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 HANFA's decision, including banking and payment rails.
Get an investment license in Croatia.
A eurozone MiFID licence in a market of seven investment firms: HANFA grants the odobrenje za rad investicijskog društva under čl. 7 of the Zakon o tržištu kapitala (NN 65/18, IFD by NN 83/21, euro by NN 151/22), with čl. 10 capital of €750,000 for dealing and underwriting, €75,000 without client money and €150,000 for every other firm. The fee is printed per service in NN 157/25 - €1,400 for reception and transmission up to €10,200 for an MTF or OTF - and the Fond za zaštitu ulagatelja covers €20,000 under čl. 261. HANFA publishes no processing times, so MiFID II art. 7(3) - six months from a complete application - is the clock we plan to. Corporate tax is 10% up to €1 million of revenue and 18% above. The passport reaches 30 EEA states.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Croatia in brief
A euro statute, a printed fee per service, and a market of seven firms.
Croatia licenses investment firms under the Zakon o tržištu kapitala - ZTK, NN 65/18 - which transposed MiFID II in 2018, took the IFD in NN 83/21 and converted to the euro in NN 151/22 from 1 January 2023. Čl. 7 is the odobrenje za rad. Čl. 5 st. 1 lists the nine services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing, MTF and OTF operation - with custody among the ancillary services of čl. 5 st. 2. Čl. 8 st. 1 fixes the form: a d.o.o. or a d.d. with its seat in Croatia. Čl. 10 sets the capital: €750,000 for own-account dealing and underwriting under st. 1 and st. 3, €75,000 under st. 2 for a firm providing points 1, 2, 4, 5 and 7 without holding client money or instruments, €150,000 under st. 4 for every other firm; čl. 9 st. 3 sends the composition to IFR art. 9.
HANFA publishes no processing times, so the clock we plan to is MiFID II art. 7(3) - six months from a complete application - with the ZTK's own procedural article confirmed for your file; čl. 18 st. 1 only requires HANFA to acknowledge an orderly application within two working days. The fees are printed per service in the Pravilnik o vrsti i visini naknada (NN 157/25, čl. 5 st. 2): €1,400 for reception and transmission, €2,700 for advice, €4,300 for portfolio management, €5,100 for own-account dealing, €10,200 for an MTF or OTF, €900 per ancillary service. The Fond za zaštitu ulagatelja pays €20,000 per investor under čl. 261 st. 1, and membership is a licence condition under čl. 7 st. 5 t. 2. HANFA's 2025 annual report counts seven investment firms among 21 institutions providing investment services. Corporate tax is 10% or 18%. We build from Zagreb.
Eurozone MiFID under the ZTK: HANFA's odobrenje under čl. 7 - čl. 10 capital of €75k, €150k or €750k, a fee per service from €1,400 to €10,200 under NN 157/25, fund cover of €20,000, the 30-state passport; HANFA publishes no processing times, so MiFID II's six months.
10% corporate tax up to €1m of revenue and 18% above, 10% dividend withholding, seven investment firms on HANFA's 2025 count. Filing in Croatian. Built end to end from Zagreb.
The two builds
The investicijsko društvo - or the UCITS manager with a MiFID top-up.
Two HANFA licences: the investment firm under ZTK čl. 7 at €75,000-€750,000 by service set, and the UCITS management company under the ZOIFJP at €125,000 - which may add investment services on top and appears in the same HANFA register. We fix which one carries the business before drafting.
The ZTK investment firm - or the €125k UCITS manager.
01 - INVESTICIJSKO DRUŠTVO
The ZTK investment firm
Odobrenje za rad under ZTK čl. 7 for the čl. 5 st. 1 services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing, MTF and OTF - with čl. 10 capital at €75,000 without client money, €150,000 for every other firm, €750,000 for dealing and firm-commitment underwriting, and a fee per service under NN 157/25.
Odobrenje za rad under ZTK čl. 7 for the čl. 5 st. 1 services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing, MTF and OTF - with čl. 10 capital at €75,000 without client money, €150,000 for every other firm, €750,000 for dealing and firm-commitment underwriting, and a fee per service under NN 157/25.
- ✓Čl. 5 st. 1 t. 1-9 services · st. 2 custody
- ✓€75,000 - t. 1, 2, 4, 5, 7 without client money (st. 2)
- ✓€150,000 - every other firm (st. 4)
- ✓€750,000 - own-account dealing, underwriting (st. 1, 3)
- ✓Fee €1,400-€10,200 per service (NN 157/25 čl. 5)
- ✓Fond za zaštitu ulagatelja €20,000 (čl. 261)
02 - DRUŠTVO ZA UPRAVLJANJE · UCITS
€125,000 initial capitalThe UCITS manager under the ZOIFJP
The fund licence under the Zakon o otvorenim investicijskim fondovima s javnom ponudom: €125,000 under čl. 18, plus 0.02% of net assets over €250 million under čl. 20, capped at €10 million - a printed 60-day decision under čl. 25 st. 3, a €3,000 fee, and three such managers already provide investment services on HANFA's register.
Društvo za upravljanje under ZOIFJP čl. 18 at €125,000 plus 0.02% over €250m - a 60-day decision under čl. 25 st. 3, a €3,000 fee, MiFID top-up possible.
- ✓ZOIFJP čl. 18 - €125,000
- ✓+0.02% of NAV over €250m, cap €10m (čl. 20)
- ✓60-day decision (čl. 25 st. 3)
- ✓Fee €3,000 (NN 157/25 čl. 8 st. 1 t. 20)
- ✓At least two board members (čl. 35)
- ✓UAIF under the ZAIF: fee €1,400-€3,400 by size
Costs and timelines are confirmed for your case before any work begins. HANFA's fees are printed per service in NN 157/25 and added up for your service set; the annual supervisory fee and the Fond za zaštitu ulagatelja contribution rates are confirmed with HANFA and the Fond and itemised in your quote.
Why Croatia
A euro statute with a price list - in a market of seven firms.
Croatia sells a printed fee per service and the eurozone - in a market small enough that HANFA's annual report names the number: seven.
✓
A fee per service, printed
NN 157/25 čl. 5 st. 2 prices each čl. 5 st. 1 service: €1,400 for reception and transmission, €2,700 for advice, €4,300 for portfolio management, €5,100 for dealing, €10,200 for an MTF - the licence costs what the service set adds up to.€1,400 to €10,200, printed.
✓
Euro capital, no conversion
Since NN 151/22 the čl. 10 tiers are in euro - €75,000, €150,000, €750,000 - with no forint or lei conversion on the day of payment, unlike Budapest or Bucharest.No conversion on the day.
✓
10% or 18%
Porez na dobit is 10% where revenue in the period is up to €1,000,000 and 18% above it - a starting firm sits in the lower band while it builds the book.By revenue, €1m line.
✓
The 30-state passport
One odobrenje reaches the whole EEA; HANFA charges €200 per outbound notification under NN 157/25 and keeps a register of the inbound firms.€200 per notification.
✓
Seven firms, 266 procedures
HANFA's 2025 annual report counts seven investment firms, three fund managers and eleven banks providing investment services, and 266 licensing procedures in the year. A small register means every new file is visible.266 procedures in 2025.
✓
Plan to the six-month wall
HANFA publishes no processing times, so the clock we plan to is MiFID II art. 7(3): six months from a complete application, with the ZTK's own decision period confirmed for your file. Čl. 18 st. 1 gives two working days for the receipt. Budget for the outer wall.Plan to six months.
How it compares
How Croatia differs from other routes.
The honest comparison: a printed price list and 10% - against Slovenia's capped fee and 22%, Hungary's three months and Austria's no-fee six.
Croatia vs other jurisdictions
| Feature |  Croatia | Other jurisdictions |
|---|---|---|
| Regime | ZTK NN 65/18 · čl. 7 - HANFA | ZTFI-1 Slovenia · Bszt. Hungary · WAG 2018 Austria |
| Capital | €75k / €150k / €750k - ZTK čl. 10 | Same IFD tiers - ZBNIP 11. člen · Bszt. § 13 · WPFG Art. 13 |
| Passport | 30 EEA states · €200 per notification | Austria Art. 4 providers: none |
| Timeline | MiFID II art. 7(3) 6 months · national clock confirmed | Hungary 3 months (MNBtv. 49. §) · Austria 6 months (Art. 3 para 5) |
Regime
CroatiaZTK NN 65/18 · čl. 7 - HANFA
Other jurisdictionsZTFI-1 Slovenia · Bszt. Hungary · WAG 2018 Austria
Capital
Croatia€75k / €150k / €750k - ZTK čl. 10
Other jurisdictionsSame IFD tiers - ZBNIP 11. člen · Bszt. § 13 · WPFG Art. 13
Passport
Croatia30 EEA states · €200 per notification
Other jurisdictionsAustria Art. 4 providers: none
Timeline
CroatiaMiFID II art. 7(3) 6 months · national clock confirmed
Other jurisdictionsHungary 3 months (MNBtv. 49. §) · Austria 6 months (Art. 3 para 5)
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Croatia | Investicijsko društvo - HANFA | 10% to €1m revenue · 18% | ZTK čl. 10 €75k-€750k, fees €1,400-€10,200 per service |
 Slovenia | Borznoposredniška družba - ATVP | 19% CIT · 22% for 2024-2028 | ZBNIP 11. člen €75k-€750k, fee capped at €5,040, compensation €22,000 |
 Hungary | Befektetési vállalkozás - MNB | 9% CIT · local tax up to 2% | Bszt. § 13 €75k-€750k, fee HUF 2.7m, 3-month clock |
 Austria | Wertpapierfirma - FMA | 23% CIT | WPFG Art. 13 €75k-€750k, AG or cooperative, no application fee |
CroatiaLicense typeInvesticijsko društvo - HANFA
Taxation10% to €1m revenue · 18%
RequirementsZTK čl. 10 €75k-€750k, fees €1,400-€10,200 per service
SloveniaLicense typeBorznoposredniška družba - ATVP
Taxation19% CIT · 22% for 2024-2028
RequirementsZBNIP 11. člen €75k-€750k, fee capped at €5,040, compensation €22,000
HungaryLicense typeBefektetési vállalkozás - MNB
Taxation9% CIT · local tax up to 2%
RequirementsBszt. § 13 €75k-€750k, fee HUF 2.7m, 3-month clock
AustriaLicense typeWertpapierfirma - FMA
Taxation23% CIT
RequirementsWPFG Art. 13 €75k-€750k, AG or cooperative, no application fee
Before you apply
Requirements for the Croatian licence.Requirements for the licence.
HANFA reviews to the Pravilnik o izdavanju odobrenja za rad (NN 96/18, 132/20, 48/22) and acknowledges an orderly application within two working days under čl. 18 st. 1. The checklist below is what a passing application contains.
01
Croatian company - a d.o.o. or a d.d. with its seat in Croatia under ZTK čl. 8 st. 1; an individual cannot hold the licence.
02
Initial capital - €75,000, €150,000 or €750,000 under čl. 10 by service set, composed under IFR art. 9 as čl. 9 st. 3 requires.
03
Board members - each member of the uprava needs HANFA's prior consent under the Pravilnik o izdavanju suglasnosti (NN 36/21, 48/22, 142/22, 155/25).
04
Staffing and organisation - the qualification rules of Pravilnik NN 83/18 and the organisational and conduct rules of NN 89/18 and 65/22, implementing Delegated Regulation (EU) 2017/565.
05
The application - HANFA's obrazac zahtjeva and its document list, filed with the fee per service under NN 157/25 čl. 5 st. 2 (€1,400-€10,200 each, €900 per ancillary service).
06
Investor protection - membership of the Fond za zaštitu ulagatelja under čl. 7 st. 5 t. 2 and čl. 36; cover of €20,000 per investor under čl. 261 st. 1.
07
Prudential machinery - IFR own funds (K-factors, fixed overheads, permanent minimum) with HANFA's Pravilnik NN 100/22; recovery plans under NN 155/25.
08
Qualifying holders - vetted by HANFA; no foreign-ownership limit applies.
09
Tied agents - any vezani zastupnik under čl. 3 t. 149 registered with HANFA for €700, acting under the full and unconditional responsibility of one firm.
10
Croatian-language filing - the ZTK has no official English text; the forms, the Pravilnici and HANFA's questions run in Croatian.
01
D.o.o. or d.d. seated in Croatia.
02
Capital per čl. 10 tier.
03
Board consents (NN 36/21).
04
Staffing and organisation Pravilnici.
05
Form, documents, fee per service.
06
Fund membership (čl. 7 st. 5).
07
IFR own funds, NN 100/22.
08
Qualifying holders vetted.
09
Tied agents registered, €700.
10
Filing in Croatian.
Reflects the ZTK (NN 65/18 to 45/26), the Pravilnik NN 96/18 and the fee regulation NN 157/25 as of 2026.ZTK + Pravilnik NN 96/18 + NN 157/25, as of 2026.
How it works
From first call to the HANFA register.
01
Service set and tier
Čl. 5 st. 1 services fixed against čl. 10 - €75,000, €150,000 or €750,000 - and the NN 157/25 fee added up, in writing before drafting.Tier and fee fixed.
02
Company and board
Croatian d.o.o. or d.d., capital paid in euro, board members ready for HANFA's prior consent.Ready for consent.
03
The application
The obrazac zahtjeva and document list complete at filing - receipt acknowledged within two working days under čl. 18 st. 1.Complete; receipt in two days.
04
HANFA review
We plan to MiFID II art. 7(3): six months from a complete file, with the ZTK's own decision period confirmed for your file. HANFA publishes no processing times beyond 266 procedures in 2025.Six months per MiFID II.
05
Licence and passport
Register entry, Fond za zaštitu ulagatelja membership, EEA notifications - 30 markets open.30 markets open.
Quick facts
RegulatorHANFA
LicenceInvesticijsko društvo (ZTK čl. 7)
No client money€75,000
General tier€150,000
Dealing · underwriting€750,000
Fee€1,400-€10,200 per service
Statutory clock6 months (MiFID II art. 7(3))
Corporate tax10% · 18%
HANFA's annual report prints 266 licensing procedures for 2025 and no processing times - so the honest plan is the MiFID II six months plus the time it takes to make the file complete, with the ZTK's own decision period confirmed for your file.
On the ground in Croatia
Run from our Zagreb office.
Prifinance - Croatia
Zagreb · Croatia
Zagreb, Croatia
01
Company and capital
D.o.o. or d.d. with its seat in Zagreb, čl. 10 capital paid in euro to the tier - the čl. 8 grounds closed before the file opens.Čl. 8 grounds closed.
02
The HANFA file, in Croatian
The obrazac zahtjeva, the document list and the policies under NN 89/18 and 65/22 drafted to the Pravilnik NN 96/18 - and defended through HANFA's question rounds.To Pravilnik NN 96/18.
03
Board consents
Members of the uprava taken through HANFA's prior-consent procedure under NN 36/21 - sourced from Zagreb's regulated-firm bench.NN 36/21 procedure.
04
Passporting and launch
Fund membership, EEA notifications at €200 each, banking live - with our Budapest office behind the Zagreb desk.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
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 investment firms in Croatia.
Two rates by revenue - 10% up to €1 million, 18% above - inside the eurozone.
Porez na dobit 10% or 18%
10% where revenue in the tax period is up to €1,000,000, 18% where it is higher, under the Zakon o porezu na dobit (NN 177/04 to 151/25) - a new firm starts in the lower band.€1m revenue line.
Dividend withholding 10%
Porez po odbitku of 10% on dividends and profit shares paid to non-residents, 15% on other payments - treaty relief applies on top.Non-resident dividends.
PDV 25%
Rates of 0%, 5%, 13% and 25% under the Zakon o PDV-u; the financial-services exemption in čl. 40 we confirm on your service set, since the tax authority's page does not quote it.Čl. 40 confirmed.
The HANFA price list
Licence fees per service under NN 157/25 - €1,400 to €10,200 each, €900 per ancillary service, €200 per passport notification; the annual supervisory fee is confirmed with HANFA and itemised in the quote.Per service.
Fund contributions
Contributions to the Fond za zaštitu ulagatelja under the ZTK; the rates are confirmed for your file and itemised in your quote.Rates confirmed.
No sector levy
No investment-firm-specific levy sits beyond HANFA's fees and the fund contributions - the two lines above are the budget, confirmed per structure in the quote.Fees and contributions only.
Tax summary
Corporate tax10% · 18% above €1m
Dividend withholding10% non-residents
VAT25% · čl. 40 confirmed
Licence fee€1,400-€10,200 per service
Sector levyNone beyond fees and contributions
*Figures as of 2026 per Croatian law and the Porezna uprava. 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: Croatian 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.
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Croatia · HANFA investment firm licence
Launch your investment firm in Croatia with expert support.
Full-service assistance - from the Croatian company and the HANFA file to the odobrenje za rad, board consents, passporting and ongoing compliance - run through our Zagreb office.
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Request a free conclusion →FAQ
The Croatian investment licence, answered.
Which licence does an investment firm need in Croatia?+
The odobrenje za rad investicijskog društva from HANFA under ZTK čl. 7, for the čl. 5 st. 1 services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing, MTF and OTF - with custody among the čl. 5 st. 2 ancillary services. Banks provide the same services under an HNB licence with HANFA conduct supervision.
What capital does ZTK čl. 10 require?+
€750,000 for own-account dealing and firm-commitment underwriting (st. 1 and st. 3), €75,000 for a firm providing points 1, 2, 4, 5 and 7 without holding client money or instruments (st. 2), €150,000 for every other firm (st. 4) - in euro since NN 151/22, composed under IFR art. 9 as čl. 9 st. 3 requires.
How long does HANFA take?+
HANFA publishes no processing times, so we plan to the MiFID II art. 7(3) six months from a complete application and confirm the ZTK's own decision period for your file. Čl. 18 st. 1 gives HANFA two working days to acknowledge receipt; a UCITS manager has a printed 60 days under ZOIFJP čl. 25 st. 3.
What does the licence cost at HANFA?+
A fee per service under NN 157/25 čl. 5 st. 2: €1,400 reception and transmission, €2,100 execution, €5,100 own-account dealing, €4,300 portfolio management, €2,700 advice, €5,900 and €7,600 placing, €10,200 each for an MTF or OTF, €900 per ancillary service. A UCITS manager pays €3,000, a UAIF €1,400 to €3,400 by size.
Who has to be in place?+
A d.o.o. or d.d. seated in Croatia (čl. 8 st. 1), board members holding HANFA's prior consent under NN 36/21, staffing to Pravilnik NN 83/18 and organisation to NN 89/18 and 65/22. The board-size and residency rules for investment firms are confirmed per case; a UCITS manager needs at least two board members (ZOIFJP čl. 35).
What does the Fond za zaštitu ulagatelja cover?+
€20,000 per investor under ZTK čl. 261 st. 1 as amended by NN 151/22, replacing the old 150,000 kuna. Membership is a condition of the licence under čl. 7 st. 5 t. 2; the contribution rates are confirmed in the quote.
Does the licence passport across the EEA?+
Yes - the full MiFID passport into 30 EEA states; HANFA charges €200 per outbound notification under NN 157/25 and keeps a register of inbound EU firms. A vezani zastupnik registered for €700 acts under the full responsibility of one firm.
How are Croatian investment firms taxed?+
10% corporate tax where revenue in the period is up to €1,000,000 and 18% above, 10% withholding on dividends paid to non-residents, VAT at 25% with the čl. 40 financial-services exemption confirmed on the service set. No investment-firm-specific levy sits beyond HANFA's fees and the fund contributions; both are confirmed per structure.
Croatia or Slovenia for a new firm?+
Slovenia caps the ATVP licence fee at 1,200 points - €5,040 for all services - and its compensation scheme pays €22,000; against that, corporate tax runs at 22% through 2028. Croatia prices per service from €1,400 and taxes at 10% up to €1 million of revenue. Ljubljana for a full-service house that wants one fee; Zagreb for the economics.
Why Prifinance for Croatia?+
A Zagreb office with our Budapest office behind it, a Croatian-language file built to the Pravilnik NN 96/18 with the NN 157/25 fee added up before filing, and board members taken through HANFA's prior-consent procedure. Fund membership and the EEA notifications run as part of launch.
Which licence?+
ZTK čl. 7 investicijsko društvo.
Capital?+
€75k/€150k/€750k.
How long?+
Six months per MiFID II.
Fee?+
€1,400-€10,200 per service.
People?+
Board with HANFA consent.
Fund cover?+
€20,000 (čl. 261).
Passport?+
30 EEA states.
Taxes?+
10% or 18%.
Or Slovenia?+
Capped fee vs 10%.
Why you?+
Zagreb desk, Budapest behind it.
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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 HANFA or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.