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 CSRC approval, including banking and payment rails.
Get an investment license in China.
The cap is gone and the approvals are on the record. Since 1 April 2020 a foreign group may own a Chinese securities company outright, and the CSRC has since approved Standard Chartered, BNP Paribas and Mizuho at 100%. The Securities Law prices the licence by business line - RMB 50 million paid-in for brokerage, investment consulting and financial advisory, RMB 100 million for one of underwriting, margin, market making or proprietary trading, RMB 500 million for two or more - and gives the CSRC six months from acceptance to decide, for no fee. A private fund manager registers with AMAC instead, at RMB 10 million and 20 working days. The prize is a market of 1,404.89 million people.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
China in brief
The cap is gone; the statute prints the floors and the clock.
China licenses securities business under the Securities Law (证券法), revised on 28 December 2019 and in force since 1 March 2020. A securities company needs two things from the China Securities Regulatory Commission: approval to establish under article 118, and a securities business licence (经营证券业务许可证) under article 120 listing the lines it may run - brokerage, investment consulting, financial advisory, underwriting and sponsorship, margin financing and securities lending, market making, proprietary trading, and other business such as asset management. Article 121 prices them: RMB 50 million of registered capital for the first three lines, RMB 100 million for any one of the rest, RMB 500 million for two or more, all paid-in. Article 119 gives the CSRC six months from acceptance to decide; the service guide adds 120 days in the pilot free-trade zones and one word on fees - 不收费, none. A public fund manager is approved separately at RMB 100 million under article 13 of the Fund Law.
The commercial case is written in decision numbers. The CSRC announced on 13 March 2020 that the foreign-shareholding cap on securities companies would go on 1 April 2020, and the approvals followed: Standard Chartered Securities (China), 证监许可〔2023〕152号 of 19 January 2023 at RMB 1.05 billion; BNP Paribas Securities (China), 证监许可〔2024〕586号 of 12 April 2024 at RMB 1.1 billion; Mizuho Securities (China), 证监许可〔2025〕2190号 of 30 September 2025 at RMB 2.3 billion - each 100% owned by its parent. The lighter door is the private fund manager: registration with the Asset Management Association of China under article 90 of the Fund Law and State Council Decree No. 762 of 2023, RMB 10 million paid-in, 20 working days from complete materials. Tax is full rate - 25% enterprise income tax, 10% withholding on dividends to non-resident enterprises, 6% VAT on financial services - for a market of 1,404.89 million people. We build the file from Shanghai.
Two doors: CSRC approval of a securities company at RMB 50M, 100M or 500M paid-in by business line (article 121), six months from acceptance and no fee - or AMAC registration of a private fund manager at RMB 10M in 20 working days. Foreign-ownership cap gone since 1 April 2020.
25% enterprise income tax, 10% dividend withholding, 6% VAT on financial services, for 1,404.89 million people. Built end to end from Shanghai.
The two doors
The RMB 10 million private fund manager - or the RMB 50 million securities company.
Two different acts of the state: registration with AMAC for a private fund manager at RMB 10 million paid-in, or CSRC approval of a securities company at RMB 50 million, RMB 100 million or RMB 500 million by business line. We fix the door first, then build the entity to it.
The RMB 10M AMAC registration - or the RMB 50M+ CSRC approval.
01 - PRIVATE FUND MANAGER
The AMAC registration
A company or partnership established in China (Decree 762, article 7) registers with the Asset Management Association of China rather than applying to the CSRC - RMB 10 million of paid-in monetary capital under article 8 of the AMAC measures, a chief executive and investment head with five years' experience, a compliance head with three, and a decision within 20 working days of complete materials. The first fund must be filed within twelve months or the registration is cancelled.
A company or partnership established in China (Decree 762, article 7) registers with the Asset Management Association of China rather than applying to the CSRC - RMB 10 million of paid-in monetary capital under article 8 of the AMAC measures, a chief executive and investment head with five years' experience, a compliance head with three, and a decision within 20 working days of complete materials. The first fund must be filed within twelve months or the registration is cancelled.
- ✓Private securities or PE/VC funds
- ✓RMB 10,000,000 paid-in - AMAC article 8
- ✓Company or partnership - Decree 762 article 7
- ✓20 working days from complete materials
- ✓Foreign holding of 25%+ - MoU and licence test
- ✓First fund filed within 12 months
02 - SECURITIES COMPANY
RMB 50M / 100M / 500M paid-inThe CSRC approval
Approval to establish under article 118 and a business licence under article 120, priced by article 121 - RMB 50 million for brokerage, investment consulting and financial advisory; RMB 100 million for one of underwriting and sponsorship, margin, market making, proprietary trading or other business; RMB 500 million for two or more. Six months from acceptance, 120 days in a free-trade zone, no fee - and 100% foreign ownership since 1 April 2020.
Approval under article 118 and a line-by-line licence under article 120 - RMB 50M, 100M or 500M paid-in, six months from acceptance, no fee, 100% foreign ownership allowed.
- ✓Brokerage, consulting, advisory - RMB 50M
- ✓One heavier line - RMB 100M
- ✓Two or more heavier lines - RMB 500M
- ✓Six months from acceptance - article 119
- ✓No fee - 不收费 on the CSRC guide
- ✓100% foreign-owned since 1 April 2020
Figures per the Securities Law (2019 revision), the Securities Investment Fund Law and the AMAC registration measures in force since 1 May 2023. The CSRC's establishment guide prints no fee, and no application, licence or annual fee is published elsewhere; we confirm the point with the licensing department before filing.
Why China
Six reasons managers file in Shanghai.
The pool is the argument; the open door and the statutory clock are what make it a file rather than a hope.
✓
1,404.89 million people
The National Bureau of Statistics count at end-2025 - a domestic pool that no offshore licence and no Connect scheme puts in your hands as a manager.The pool itself.
✓
The door is open
The foreign-shareholding cap on securities companies went on 1 April 2020; the CSRC has approved Standard Chartered, BNP Paribas and Mizuho at 100% since, with decision numbers you can read.100% since April 2020.
✓
Floors in the statute
Article 121 prints RMB 50 million, RMB 100 million and RMB 500 million by business line; article 13 of the Fund Law prints RMB 100 million; AMAC prints RMB 10 million - no discretion to price.Article 121 prints them.
✓
A clock and no fee
Six months from acceptance under article 119, 120 days in a free-trade zone, and 不收费 on the CSRC's own guide - the state charges nothing to be asked.Six months; 不收费.
✓
The side door
A private fund manager registers with AMAC in 20 working days at RMB 10 million and never files with the CSRC - the way a foreign manager can start small.AMAC in 20 working days.
✓
The language warning
The Chinese text is the law: the CSRC's English page still carries the 2005 statute, and the registers of securities companies are spreadsheets with no headline licensee count. We carry that layer.Chinese text is binding.
How it compares
How China differs from other routes.
The honest comparison: the region's largest domestic pool, entered at full-rate tax through a statute that prints its floors - against Japan's graduated ladder, Korea's business units and Taiwan's two-step permit.
China vs other jurisdictions
| Feature |  China | Other jurisdictions |
|---|---|---|
| Regime | Securities Law - CSRC approval · AMAC registration | FIEA Japan · FSCMA Korea · SEA Taiwan |
| Capital | RMB 50M / 100M / 500M · RMB 10M private FM | ¥50M Japan · KRW 250M-3bn Korea · NT$20M-400M Taiwan |
| Scope | Domestic · no passport · 100% foreign | Domestic pools · no passport |
| Timeline | 6 months art. 119 · 120 days FTZ · 20 working days AMAC | 3 months Korea art. 13(2) · 2 + 1 months Taiwan |
Regime
ChinaSecurities Law - CSRC approval · AMAC registration
Other jurisdictionsFIEA Japan · FSCMA Korea · SEA Taiwan
Capital
ChinaRMB 50M / 100M / 500M · RMB 10M private FM
Other jurisdictions¥50M Japan · KRW 250M-3bn Korea · NT$20M-400M Taiwan
Scope
ChinaDomestic · no passport · 100% foreign
Other jurisdictionsDomestic pools · no passport
Timeline
China6 months art. 119 · 120 days FTZ · 20 working days AMAC
Other jurisdictions3 months Korea art. 13(2) · 2 + 1 months Taiwan
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| China | CSRC securities company · AMAC private FM | 25% · 10% dividend WHT · 6% VAT | RMB 50M-500M · RMB 10M private FM |
 Japan | FSA - IM registration | ≈30% effective | ¥50M · QI route ¥10M |
 South Korea | FSC authorisation · registration | 9-24% by bracket + 10% local | KRW 250M advisory · KRW 3bn brokerage |
 Taiwan | FSC / SFB securities firm · SITE · SICE | 20% enterprise income tax | NT$20M SICE · NT$200M broker · NT$300M SITE |
ChinaLicense typeCSRC securities company · AMAC private FM
Taxation25% · 10% dividend WHT · 6% VAT
RequirementsRMB 50M-500M · RMB 10M private FM
JapanLicense typeFSA - IM registration
Taxation≈30% effective
Requirements¥50M · QI route ¥10M
South KoreaLicense typeFSC authorisation · registration
Taxation9-24% by bracket + 10% local
RequirementsKRW 250M advisory · KRW 3bn brokerage
TaiwanLicense typeFSC / SFB securities firm · SITE · SICE
Taxation20% enterprise income tax
RequirementsNT$20M SICE · NT$200M broker · NT$300M SITE
Before you apply
Requirements for the Chinese approval.Requirements for the approval.
The CSRC approves a company it can measure - shareholders, capital, people, systems. The checklist below is what article 118 and the service guide ask for.
01
Chinese entity - a limited liability or joint stock company established in China with CSRC approval for a securities company; a company or partnership for a private fund manager (Decree 762, article 7).
02
Paid-in capital by line - RMB 50 million, RMB 100 million or RMB 500 million under article 121; RMB 100 million in cash for a public fund manager (Fund Law, article 13); RMB 10 million for a private fund manager (AMAC measures, article 8).
03
Shareholders and controller - major shareholders and the actual controller with sound finances and an integrity record, and no major violation in the last three years (article 118(2)).
04
The foreign shareholder test - a financial institution from a jurisdiction whose regulator has an MoU with the CSRC, five years in securities business, no major penalty in three, and results in the international front rank (article 6 of the foreign-invested securities company measures).
05
People - directors, supervisors, senior managers and practitioners meeting the statutory conditions (article 118(4)); for a private fund manager, five years' experience for the chief executive and investment head and three for the compliance and risk head (AMAC measures, article 10).
06
Risk and internal control - a sound risk management and internal control system (article 118(5)), with the compliance officer and chief risk officer the CSRC's compliance rules require.
07
Premises and systems - qualified business premises, facilities and information technology systems (article 118(6)) that the reviewing department can inspect.
08
Client assets - settlement funds at a commercial bank in a separate account per client (article 131), securities in the investor's own CSDC account, and a custody agreement filed with each private fund (Decree 762, article 22).
09
The file - application report, shareholding structure, draft articles, internal rules, CVs of the proposed chairman and general manager, and a PRC law firm's legal opinion, accepted by the CSRC General Office.
10
Follow-through - a private fund manager's controlling stake is locked for three years (AMAC measures, article 20) and its first fund is due within twelve months (article 76); any change of scope, major shareholder or controller needs CSRC approval (article 122).
01
Chinese company or partnership.
02
Paid-in capital by line.
03
Clean shareholders, three years.
04
Parent passes article 6.
05
Qualified directors and heads.
06
Risk and internal control.
07
Premises and IT systems.
08
Client funds at a bank.
09
Guide-list file, in Chinese.
10
Lock-ups and approvals.
Reflects the Securities Law (2019 revision), the Fund Law, State Council Decree No. 762 and the AMAC measures as of 2026. The law prints no residency rule for directors and no contribution rate for the investor protection fund - we confirm both with the CSRC before filing.Securities Law 2019 + Decree 762, as of 2026.
How it works
From first call to the CSRC licence.
01
The door
Securities company at RMB 50 million and up, public fund manager at RMB 100 million, or AMAC registration at RMB 10 million - fixed in writing first.Fixed in writing.
02
Entity and capital
Chinese company or partnership formed, capital paid in cash, the foreign shareholder's article 6 file assembled.Paid in cash.
03
The file
Materials per the CSRC service guide, accepted by the General Office; no fee. Or the AMAC registration set with the custody agreement.Guide list, no fee.
04
Review
Six months from acceptance under article 119, 120 days in a free-trade zone, 20 working days at AMAC - progress visible online five working days after acceptance.Six months; 20 days AMAC.
05
Licence and launch
The business licence issued line by line, client accounts and CSDC live - managing Chinese money.Managing Chinese money.
Quick facts
RegulatorCSRC · AMAC private funds
Securities companyRMB 50M / 100M / 500M
Public fund managerRMB 100M paid-in
Private fund managerRMB 10M paid-in
Foreign ownership100% since 1 April 2020
Statutory clock6 months · 120 days FTZ
FeesNone - 不收费
Population1,404.89 million (end-2025)
The statute prints the clock and the CSRC prints no processing statistics - six months from acceptance is the law, and a file that is complete at acceptance is the only lever we control.
On the ground in China
Run from our Shanghai office.
Prifinance - China
Shanghai · China
Shanghai, China
01
Door and line set
Securities company, public fund manager or AMAC registration - and which article 120 lines - fixed against the real client book before any entity exists.Fixed to the book.
02
Shareholder file
The article 6 test for the foreign parent - MoU jurisdiction, five-year record, penalty history - evidenced before the CSRC asks.Article 6 evidenced.
03
The Chinese file
Application report, articles, internal rules and the PRC law-firm opinion drafted in Chinese to the service guide's list - complete at acceptance.Complete at acceptance.
04
Launch
Client settlement accounts at a commercial bank, CSDC access, SAC membership and the first mandates live the day the licence lands.Accounts and CSDC live.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
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 China.
Full-rate taxation for the largest domestic pool in the region - and a VAT that does not spare financial services.
25% enterprise income tax
Article 4 of the Enterprise Income Tax Law - the rate a Shanghai securities company or fund manager pays on its profits.Article 4.
10% on dividends out
Non-resident enterprises face 20% under article 4, reduced to 10% by article 91 of the Implementation Regulations - the standard withholding on dividends to the foreign parent, before treaty.Article 91.
6% VAT on financial services
Circular 财税〔2016〕36号 taxes brokerage, asset management, fund management and custody at 6% - financial services are not exempt in China.Finance not exempt.
20% and 15% reduced rates
Article 28 gives small low-profit enterprises 20% and high-tech enterprises 15% - modelled per structure, not assumed for a licensee.Small, high-tech.
Investor protection fund
Securities companies contribute to the fund under article 126 of the Securities Law; the contribution rate is unpublished, so we confirm it with the CSRC.Rate unpublished.
Stamp duty on trades
Securities transactions carry stamp duty; the rate is confirmed per structure in the quote.On trades; confirmed.
Tax summary
Corporate tax25%
Non-resident dividend WHT10% · art. 91
VAT on financial services6% · not exempt
Reduced rates20% small · 15% high-tech
Sector levyProtection fund · rate unpublished
*Figures as of 2026 per the State Taxation Administration. Treaty relief and the investor protection fund contribution 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: Chinese 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
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China · CSRC
Launch your investment firm in China with expert support.
Full-service assistance - from the Chinese entity and the foreign shareholder file to CSRC approval or AMAC registration and the first mandates - run through our Shanghai office.
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Request a free conclusion →FAQ
The Chinese investment licence, answered.
What licence does an investment manager need in China?+
One of three: CSRC approval of a securities company under article 118 of the Securities Law with a business licence under article 120; CSRC approval of a public fund manager under article 13 of the Fund Law; or AMAC registration as a private fund manager under article 90 of the Fund Law and State Council Decree No. 762.
What capital is required?+
Article 121: RMB 50 million paid-in for brokerage, investment consulting and financial advisory; RMB 100 million for one of underwriting and sponsorship, margin, market making, proprietary or other business; RMB 500 million for two or more. A public fund manager needs RMB 100 million in cash; a private fund manager RMB 10 million.
Can a foreign group own the securities company outright?+
Yes. The CSRC announced on 13 March 2020 that the foreign-shareholding cap went on 1 April 2020, and has since approved Standard Chartered Securities (China), BNP Paribas Securities (China) and Mizuho Securities (China) at 100%. The parent must pass article 6: MoU jurisdiction, five years in securities, no major penalty in three.
How long does the CSRC take?+
Six months from acceptance under article 119, and the same for a public fund manager under article 14 of the Fund Law; 120 days in a pilot free-trade zone under 国发〔2023〕9号. AMAC registers a private fund manager within 20 working days of complete materials. No processing statistics are published.
What does the private fund route require?+
A company or partnership in China, RMB 10 million of paid-in monetary capital, a chief executive and investment head with five years' experience and a compliance head with three, a custody agreement for each fund, and a first fund filed within twelve months. A foreign holding of 25% or more brings the MoU and licensed-institution test of article 14.
What are the fees?+
The CSRC's establishment guide prints 不收费 - no fee - and no application, licence or annual fee is published anywhere else. What the law does charge is the contribution of securities companies to the investor protection fund under article 126, at a rate that is unpublished and confirmed with the CSRC.
How are Chinese investment firms taxed?+
25% enterprise income tax under article 4; 10% withholding on dividends to a non-resident enterprise under article 91 of the Implementation Regulations; 6% VAT on brokerage, asset management, fund management and custody under 财税〔2016〕36号. Small low-profit and high-tech rates of 20% and 15% exist under article 28.
Is there a passport or a cross-border route?+
No passport. Foreign access runs through QFII and RQFII, Stock Connect, Bond Connect and the Cross-boundary Wealth Management Connect - schemes for investing, not for serving Chinese clients. To manage Chinese money you establish a PRC entity; the free-trade zones shorten the review to 120 days.
China or Japan for a new firm?+
Different sizes of the same prize. Japan registers investment advisory on a ¥5 million deposit and management at ¥50 million with FSA English-language support - a lighter, faster file into a smaller pool. China asks RMB 50 million and a Chinese-language file for 1,404.89 million people. Testing Asia: Tokyo. Building for Chinese clients: Shanghai.
Why Prifinance for China?+
We choose the door against your real client book, evidence the foreign parent's article 6 file before the CSRC asks, and draft the application in Chinese to the service guide's list with the custody and settlement arrangements in place - run from our Shanghai office with Dubai behind it.
What licence?+
CSRC approval or AMAC.
Capital?+
RMB 50M-500M · 10M private.
Foreign ownership?+
100% since April 2020.
How long?+
6 months; 20 days AMAC.
Private route?+
RMB 10M, five-year heads.
Fees?+
None - 不收费.
Taxes?+
25%; WHT 10%; VAT 6%.
Passport?+
None; PRC entity.
Or Japan?+
Lighter file, smaller pool.
Why you?+
Chinese file from Shanghai.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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Google
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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 China Securities Regulatory Commission or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.