15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the CMF's inscription, including banking and payment rails.
Get an investment license in Chile.
Chile prints its floors in unidades de fomento and its clock in the statute. A corredor de bolsa or agente de valores registers with the Comisión para el Mercado Financiero under Ley 18.045 art. 24 on a permanent patrimonio of 6,000 UF - the unidad de fomento is the inflation-indexed unit Chilean law counts in - or 14,000 UF to deal on own account, lodges a 4,000 UF guarantee (arts 26, 30), and the CMF must decide within 30 days of the application (art. 28). The fund manager, the administradora general de fondos of Ley 20.712, needs 10,000 UF of patrimonio and a 10,000 UF guarantee. Since the Ley Fintec 21.521 and NCG 502, investment advice, order routing, intermediation and custody also run on a registration plus a per-service authorisation, with capital binding only once the CMF's volume thresholds are reached (art. 11). The market is 18,480,432 people at the 2024 census, taxed at 27%.
Updated
Floors in UF, a 30-day clock, and a new registration door.
The securities law is Ley 18.045 of 1981, and art. 24 defines the trade. Intermediarios de valores are the natural or legal persons who carry on corretaje de valores: members of an exchange are corredores de bolsa, those outside it agentes de valores, and neither operates without prior inscription in the CMF's register (inciso 5). Banks need none (art. 25). Art. 26 lists the conditions: legal majority, a completed cuarto año medio with accredited knowledge of intermediation, an office in Chile, a patrimonio held permanently at 6,000 UF - 14,000 UF for own-account dealing under art. 24 inciso 2 - and the art. 30 guarantee of 4,000 UF in cash, boleta bancaria, insurance or pledged shares, shares capped at 25%. A company carries the title in its name and has intermediation as its exclusive object (art. 27). The CMF decides within 30 days, the clock stopping while it asks for information, and inscribes within three days after (art. 28).
Two more doors. The administradora general de fondos of Ley 20.712 (24 December 2013) is a sociedad anónima especial whose exclusive object is managing third-party money (art. 3), authorised by CMF resolution under Ley 18.046 art. 126 on a patrimonio of at least 10,000 UF (art. 4 c) and a guarantee of the same amount (art. 12), with no decision period printed. The Ley Fintec, Ley 21.521 of 4 January 2023, with NCG 502 of 12 January 2024, adds inscription in the Registro de Prestadores de Servicios Financieros and a per-service authorisation for asesoría de inversión, enrutamiento, intermediación and custodia (arts 3, 5, 7). Registration takes 30 business days (art. 6), authorisation at most six months (art. 7); the art. 11 minimum - the greater of 5,000 UF or 3% of risk-weighted assets - binds only past the CMF's volume thresholds. Firms the CMF already supervises need no Fintec registration (art. 5). We build from Santiago.
One regulator, three doors: the CMF register of corredores and agentes under Ley 18.045 (6,000 UF, 14,000 UF dealing, 4,000 UF guarantee, 30-day clock under art. 28), the AGF of Ley 20.712 at 10,000 UF, and the Ley Fintec registration for advice, routing and custody with capital deferred to the art. 11 thresholds.
Primera Categoría 27%, Pro Pyme 25%, Impuesto Adicional 35% with credit, IVA 19% with interest exempt. 18,480,432 people. Built from Santiago.
The Fintec registration - or the registered intermediary.
One regulator, two statutes: the Ley Fintec prestador registers and is authorised service by service, with capital binding only past the CMF's thresholds; the corredor de bolsa or agente de valores inscribes under Ley 18.045 on 6,000 UF and a 4,000 UF guarantee. We fix the door first, then build once.
The Fintec registration - or the 6,000 UF corredor.
The registration door
Investment advice, order routing, intermediation of financial instruments and custody under Ley 21.521: inscription in the Registro de Prestadores de Servicios Financieros decided in 30 business days (art. 6), a per-service authorisation in at most six months (art. 7), and the art. 11 minimum - the greater of 5,000 UF or 3% of risk-weighted assets - only once the CMF's volume thresholds are reached. A natural person may register for advice to up to 100,000 identified persons in 12 months (NCG 502).
Investment advice, order routing, intermediation of financial instruments and custody under Ley 21.521: inscription in the Registro de Prestadores de Servicios Financieros decided in 30 business days (art. 6), a per-service authorisation in at most six months (art. 7), and the art. 11 minimum - the greater of 5,000 UF or 3% of risk-weighted assets - only once the CMF's volume thresholds are reached. A natural person may register for advice to up to 100,000 identified persons in 12 months (NCG 502).
- ✓Asesoría de inversión · enrutamiento · custodia
- ✓Registration in 30 business days (art. 6)
- ✓Authorisation in at most 6 months (art. 7)
- ✓Capital binds past CMF thresholds (art. 11)
- ✓Natural persons for advice · 100,000 persons in 12 months
- ✓Foreign firms: an agencia, unless qualified investors only
The registered intermediary
The Ley 18.045 broker: corretaje de valores as an exchange member (corredor de bolsa) or off-exchange (agente de valores), own-account dealing once 14,000 UF is held (art. 24 inciso 2, art. 26 d), the 4,000 UF guarantee of art. 30, an exclusive object (art. 27) and a CMF decision within 30 days of filing (art. 28). Banks are exempt (art. 25); the fund manager is a separate build at 10,000 UF under Ley 20.712.
Corretaje under Ley 18.045 art. 24 as exchange member or off-exchange - 6,000 UF, 14,000 UF with own-account dealing, 4,000 UF guarantee, 30-day decision.
- ✓Corretaje de valores - Ley 18.045 art. 24
- ✓6,000 UF · 14,000 UF with own-account dealing
- ✓4,000 UF guarantee (art. 30)
- ✓Natural or legal persons · exclusive object (art. 27)
- ✓30-day CMF decision (art. 28)
- ✓AGF apart: 10,000 UF + 10,000 UF guarantee
Costs and timelines are confirmed for your case before any work begins. The CMF's inscription fee sits in DL 3.538 art. 33; the amount, the AGF decision period and the register counts are confirmed with the Commission before filing.
A statute that prints its numbers.
Chile sells a register with floors in UF, a 30-day clock and, since 2023, a door that opens on registration.
Ley 18.045 art. 28: the CMF must pronounce on an inscription within 30 days of the application, and inscribe within three days after. The clock stops only while the Commission asks for information.Art. 28, printed.
A Ley Fintec prestador owes the art. 11 minimum - the greater of 5,000 UF or 3% of risk-weighted assets - only once the CMF's volume thresholds are reached. Advice, routing and custody begin on a registration.Fintec floor past thresholds only.
Art. 24 admits natural persons to the register; NCG 502 lets a natural person register for asesoría de inversión to identified clients, up to 100,000 of them in 12 months.Art. 24; advice to 100,000.
6,000 UF, 14,000 UF, 4,000 UF, 10,000 UF: every floor is written in the inflation-indexed unit, so the real bar is the one the statute wrote.Indexed, not eroded.
Arts 24-30 carry no nationality or domicile requirement and no foreign-ownership cap; a foreign Fintec provider needs an agencia in Chile unless it serves only qualified investors (NCG 502).Agencia for foreign Fintec firms.
The inscription fee under DL 3.538 art. 33, the register counts, the AGF decision period and any compensation scheme beyond the art. 30 and art. 12 guarantees - confirmed with the CMF before the quote, not assumed.Fee, counts, AGF clock.
How Chile differs from other routes.
The honest comparison: floors in UF and a 30-day clock - against neighbours that print a two-stage clock, a larger market, or no published clock at all.
| Feature | Chile | Other jurisdictions |
|---|---|---|
| Regime | Ley 18.045 · Ley 21.521 - CMF | SMV Peru · SFC Colombia · BCB + CVM Brazil |
| Capital | 6,000 UF · 14,000 UF dealing · Fintec none at entry | S/ 750,000 SAFI Peru · R$ 2M per activity Brazil · IPC-indexed Colombia |
| Scope | Domestic market, no passport | Domestic only - no passport |
| Timeline | 30 days (art. 28) · Fintec to 6 months | 30 + 30 days Peru · 60 days CVM Brazil · no published clock Colombia |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Chile | CMF corredor de bolsa · AGF · Fintec | 27% · 35% Adicional | 6,000 UF · 4,000 UF guarantee · 30 days |
Peru | SMV SAB · SAFI | 29.50% IR · 5% dividends | SAFI S/ 750,000 · 30 + 30 days |
Colombia | SFC comisionista de bolsa | 35% · 40% comisionistas to 2027 | AMV membership · capital IPC-indexed |
Brazil | BCB CTVM/DTVM · CVM gestor | 40% nominal CTVM · 34% general | R$ 2M per activity · 60-day CVM clock |
Chile
Peru
Colombia
BrazilRequirements for the Chilean licence.Requirements for the licence.
The CMF inscribes against art. 26 of Ley 18.045 or the NCG 502 forms; the craft is a file that already carries the UF floor and the guarantee instrument. The checklist below is what a passing application contains.
Reflects Ley 18.045, Ley 20.712, Ley 21.521 and NCG 502 as of 2026.Ley 18.045, 20.712, 21.521 + NCG 502, as of 2026.
From first call to the CMF register.
Corredor or agente, AGF, or a Fintec service - and with it the floor: 6,000 UF, 14,000 UF, 10,000 UF, or none until the art. 11 thresholds.UF floor fixed.
The Chilean company or the individual applicant, the patrimonio evidenced, the 4,000 UF guarantee instrument chosen under art. 30.Instrument chosen.
Art. 26 evidence for the register, or the NCG 502 forms and art. 12 policies for a prestador - complete at filing.Complete at filing.
30 days under art. 28, the clock stopping for information requests; Fintec 30 business days plus up to six months (arts 6-7); the AGF resolution on no published clock.30 days; Fintec to 6 months.
Inscription within three days of the decision (art. 28), exchange membership for a corredor, guarantee lodged, accounts open.Three days after.
The floor is the route: 6,000 UF buys corretaje, 14,000 UF adds own-account dealing, 10,000 UF plus a guarantee buys fund management, and a Fintec registration buys advice, routing or custody with capital deferred to the art. 11 thresholds. Fix it before anyone drafts.
Run from our Santiago office.

Corredor or agente under Ley 18.045, AGF under Ley 20.712, or a Fintec service under Ley 21.521 - fixed in writing before drafting, with the UF floor that follows from it.Fixed in writing.
The art. 26 evidence, the art. 30 guarantee instrument and the NCG 502 forms with the art. 12 policies on risk, cybersecurity and continuity - drafted in Spanish to the norm's own list.Drafted in Spanish.
The Santiago office art. 26 c requires, the accredited knowledge of art. 26 b and the four-semester programme NCG 502 asks of advisers - sourced locally.Sourced in Santiago.
The 4,000 UF or 10,000 UF guarantee lodged, Bolsa de Santiago membership for a corredor and bank accounts sequenced with the 30-day decision.Lodged, then live.







Taxation of investment firms in Chile.
A 27% first-category rate with a 25% SME regime, a 35% tax on what leaves the country with credit for what was paid, and a 19% IVA that spares interest.
Ley sobre Impuesto a la Renta art. 14 A: the general regime taxes company income at 27% (SII Circular 73 of 22 December 2020).Primera Categoría.
Art. 14 D N° 3: the SME regime taxes at 25%, transitorily 10% for 2020-2022 (SII Circular 62 of 24 September 2020). Whether a licensed firm fits the regime is confirmed in the quote.SME regime.
Dividends and remittances to non-residents carry the Impuesto Adicional at a general rate of 35%, with credit for the Primera Categoría tax already paid (SII).With IDPC credit.
Owners resident in jurisdictions without a treaty must return 35% of that credit as débito fiscal (Circular 73/2020) - the parent's residence decides the effective rate.Credit restored.
DL 825 art. 14: 19% on the taxable base; interest from financial operations, instruments and credits of any kind is exempt (art. 12 E N° 10). Art. 12 E lists no exemption for brokerage commissions; their treatment is confirmed for your service set.Interest exempt.
The CMF publishes no financial-sector levy. The inscription derechos under DL 3.538 art. 33 are the one charge on the file, and we confirm the amount with the CMF before filing.Art. 33 fee confirmed.
*Figures as of 2026 per Chilean law. 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: Chilean company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
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Launch your investment firm in Chile with expert support.
Full-service assistance - from the Chilean company and the UF floor to the CMF register, the Fintec authorisation, the guarantee and ongoing compliance - run through our Santiago office.
Get a consultation →Is Chile 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.
The Chilean investment licence, answered.
Who licenses investment firms in Chile?+
The Comisión para el Mercado Financiero. It keeps the Registro de Corredores de Bolsa y Agentes de Valores under Ley 18.045 art. 24, authorises the existence of administradoras generales de fondos under Ley 20.712 arts 3-4, and keeps the Registro de Prestadores de Servicios Financieros of the Ley Fintec (Ley 21.521 arts 5-7).
What is the difference between a corredor de bolsa and an agente de valores?+
Exchange membership. Art. 24 calls intermediaries who are members of a bolsa de valores corredores de bolsa and those who operate outside it agentes de valores; both inscribe in the same CMF register on the same 6,000 UF floor, and a corredor is a member of the Bolsa de Santiago.
What capital does a corredor or agente need?+
A patrimonio held permanently at 6,000 UF, or 14,000 UF if the firm also buys and sells on own account (art. 26 d), plus an initial guarantee of 4,000 UF in cash, boleta bancaria, insurance or pledged shares (art. 30). The UF is the inflation-indexed unit, so the floor keeps its real value.
How long does the CMF take?+
Thirty days from the application for the register, the clock suspended while the CMF asks for information, with inscription within three days after (art. 28). A Fintec registration is decided in 30 business days (art. 6) and each service authorisation in at most six months (art. 7). For an AGF the statute prints no period; the CMF publishes no processing statistics.
What does the Ley Fintec route add?+
A registration plus a per-service authorisation for asesoría de inversión, enrutamiento de órdenes, intermediación de instrumentos financieros and custodia (Ley 21.521 arts 3, 5, 7), with the art. 11 minimum - the greater of 5,000 UF or 3% of risk-weighted assets, which the CMF may raise to 6% - binding only once its volume thresholds are reached.
Can an individual hold the licence?+
Yes. Art. 24 admits natural persons to the register of corredores and agentes, subject to the same art. 26 conditions; under NCG 502 a natural person may also register as a Fintec prestador, but only for asesoría de inversión to identified persons, at most 100,000 of them in 12 months.
Can a foreign firm serve Chilean clients?+
Not without a Chilean presence. There is no passport; a foreign entity under the Fintec regime must establish an agencia in Chile unless it serves only qualified investors (NCG 502). Arts 24-30 of Ley 18.045 carry no nationality or domicile test and no foreign-ownership cap.
How are Chilean investment firms taxed?+
Primera Categoría at 27% under art. 14 A, or 25% under the Pro Pyme regime of art. 14 D N° 3; the 35% Impuesto Adicional on remittances to non-residents with credit for the corporate tax paid, and IVA at 19% with interest exempt under DL 825 art. 12 E N° 10.
Chile or Peru for a new firm?+
Chile prints every floor and a single 30-day clock, and opens advice, routing and custody on a registration; Peru prints a two-stage clock of 30 plus 30 days (RAI arts 22, 28), a SAFI floor of S/ 750,000 and a 5% dividend withholding against Chile's 35% Adicional. Peru is cheaper to repatriate from; Chile is the more legible file.
Why Prifinance for Chile?+
A Santiago office for the CMF file, the UF floor and the art. 30 guarantee instrument fixed before anyone drafts, the NCG 502 forms and art. 12 policies written in Spanish to the norm's list, and the 30-day clock of art. 28 run with every information request answered on its date.
Who licenses?+
The CMF.
Corredor vs agente?+
Exchange member or not.
Capital?+
6,000 UF + 4,000 UF.
How long?+
30 days; Fintec to 6 months.
Fintec route?+
Registration, capital deferred.
Individuals?+
Yes, art. 24.
Foreign firms?+
Agencia or qualified only.
Taxes?+
27% + 35% Adicional.
Or Peru?+
Legible vs cheap to repatriate.
Why you?+
Santiago, UF floor fixed.
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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 Chilean route 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 Comisión para el Mercado Financiero or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.