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The AFA authorises four investment-entity types under Llei 7/2013 - societat financera d'inversió, agència financera d'inversió, societat gestora de patrimonis and assessor financer - plus the OIC manager under Llei 10/2008, all through the Llei 35/2010 procedure. Before filing, a deposit of 10% of the share capital sits with the AFA: €200,000 for an SFI, €60,000 for an AFI, €15,000 for an SGP, €5,000 fixed for an adviser. Art. 5 caps the decision at twelve months. There is no EU passport - Andorra is outside the union and the EEA - and the corporate rate is 10%.
Updated
Four entity types, a deposit instead of a headline, and a clock with a cap.
Andorra authorises every operating entity of its financial system - entitat operativa del sistema financer, EOSF - through the Autoritat Financera Andorrana under Llei 35/2010 of 3 June, recast with effect from 28 December 2024. The investment-entity types sit in Llei 7/2013 of 9 May, arts. 23-25: the societat financera d'inversió (SFI), the agència financera d'inversió (AFI), the societat gestora de patrimonis (SGP) and the assessor financer, with the services - reception and transmission, execution, dealing on own account, portfolio management, advice, placement, and custody, credit, M&A advice, FX and research as ancillaries - in arts. 20-21. Fund managers are a separate authorisation, the societat gestora d'OIC under Llei 10/2008. Conduct and organisation moved to Llei 7/2024 of 27 May, which repealed Llei 8/2013. Prudential rules are Llei 35/2018, the CRD IV and CRR transposition, amended by Llei 17/2024 for CRD V and CRR 2. Andorra has no IFD or IFR: the K-factor regime does not exist here.
Llei 7/2013 sets the share capital by type, confirmed with the AFA; the deposit before it is printed. Art. 8 of Llei 35/2010 requires, before filing, a non-remunerated deposit with the AFA of 10% of the share capital: €200,000 for an SFI, €60,000 for an AFI, €15,000 for an SGP, €30,000 for an OIC manager and a fixed €5,000 for an assessor financer, refunded on the start of activity or within 20 working days of a refusal. Art. 5 sets the clock - six months for the prior authorisation, three months for the applicant to file the creation documents, three months for the AFA to decide, twelve months in all - and art. 9 gives the new firm twelve months to open. The register is small: 1 SFI, 1 AFI, 3 SGPs, 9 assessors financers. There is no EU passport. Corporate tax is 10%, IGI on financial services 9.5%, and 87,486 people live here. We build from Andorra la Vella.
AFA authorisation under Llei 35/2010 for the Llei 7/2013 entity types - SFI, AFI, SGP, assessor financer - and the OIC manager under Llei 10/2008; a pre-filing deposit of 10% of the share capital, €5,000 to €200,000; six plus three plus three months, capped at twelve; no EU passport.
Corporate tax 10%, OICs 0%, IGI 9.5% on financial services, SAGI at €100,000 per holder. Authorisation fees €2,519-€15,117. Built from Andorra la Vella.
The €5,000 adviser - or the portfolio manager and the agency.
One procedure under Llei 35/2010, five entity types: the assessor financer at a €5,000 deposit and €2,519 fee, the SGP at €15,000 and €7,561, the AFI at €60,000 and €10,079, the SFI at €200,000 and €15,117, the OIC manager at €30,000 and €7,561. We fix the type before drafting a line.
The €5,000 adviser - or the SGP and AFI at €15,000 and €60,000.
The investment adviser
The first rung of the ladder: investment advice under Llei 7/2013 in an Andorran SA, SL or SLU, a fixed €5,000 deposit under art. 8 Llei 35/2010, a €2,519 authorisation fee and €631 a year of supervision per advice service (CT 1/2026-AFA). Nine active advisers on the AFA register, authorised between 2010 and 2024.
The first rung of the ladder: investment advice under Llei 7/2013 in an Andorran SA, SL or SLU, a fixed €5,000 deposit under art. 8 Llei 35/2010, a €2,519 authorisation fee and €631 a year of supervision per advice service (CT 1/2026-AFA). Nine active advisers on the AFA register, authorised between 2010 and 2024.
- ✓Investment advice - Llei 7/2013 arts. 20-25
- ✓€5,000 fixed pre-authorisation deposit (art. 8 Llei 35/2010)
- ✓€2,519 authorisation fee (art. 28 Llei 10/2013)
- ✓€631 annual supervision per advice service (art. 33)
- ✓SA, SL or SLU - individuals cannot hold it
- ✓9 active advisers on the register
The portfolio manager or agency
The societat gestora de patrimonis for discretionary management at a €15,000 deposit and €7,561 fee, or the agència financera d'inversió at €60,000 and €10,079 - with the full societat financera d'inversió at €200,000 and €15,117 above them. Three SGPs and one AFI are active today; the SFI register holds one firm, authorised in 1988.
Societat gestora de patrimonis at a €15,000 deposit and €7,561 fee, agència financera d'inversió at €60,000 and €10,079 - the SFI at €200,000 above them.
- ✓SGP - €15,000 deposit, €7,561 fee
- ✓AFI - €60,000 deposit, €10,079 fee
- ✓SFI - €200,000 deposit, €15,117 fee
- ✓Supervision €2,519 a year for discretionary management
- ✓SAGI membership where custody is authorised - €100,000 per holder
- ✓Prudential under Llei 35/2018 (CRD IV/CRR), not IFD
Costs and timelines are confirmed for your case before any work begins. AFA fees follow Llei 10/2013 as updated by Comunicat tècnic 1/2026-AFA of 28 January 2026; the share capital itself is set by Llei 7/2013 and confirmed with the AFA for your entity type before the deposit is lodged.
A €5,000 first rung, a clock with a cap, and a register you can read in a minute.
Andorra sells a cheap, capped entry into a small market - without a passport, and says so.
The assessor financer enters on a fixed €5,000 deposit, a €2,519 authorisation fee and €631 a year per advice service. Nine are active on the register, authorised between 2010 and 2024.Assessor financer, fee €2,519.
Llei 35/2010 art. 5: six months for the prior authorisation, three for the applicant, three for the AFA, twelve in all. Art. 9 then gives you twelve months to open - or the authorisation lapses.6 + 3 + 3, twelve in all.
Impost sobre societats at 10%, OICs at 0%. IGI is 4.5% in general and 9.5% on banking and financial services - a line we price into every fee model.IGI 9.5% on finance.
The investor guarantee under Llei 20/2018 pays €100,000 per holder, against the €20,000 floor of Directive 97/9/EC, funded ex-post by member reserves targeted at 1.5% of the calculation base.Per holder, Llei 20/2018.
1 SFI, 1 AFI, 3 SGPs and 9 assessors financers on 18 September 2026. The AFA sees few files, publishes no processing statistics, and there is no passport to grow into.1 SFI, 3 SGPs, 9 advisers.
Prudential rules are Llei 35/2018 (CRD IV/CRR) as amended by Llei 17/2024 (CRD V/CRR 2). Andorra has no K-factor regime; the own-funds computation for an SGP without custody or an assessor is confirmed with the AFA before filing.No K-factors here.
How Andorra differs from other routes.
The honest comparison: a deposit-based entry with no passport - against the Riviera neighbour and two EU gates.
| Feature | Andorra | Other jurisdictions |
|---|---|---|
| Regime | Llei 7/2013 + Llei 35/2010 · AFA | Loi 1.338 Monaco · Cap. 370 Malta · Ley 6/2023 Spain |
| Capital | 10% deposit: €5k / €15k / €60k / €200k | Monaco €300k-€450k paid · Malta and Spain IFD €75k-€750k |
| Passport | None · outside the EU/EEA | Monaco none · Malta and Spain 30 EEA states |
| Timeline | 6 + 3 + 3 months, capped at 12 (art. 5) | Monaco 6 months (art. 7) · Malta 6 months (art. 6) · Spain MiFID 6 months |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Andorra | AFA - SFI, AFI, SGP, assessor | 10% · OIC 0% · IGI 9.5% | 10% deposit €5k-€200k, 12-month cap |
Monaco | CCAF agrément - Loi 1.338 | 0% local book · 25% ISB | SAM, €300k-€450k paid, no passport |
Malta | Investment services licence - MFSA | 35% · refund on distribution | IFD €75k-€750k, art. 6 six months |
Spain | ESI - CNMV (SV, AV, SGC, EAF) | 25% · new companies 15% | IFD art. 9 tiers, fee €10,000, FOGAIN €100k |
Andorra
Monaco
Malta
SpainRequirements for the Andorran authorisation.Requirements for the authorisation.
The AFA reads Formulari 2 against Llei 35/2010 and Llei 7/2024 - shareholders, board, control functions, plan, auditor. The checklist below is what a passing application contains.
Reflects Llei 35/2010 (recast in force 28 December 2024), Llei 7/2013, Llei 7/2024, Llei 35/2018 as amended by Llei 17/2024, and Comunicat tècnic 1/2026-AFA.Llei 35/2010 + Llei 7/2013 + Llei 7/2024, as of 2026.
From first call to the BOPA notice.
SFI, AFI, SGP, OIC manager or assessor financer - and the art. 8 deposit of 10% of the share capital lodged with the AFA before filing.10% of capital, art. 8.
Formulari 2 filed: shareholders to beneficial-owner level, board, general management, control functions, three-year plan, auditor - the AFA decides within six months (art. 5).Six months, art. 5.
Three months for the applicant to file the constitution documents, three months for the AFA to decide - twelve months in all from the application.Three plus three months.
Entry in the AFA register, approval of the external auditor, publication of the resolution in the BOPA (art. 6).BOPA notice, auditor.
Doors open within twelve months of notification (art. 9); the deposit returns on the first day of business; SAGI membership where custody is in scope.Deposit returned.
Art. 5's cap is twelve months from the application, but the AFA publishes no processing statistics and sees only a handful of investment files - a complete Formulari 2 is the one lever we control.
Run from our Andorra la Vella office.

An Andorran SA or SAU (SL for an adviser), the art. 8 deposit lodged with the AFA, and the Government's foreign-investment authorisation where the Third Additional Provision requires it.Lodged before filing.
Shareholders to beneficial-owner level, board, general management, the three control functions, the three-year plan and the auditor's commitment - filed for the six-month prior authorisation.Complete, to BO level.
Compliance, risk management and internal audit under Llei 7/2024, with a direcció general whose knowledge and honorabilitat the AFA can verify.Verifiable people.
The three-month creation filing, registration, the BOPA notice, SAGI membership and the art. 9 start within twelve months - deposit refunded on the day you open.Twelve months, art. 9.







Taxation of investment firms in Andorra.
A 10% rate, a 9.5% IGI on financial services, and a fee schedule the AFA re-indexed in January 2026.
The general rate for corporate taxpayers under Llei 95/2010 - the Government's e-tràmits page prints 10 per cent, nothing above it.Llei 95/2010.
Collective investment undertakings under Llei 10/2008 are taxed at 0 per cent. The manager pays 10%; the fund pays nothing.Fund pays nothing.
The general IGI rate is 4.5%; banking and financial services carry the increased 9.5% rate; 1% reduced and 0% super-reduced rates apply to listed goods and services.On financial services.
The tax administration publishes no withholding rate on dividends to non-residents. The position is confirmed per structure before it enters a model.No published rate; confirmed.
Art. 33 Llei 10/2013, 2026 amounts: €631 for RTO, €1,260 for execution, €1,260 for dealing on own account, €2,519 for discretionary management, €631 for advice. An OIC manager pays €3,779 fixed plus €2,519 for discretionary management or advice (art. 34).€631-€2,519 per service.
Art. 28, 2026 amounts: SFI €15,117, AFI €10,079, SGP €7,561, OIC manager €7,561, assessor financer €2,519. Art. 40 prices the pre-authorisation and registration processes at €610-€121,938 and €366-€60,969.€2,519-€15,117.
*Figures as of 2026 per Andorran law (Llei 95/2010 for the impost sobre societats; CT 1/2026-AFA for fees). Group and founder-level outcomes are modelled per structure.
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.
Builds the application itself: Andorran company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
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 firm.
Active across our channels.
Launch your investment firm in Andorra with expert support.
Full-service assistance - from the Andorran company and the art. 8 deposit to the AFA's prior authorisation, the three control functions and the start of activity - run through our Andorra la Vella office.
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The Andorran investment licence, answered.
Which licence does an investment firm need in Andorra?+
An authorisation from the AFA as an entitat operativa del sistema financer under Llei 35/2010, in one of the Llei 7/2013 types - societat financera d'inversió, agència financera d'inversió, societat gestora de patrimonis or assessor financer - or as a societat gestora d'OIC under Llei 10/2008 for fund management. The resolution is published in the BOPA (art. 6).
What capital does the AFA require?+
The share capital is set by Llei 7/2013 per entity type and confirmed with the AFA before drafting; the Llei 35/2010 art. 8 deposit of 10% of it is printed: SFI €200,000, AFI €60,000, SGP €15,000, OIC manager €30,000, assessor financer €5,000 fixed - lodged before filing, refunded on start or within 20 working days of a refusal.
How long does authorisation take?+
Llei 35/2010 art. 5: six months for the prior authorisation, then three months for the applicant to file the creation documents and three months for the AFA to decide, capped at twelve months from the application. Art. 9 gives the firm twelve months from notification to start, or the authorisation lapses. The AFA publishes no processing statistics.
What are the AFA's fees?+
Per Llei 10/2013 as updated by Comunicat tècnic 1/2026-AFA (28 January 2026): authorisation €15,117 SFI, €10,079 AFI, €7,561 SGP or OIC manager, €2,519 assessor financer. Supervision runs per service - €631 RTO or advice, €1,260 execution or dealing, €2,519 discretionary management - and €3,779 fixed for an OIC manager.
Who has to be in place?+
Formulari 2 asks for a consell d'administració, a direcció general with declared knowledge and honorabilitat evidence, the three control functions - compliance, risk management and internal audit, arts. 9-11, now under Llei 7/2024 - a three-year business plan and an external auditor's commitment. Formulari 2 prints no director minimum and no residency rule; both are confirmed with the AFA.
Does the licence passport into the EU?+
No. Andorra is outside the EU and the EEA, has no MiFID II or IFD transposing act, and holds no passport in either direction. Prudential rules are CRD IV and CRR via Llei 35/2018 and Llei 17/2024 (CRD V, CRR 2), not the IFD/IFR K-factor regime. Foreign funds can be registered for distribution under a separate AFA procedure.
How are Andorran investment firms taxed?+
Impost sobre societats at the general rate of 10%; OICs under Llei 10/2008 are taxed at 0%. IGI, the VAT equivalent, is 4.5% in general but 9.5% on banking and financial services, with 1% and 0% rates for listed items. The tax administration publishes no withholding rate on dividends to non-residents; the position is confirmed per structure.
Is there an investor guarantee scheme?+
Yes - the Sistema andorrà de garantia d'inversions (SAGI) under Llei 20/2018 covers €100,000 per holder, above the €20,000 of Directive 97/9/EC. Members are banks, SFIs, AFIs, SGPs and OIC managers authorised for administration and custody; the scheme is ex-post, with member reserves targeted at 1.5% of the calculation base (art. 18.2).
Andorra or Spain for a new firm?+
Spain buys the EU passport: SV, AV, SGC and EAF firms under Ley 6/2023 at the IFD art. 9 tiers, a €10,000 CNMV fee for an SV or AV, 25% tax, FOGAIN at €100,000. Andorra has no passport, a 10% deposit from €5,000, a twelve-month cap and 10% tax. Spanish clients point to Madrid. Andorran residents, to the AFA.
Why Prifinance for Andorra?+
An Andorra la Vella office. The entity type and the art. 8 deposit fixed before Formulari 2 is drafted, the three control functions staffed with people the AFA can verify. We run the six-month prior authorisation, the three-month creation filing and the art. 9 start, and lodge the Government's foreign-investment authorisation where the Third Additional Provision requires it.
Which licence?+
AFA EOSF, Llei 7/2013 type.
Capital?+
10% deposit, €5k-€200k.
How long?+
Twelve-month cap.
Fees?+
€2,519-€15,117.
People?+
Board, three control functions.
Passport?+
None; CRD, not IFD.
Taxes?+
10%, IGI 9.5%.
Guarantee?+
SAGI €100,000.
Or Spain?+
Passport vs deposit.
Why you?+
Andorra la Vella office.
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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 Andorran entity type fits your project and what it will cost.
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 Andorran Financial Authority (AFA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.