Nikolai 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's or the FSMA's decision, including banking and payment rails.
Get an investment license in Belgium.
Belgium splits the MiFID licence in two. The National Bank of Belgium authorises the société de bourse under the Act of 20 July 2022 - the only status that may deal on own account, underwrite or hold client money - and the FSMA authorises the société de gestion de portefeuille et de conseil en investissement (SGPCI) under the Act of 25 October 2016 for orders, portfolio management and advice. Capital follows the IFR art. 9 tiers of €75,000, €150,000 and €750,000. The FSMA decides within six months of a complete file and charges a file examination fee of €3,261, the figure printed since 1 January 2017; eight Belgian sociétés de bourse stood on the NBB list at 1 September 2026. Both statuses passport to 30 EEA states.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Belgium in brief
Two regulators, two statuses, one passport.
Belgium runs a two-tier system. The Banque nationale de Belgique authorises and prudentially supervises the société de bourse - the stockbroking firm - under the Act of 20 July 2022 on stockbroking firms, which carries the IFD transposition and replaced the 2016 statute. It is the only Belgian status that may deal on own account, underwrite, hold client funds or instruments and run an MTF or OTF - every service in MiFID II Annex I. The Autorité des services et marchés financiers authorises the société de gestion de portefeuille et de conseil en investissement, the SGPCI, under the Act of 25 October 2016: reception and transmission of orders, execution, portfolio management and investment advice, with corporate advisory, research and derivative-related ancillary services - no client deposits, no own-account dealing, no underwriting. The FSMA also supervises the conduct of both and licenses UCITS management companies (Act of 3 August 2012) and AIFMs (Act of 19 April 2014).
Capital follows Regulation (EU) 2019/2033 directly: art. 9 sets €750,000 for own-account dealing or firm-commitment underwriting, €150,000 for other firms, client money included, €75,000 for orders, portfolio management and advice without client assets. The FSMA's SGPCI brochure still prints a fully paid-up minimum of €125,000 from before the IFD - we settle the figure with the FSMA before filing. The clock and the fee are printed. The FSMA's management committee decides within six months of a complete file, and the file examination fee is €3,261, fixed by royal decree from 1 January 2017, indexed annually and tax-deductible; for the société de bourse, MiFID II art. 7(3) gives the NBB the same six months. The register is small: eight Belgian sociétés de bourse at 1 September 2026, seven UCITS management companies and 21 fully authorised AIFMs on the FSMA's September 2026 lists. We build from Brussels.
Two regulators, two statuses: the NBB société de bourse under the Act of 20 July 2022 for dealing, underwriting and client money, the FSMA SGPCI under the Act of 25 October 2016 for orders, management and advice - IFR capital €75k/€150k/€750k, six months from a complete file, a €3,261 file fee, the 30-state passport.
Eight Belgian sociétés de bourse at 1 September 2026. No official English texts; the tax schedule is re-checked before any figure is modelled. Built end to end from Brussels.
The two builds
The société de bourse at the NBB - or the SGPCI at the FSMA.
Two statuses under two regulators: the full-scope stockbroking firm authorised by the National Bank at the IFR tiers up to €750,000, and the FSMA's portfolio management and investment advice company for orders, management and advice without client money. The service set chooses the regulator; we fix it before the file.
The NBB société de bourse - or the FSMA SGPCI at €3,261.
01 - SOCIÉTÉ DE BOURSE
The NBB stockbroking firm
Authorisation by the National Bank of Belgium under the Act of 20 July 2022 for every MiFID II Annex I service - the one Belgian status that deals on own account, underwrites, holds client funds and instruments and runs an MTF or OTF - at IFR art. 9 capital of €150,000 with client money and €750,000 for dealing or firm-commitment underwriting.
Authorisation by the National Bank of Belgium under the Act of 20 July 2022 for every MiFID II Annex I service - the one Belgian status that deals on own account, underwrites, holds client funds and instruments and runs an MTF or OTF - at IFR art. 9 capital of €150,000 with client money and €750,000 for dealing or firm-commitment underwriting.
- ✓All MiFID II Annex I services
- ✓Own account, underwriting, MTF and OTF
- ✓Client funds and instruments held
- ✓€150,000 - client money · €750,000 - dealing (IFR art. 9)
- ✓NBB governance manual, Circular NBB_2024_04
- ✓6 months - MiFID II art. 7(3)
02 - SGPCI
€3,261 file examination feeThe FSMA portfolio management and advice company
Authorisation by the FSMA under the Act of 25 October 2016 for reception and transmission, execution, portfolio management and investment advice - no client deposits, no own-account dealing, no underwriting - with a commercial-company form, central administration in Belgium, two persons in the direction effective and the FSMA's six-month decision from a complete file.
FSMA authorisation for RTO, execution, portfolio management and advice - no client funds, two-person direction effective, six months from a complete file, €3,261 file fee.
- ✓RTO, execution, portfolio management, advice
- ✓No client funds, no own account, no underwriting
- ✓Commercial company, not a single-member SPRL
- ✓Two members in the direction effective
- ✓€3,261 file fee - from 1 January 2017, indexed
- ✓FSMA decides within 6 months of a complete file
Costs and timelines are confirmed for your case before any work begins. The €3,261 file examination fee is the FSMA brochure figure from 1 January 2017, indexed annually; NBB and FSMA supervision contributions are set by royal decree and itemised in your quote.
Why Belgium
The right regulator for the service set, and Brussels behind it.
Belgium sells a status sized to the model - the FSMA company for managers and advisers, the NBB firm for dealers - with Euronext Brussels and one passport behind both.
✓
Two statuses, sized to the model
A manager or adviser files with the FSMA as an SGPCI; a dealer, underwriter or custodian files with the National Bank as a société de bourse. No firm carries prudential machinery it does not need.Sized to the model.
✓
A printed fee
€3,261 for the FSMA's examination of an SGPCI file, fixed by royal decree, indexed annually since 1 January 2017 and tax-deductible - readable before the first call.€3,261, indexed.
✓
A printed clock
The FSMA's management committee decides at phase 2 within six months of a complete file; the NBB works to the same six months under MiFID II art. 7(3).Six months, dossier complet.
✓
The passport, both statuses
Société de bourse and SGPCI both notify across 30 EEA states under FSMA communication FSMA_2018_08 - one month for services, three for a branch under MiFID II arts 34-35.FSMA_2018_08.
✓
A small register
Eight Belgian sociétés de bourse at 1 September 2026, seven UCITS management companies and 21 fully authorised AIFMs - a market where a new entrant is noticed and read carefully.Eight sociétés de bourse.
✓
Two doors, no English text
None of the Belgian acts has an official English version, the capital tiers for sociétés de bourse are those of IFR art. 9 as transposed by the Act of 20 July 2022, and the SPF Finances tax schedule is re-checked before any figure is modelled. Budget for French or Dutch filing and for a tax opinion before the model is fixed.French or Dutch filing.
How it compares
How Belgium differs from other routes.
The honest comparison: two regulators and a printed fee - against the Dutch 13-week clock, the French three-plus-six and the German printed fee.
Belgium vs other jurisdictions
| Feature |  Belgium | Other jurisdictions |
|---|---|---|
| Regime | Act of 20 July 2022 - NBB · Act of 25 October 2016 - FSMA | Wft 2:96 Netherlands · CMF France · WpIG Germany |
| Capital | IFR art. 9 €75k / €150k / €750k · SGPCI €125k brochure | Bpr art. 48 Netherlands · § 17 WpIG Germany, same tiers |
| Passport | 30 EEA states - both statuses | Dutch nationaal regime none · French CIF none |
| Timeline | 6 months from a complete file · no stats | Netherlands 13 weeks · France AMF 3 + ACPR 6 months |
Regime
BelgiumAct of 20 July 2022 - NBB · Act of 25 October 2016 - FSMA
Other jurisdictionsWft 2:96 Netherlands · CMF France · WpIG Germany
Capital
BelgiumIFR art. 9 €75k / €150k / €750k · SGPCI €125k brochure
Other jurisdictionsBpr art. 48 Netherlands · § 17 WpIG Germany, same tiers
Passport
Belgium30 EEA states - both statuses
Other jurisdictionsDutch nationaal regime none · French CIF none
Timeline
Belgium6 months from a complete file · no stats
Other jurisdictionsNetherlands 13 weeks · France AMF 3 + ACPR 6 months
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Belgium | Société de bourse - NBB · SGPCI - FSMA | ISOC · confirmed in quote | IFR €75k-€750k, €3,261 file fee |
 Netherlands | Beleggingsonderneming - AFM | 19% to €200k · 25.8% above | Bpr art. 48 €75k-€750k, 13-week clock |
 France | EI - ACPR · SGP - AMF | 25% · 15% SME | IFR €75k-€750k, SGP €125k |
 Germany | Wertpapierinstitut - BaFin | 30.13% combined · ~25% by 2032 | § 17 WpIG €75k-€750k, fee €6,336 |
BelgiumLicense typeSociété de bourse - NBB · SGPCI - FSMA
TaxationISOC · confirmed in quote
RequirementsIFR €75k-€750k, €3,261 file fee
NetherlandsLicense typeBeleggingsonderneming - AFM
Taxation19% to €200k · 25.8% above
RequirementsBpr art. 48 €75k-€750k, 13-week clock
FranceLicense typeEI - ACPR · SGP - AMF
Taxation25% · 15% SME
RequirementsIFR €75k-€750k, SGP €125k
GermanyLicense typeWertpapierinstitut - BaFin
Taxation30.13% combined · ~25% by 2032
Requirements§ 17 WpIG €75k-€750k, fee €6,336
Before you apply
Requirements for the Belgian licence.Requirements for the licence.
The FSMA reviews an SGPCI file against the Act of 25 October 2016 and its checklist; the NBB reviews a société de bourse against the Act of 20 July 2022 and its fit-and-proper and governance manuals. The checklist below is what a passing application contains.
01
Company form - a commercial company, not a single-member SPRL, with the administration centrale in Belgium; an individual cannot hold either status.
02
Initial capital - IFR art. 9: €75,000 without client assets, €150,000 with them, €750,000 for own-account dealing or firm-commitment underwriting; the SGPCI brochure's €125,000 paid-up figure is settled with the FSMA before filing.
03
Direction effective - at least two members, with checks and balances between them; for a société de bourse a management committee run to the NBB governance manual (Circular NBB_2024_04) and Circular NBB_2025_18 on its effectiveness.
04
Fit and proper - directors and key-function holders assessed on the FSMA questionnaires or the NBB Fit & Proper manual; significant shareholders of 10% or more must guarantee sound and prudent management.
05
The file - the FSMA SGPCI checklist and questionnaires, or the NBB application procedure, with the business plan and organisation the regulator reads at phase 2.
06
The fee - €3,261 for the FSMA's examination of an SGPCI file (from 1 January 2017, indexed annually); NBB application charges are confirmed with the Bank before filing.
07
Prudential machinery - IFR arts 11-13 live from day one: the permanent minimum, a quarter of fixed overheads and, for class 2, the K-factors, with the Delegated Regulations 2022/25, 2022/1455, 2023/1651 and 2024/1771 the FSMA lists for SGPCI.
08
Investor compensation - membership of the Fonds de garantie pour les services financiers for an SGPCI, and cover of financial instruments through the Fonds de protection des dépôts et des instruments financiers; the coverage amount is confirmed with the fund, the Directive 97/9/EC floor being €20,000.
09
Client assets - a société de bourse holds them under the segregation rules of the 2022 Act and Delegated Regulation (EU) 2017/565; an SGPCI may not hold them at all.
10
Control functions - compliance, risk management and internal audit under the governance manual, with the AML questionnaire of Circular NBB_2026_02 and the DORA incident and register rules of NBB_2026_04 and 05 for NBB firms.
01
Commercial company, seated in Belgium.
02
Capital per IFR art. 9.
03
Two in the direction effective.
04
Fit and proper, 10% holders.
05
FSMA checklist or NBB file.
06
€3,261 file fee.
07
IFR own funds live.
08
Fonds de garantie membership.
09
Client assets - NBB firms only.
10
Compliance, risk, audit staffed.
Reflects the Act of 20 July 2022, the Act of 25 October 2016, the FSMA SGPCI brochure and the NBB circulars as of 2026.Acts of 20 July 2022 and 25 October 2016, as of 2026.
How it works
From first call to the NBB or FSMA register.
01
Status and regulator
Société de bourse or SGPCI decided by the service set, tier fixed at €75k, €150k or €750k - in writing before drafting.NBB or FSMA.
02
Company and bench
Belgian company, capital paid, two members of the direction effective and the significant shareholders ready for the fit-and-proper round.Ready for fit and proper.
03
The application
Checklist, questionnaires, business plan and organisation - complete at filing, so the six-month clock actually starts.Complete, so the clock starts.
04
Regulator review
FSMA phase 2 or NBB examination: six months from completeness, the €3,261 file fee paid at the FSMA.Six months statutory.
05
Licence and passport
Register entry, Fonds de garantie membership, EEA notifications - 30 markets open.30 markets open.
Quick facts
RegulatorsNBB · FSMA
StatusesSociété de bourse · SGPCI
No client assets€75,000 (IFR art. 9)
Client money€150,000
Own account · underwriting€750,000
FSMA file fee€3,261 (from 1 Jan 2017, indexed)
Statutory clock6 months from a complete file
Belgian sociétés de bourse8 at 1 Sep 2026
Neither regulator publishes processing statistics - so the honest plan is the six-month clock plus the time it takes to make the file complete.
On the ground in Belgium
Run from our Brussels office.
Prifinance - Belgium
Brussels · Belgium
Brussels, Belgium
01
Company and capital
Belgian commercial company with its administration centrale in Brussels, IFR art. 9 capital paid to the tier - the regulator chosen by the service set before the file opens.Regulator chosen first.
02
The FSMA or NBB file
SGPCI checklist and questionnaires, or the NBB application procedure, drafted in French or Dutch and defended through the six-month examination.French or Dutch.
03
Direction effective
Two members with checks and balances, assessed on the FSMA questionnaires or the NBB Fit & Proper manual - sourced from the Brussels regulated-firm bench.Two, with checks.
04
Fund, passport and launch
Fonds de garantie membership, EEA notifications, banking live - with our London office a train ride away.30 states at launch.
We also have offices in
Tallinn
Estonia
Roseni 13
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 investment firms in Belgium.
The figures the regulators print are below; the SPF Finances rates - corporate, withholding, VAT - are confirmed against the current schedule and go into your quote.
Impôt des sociétés
The corporate rate, standard and SME, is confirmed against the SPF Finances schedule before we model your firm, and the quote carries the confirmed figure with the year it applies to.Confirmed in quote.
Précompte mobilier
Belgian withholding on dividends applies on distribution, with treaty relief for foreign shareholders; the rate and the exemptions are set per structure in the quote.Per structure.
TVA and the exemption
The VAT rate and the financial-services exemption are confirmed with the tax adviser at the model stage - which SGPCI services fall outside VAT decides the input-credit position.Per service set.
The file fee is deductible
€3,261 for the FSMA's examination of an SGPCI file, fixed by royal decree, indexed each year since 1 January 2017 and, in the FSMA's words, fiscalement déductible.Deductible.
Supervision contributions
NBB and FSMA supervision contributions are fixed by royal decree; the amounts for your status and size are itemised in the quote.Royal decree.
Fund contributions
Membership of the Fonds de garantie pour les services financiers is compulsory for an SGPCI; its contribution is budgeted beside the IFR own-funds requirement.Compulsory for SGPCI.
Tax summary
Corporate taxConfirmed in quote
Dividend withholdingPrécompte mobilier · per structure
VATConfirmed per service set
FSMA file fee€3,261, deductible
Supervision levyRoyal decree · in quote
*Figures as of 2026 per Belgian law and the FSMA brochure. The SPF Finances tax schedule is re-checked before any figure is modelled; 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 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 firm.
Follow Prifinance
Active across our channels.
Belgium · NBB and FSMA investment firm authorisation
Launch your investment firm in Belgium with expert support.
Full-service assistance - from the Belgian company and the FSMA or NBB file to the authorisation, direction effective, passporting and ongoing compliance - 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 Belgian investment licence, answered.
Which licence does an investment firm need in Belgium?+
One of two: the société de bourse authorised by the National Bank under the Act of 20 July 2022 for the full MiFID II service set, or the SGPCI authorised by the FSMA under the Act of 25 October 2016 for orders, execution, portfolio management and advice without client funds. Fund managers are licensed separately by the FSMA.
Which regulator do I file with?+
The service set decides. Own-account dealing, underwriting, holding client funds or instruments, or running an MTF or OTF means the NBB and the société de bourse status; management and advice without client deposits means the FSMA and the SGPCI. The FSMA supervises the conduct rules of both.
What capital is required?+
The IFR art. 9 tiers: €750,000 for dealing on own account or firm-commitment underwriting, €150,000 for other firms including those holding client money, €75,000 for orders, management and advice without client assets. The FSMA's SGPCI brochure still prints €125,000 fully paid up from before the IFD; we settle the figure with the FSMA before filing.
How long does authorisation take?+
Six months from a complete file: the FSMA's management committee decides at phase 2 within six months of a dossier complet, and the NBB works to the six months of MiFID II art. 7(3). Neither regulator publishes processing statistics, so completeness at filing is the lever.
What does the FSMA charge?+
A file examination fee of €3,261 - the figure the FSMA brochure prints from 1 January 2017, fixed by royal decree, indexed annually and tax-deductible. Annual NBB and FSMA supervision contributions are set by royal decree; the amounts are confirmed before filing.
Who has to be in place?+
At least two members of the direction effective with checks and balances, the administration centrale in Belgium, a commercial-company form (not a single-member SPRL), significant shareholders of 10% or more who guarantee sound and prudent management, and directors and key-function holders assessed on the FSMA questionnaires or the NBB Fit & Proper manual.
Does the licence passport across the EEA?+
Yes, for both statuses - FSMA communication FSMA_2018_08 covers cross-border services and branches by SGPCI under Directive 2014/65/EU, and sociétés de bourse passport the same way: one month for services, three for a branch. Inbound EEA branches and tied agents are listed by the NBB.
Is there an investor-compensation scheme?+
Yes - an SGPCI must join the Fonds de garantie pour les services financiers, and the Fonds de protection des dépôts et des instruments financiers covers financial instruments. We confirm the coverage amount with the fund before filing; the Directive 97/9/EC floor is €20,000.
Belgium or the Netherlands for a new firm?+
The Netherlands has one licensing regulator, a 13-week handling period at the AFM and a 19% rate to €200,000 of profit, against a €200-per-hour fee capped at €100,000; Belgium has a printed €3,261 fee and a status sized to the model, but two doors and six months. Amsterdam for speed; Brussels for a manager who never wants a dealer's file.
Why Prifinance for Belgium?+
A Brussels office and a file drafted in French or Dutch to the FSMA checklist or the NBB procedure, with the regulator chosen from the service set before a page is written and the direction effective sourced locally. Our London office is a train ride away, and the Fonds de garantie membership and EEA notifications run as part of launch.
Which licence?+
Société de bourse or SGPCI.
Which regulator?+
The service set decides.
Capital?+
€75k/€150k/€750k.
How long?+
Six months, no stats.
Fee?+
€3,261 at the FSMA.
People?+
Two in direction effective.
Passport?+
30 EEA states, both.
Compensation?+
Fonds de garantie, floor €20,000.
Or Netherlands?+
13 weeks vs sized status.
Why you?+
Brussels office, regulator chosen first.
Client notes
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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 Belgian status 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 FSMA and the National Bank of Belgium or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.