000 for dealing on own account, €150,000 for an agency SSIF that holds client money, and €75,000 where the firm may hold no client funds or securities - Law 236/2022 Art. 12, with own funds composed under IFR Art. 9.
How long does the ASF take to authorise an SSIF?+
Six months from the complete file under Law 126/2018 Art. 16(1), repeated in ASF Regulation 5/2019 Art. 8(4); the clock starts only when every requested document is in. Our planning range is 10-14 months end to end, and a refusal can be challenged within 30 days.
What does the ASF charge an SSIF?+
15,000 lei for the authorisation under ASF Regulation 16/2014. Since 2022 there is no percentage levy on SSIF revenue; derivatives traded outside ASF-supervised venues carry 0.25 lei per contract, capped at 500,000 lei, withheld from clients and paid monthly by the 15th.
Can an SRL be authorised as an SSIF?+
No. Law 126/2018 Art. 3(1) pt. 74 defines an SSIF as a Romanian joint-stock company issuing registered shares under Law 31/1990, so the licence company is a societate pe acțiuni, with its registered office in Romania and at least two managers.
What does the Investor Compensation Fund cover and cost?+
The FCI covers up to the RON equivalent of €20,000 per eligible investor, with professional and institutional investors excluded. Joining costs 1% of the minimum initial capital, at least €1,000 in lei - €7,500 for the €750,000 class; annual contributions follow compensable client assets, and nothing paid is refunded.
What retail CFD rules apply in Romania?+
ASF Regulation 11/2018, issued under Art. 104 of Law 126/2018, caps opening leverage at 30:1 on major currency pairs down to 2:1 on crypto, requires close-out once account funds plus net unrealised profits fall below half the initial margin and prescribes a firm-specific risk warning. Negative balance protection and the incentive rules are confirmed against the consolidated text before launch.
How are forex brokers taxed in Romania?+
Profit tax is 16% under Fiscal Code Art. 17, and dividends distributed from 1 January 2026 are taxed at 16% for residents and non-residents, against 10% in 2025. EU and EEA parents holding 10% for a year are exempt; financial services are VAT-exempt, so 21% input VAT is a cost.
Romania or Bulgaria for a South-East European CFD broker?+
Bulgaria taxes profit at a flat 10% with 5% dividend withholding and has used the euro since 1 January 2026, where Romania charges 16% on both. Romania answers with a 15,000 lei authorisation fee and no ASF levy on revenue. We price both against your distribution plan.
Why Prifinance for Romania?+
We build the SSIF from our Bucharest office: the joint-stock company, the alarmed premises with two backup sites, the ASF-authorised compliance officer and the FCI membership. The file goes to the ASF complete, because its six months start only then.
What licence?+
ASF SSIF, Law 126/2018.
Capital?+
€75k/€150k/€750k in RON.
How long?+
6 months statutory; 10-14 planned.
Fee?+
15,000 lei; no revenue levy.
An SRL?+
No - joint-stock only.
FCI?+
€20,000 cover; 1% to join.
Retail rules?+
Reg. 11/2018: 30:1 to 2:1.
Taxes?+
16% profit; 16% dividends.
Vs Bulgaria?+
Their 10%; your 15,000 lei fee.
Why you?+
Bucharest office, file complete.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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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 Financial Supervisory Authority (Autoritatea de Supraveghere Financiară, ASF) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.