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 supervisor's decision, including banking and payment rails.
Get an investment license in Europe.
One framework, thirty markets: an EU investment firm licence carries initial capital of €75,000 for advisory and order-handling models, €150,000 as the general tier and €750,000 where dealing on own account enters, and the same passport into thirty EEA states, whichever member state grants it. The choice is where, not whether.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Europe in brief
The licence is the same everywhere. The jurisdiction is not.
Every EU and EEA member state licenses investment firms under the same architecture: MiFID II for conduct and permissions, the Investment Firms Regulation and Directive for prudential treatment. Initial capital follows the service set - €75,000 for firms providing advice, reception and transmission of orders, execution or portfolio management without holding client assets; €150,000 as the general tier; €750,000 where the firm deals on own account or underwrites on a firm-commitment basis. Own funds must also cover a quarter of fixed overheads and the K-factor requirement across risk-to-client, risk-to-market and risk-to-firm. On grant, the licence passports into thirty EEA states by notification - a Tallinn licence and a Luxembourg licence buy the same market access.
What differs is everything around the licence: how long the regulator takes and whether the clock is binding, what the application costs, what tax the firm pays on the money it earns, what substance the supervisor expects and how expensive that substance is. Estonia binds its examination clock in statute and charges €1,000 to file; Latvia charges no application fee at all and consults before you apply; Lithuania runs a single regulator with a newcomer programme; Bulgaria taxes at 10%; Cyprus has the deepest practised cluster; Luxembourg puts you where the funds already are; Italy grades capital from €120,000 and sits on Europe's deepest savings pool; Madeira offers 5% inside the union with a 2026 admission deadline; Liechtenstein and Gibraltar sit beside the union with their own bridges. We build in all of them, and the first conversation is about which one your business should be in.
One framework, thirty markets: MiFID II with IFR/IFD prudential treatment - €75,000 for advisory and order-handling firms, €150,000 general, €750,000 for dealing on own account, plus a quarter of fixed overheads and the K-factor sum.
The passport is identical wherever it is granted. Fees, clocks, tax and substance cost are not, and that is the whole decision. Every country page carries its own terrain.
The three tiers
€75,000, €150,000, €750,000 - the same everywhere.
The tiers are union-wide; the jurisdiction changes the cost, the clock and the tax. We fix the service set first, then choose the country.
The €75k/€150k asset-side firm - or the €750k dealer.
01 - ADVISORY · MANAGEMENT
The asset-side firm
Advice, reception and transmission of orders, execution and portfolio management without holding client assets - €75,000 initial capital, rising to €150,000 as the general tier, with the full passport either way.
Advice, reception and transmission of orders, execution and portfolio management without holding client assets - €75,000 initial capital, rising to €150,000 as the general tier, with the full passport either way.
- ✓Investment advice
- ✓Reception and transmission of orders
- ✓Execution and portfolio management
- ✓€75,000 - restricted client assets
- ✓€150,000 - general tier
- ✓Passport into 30 EEA states
02 - THE DEALING FIRM
The own-account build
Dealing on own account and firm-commitment underwriting at €750,000, with the full IFR/IFD stack. K-factors, fixed-overhead requirement and the prudential reporting that follows.
Dealing on own account and firm-commitment underwriting at €750,000 with the full IFR/IFD stack. K-factors, overhead requirement, prudential reporting.
- ✓Dealing on own account
- ✓Firm-commitment underwriting
- ✓€750,000 initial capital
- ✓K-factor own funds
- ✓Fixed overheads requirement
- ✓Upgrade path from the asset side
Tiers per MiFID II and IFR/IFD as of 2026. Own funds are the highest of initial capital, a quarter of fixed overheads and the K-factor sum.
Why Europe
Six reasons the union is still the benchmark.
✓
Thirty markets, one licence
The passport is the product: notification rather than re-authorisation, in every EEA state, from whichever capital granted it.Notification, not re-licensing.
✓
Capital that scales with the firm
€75,000 to €750,000 by what the firm actually does. Advisory houses are not priced like proprietary trading desks.Priced to activity.
✓
A rulebook clients recognise
MiFID conduct standards are the reference point institutional clients and banks measure everything else against.What others are measured against.
✓
Choice within the standard
Same licence, ten very different jurisdictions. The tax, clock and cost variables are where the real decision lives.Ten different jurisdictions.
✓
Supervision that travels
An EU-authorised firm is legible in London, Dubai, Singapore and New York without further explanation.Legible worldwide.
✓
A route for every size
Boutique advisory at €75,000 in the Baltics, institutional builds in Luxembourg. The framework covers both.Boutique to institutional.
How it compares
Where to hold the same European licence.
The passport is identical. The comparison that matters is cost, clock, tax and cluster.
What actually differs between member states
| Feature |  Varies by state | Fixed union-wide |
|---|---|---|
| Application fee | None in Latvia to five figures | Capital tiers |
| Examination clock | Statutory in Estonia, open elsewhere | Passport effect |
| Corporate tax | 0% retained to 28% | MiFID conduct rules |
| Substance cost | Baltic to Luxembourg pricing | IFR/IFD prudential frame |
Application fee
Varies by stateNone in Latvia to five figures
Fixed union-wideCapital tiers
Examination clock
Varies by stateStatutory in Estonia, open elsewhere
Fixed union-widePassport effect
Corporate tax
Varies by state0% retained to 28%
Fixed union-wideMiFID conduct rules
Substance cost
Varies by stateBaltic to Luxembourg pricing
Fixed union-wideIFR/IFD prudential frame
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
 Cyprus | CIF - CySEC | 12.5% · 15% large | IFD tiers, practised cluster |
 Estonia | Investment firm - FI | 0% retained · 22/78 | IFD tiers, statutory clock |
 Luxembourg | Investment firm - CSSF | ≈23.9% aggregate | €75k-€750k, four eyes |
 Italy | SIM - CONSOB | ≈28% effective | €120k / €385k / €1M |
CyprusLicense typeCIF - CySEC
Taxation12.5% · 15% large
RequirementsIFD tiers, practised cluster
EstoniaLicense typeInvestment firm - FI
Taxation0% retained · 22/78
RequirementsIFD tiers, statutory clock
LuxembourgLicense typeInvestment firm - CSSF
Taxation≈23.9% aggregate
Requirements€75k-€750k, four eyes
ItalyLicense typeSIM - CONSOB
Taxation≈28% effective
Requirements€120k / €385k / €1M
Before you apply
What every European application contains.What every EU application contains.
The paperwork is union-wide even where the regulator is not. The checklist below travels across member states.
01
An EU company. Incorporated in the member state, with genuine management and premises there.
02
Initial capital - €75,000, €150,000 or €750,000 by service set, fully paid and evidenced.
03
Own funds. The highest of initial capital, a quarter of fixed overheads and the K-factor sum.
04
Management body. Directors and key-function holders assessed individually for fitness and propriety.
05
Qualifying shareholders. Holdings vetted to ultimate-owner level, with approval on changes.
06
Programme of operations. Services, clients and three-year projections the supervisor can interrogate.
07
Governance and internal control. Compliance, risk management and internal audit functions.
08
Conduct framework. Suitability, appropriateness, best execution, costs and charges disclosure.
09
Client-asset arrangements. Segregation and safeguarding where the permissions allow holding.
10
AML/CFT programme. The member state's framework with a named responsible officer.
11
Passporting plan. EEA notifications prepared for the states actually being served.
01
EU company, run locally.
02
Capital by service set.
03
Own funds highest-of test.
04
Management assessed.
05
Holdings vetted to UBO.
06
Programme of operations.
07
Governance and control.
08
Conduct framework built.
09
Client assets safeguarded.
10
AML officer named.
11
Passport notifications.
Reflects MiFID II and IFR/IFD as of 2026. Member-state specifics. Fees, clocks and local substance expectations. Are set out on each country page.MiFID II + IFR/IFD, as of 2026.
How it works
From first call to a passported European firm.
01
Service set and clients
What the firm does and where its clients are. The two inputs that decide the tier and the country.Tier and country.
02
Jurisdiction selection
Member states modelled on fee, clock, tax and substance cost. The decision made on numbers.Modelled, not guessed.
03
Company, capital and bench
Entity incorporated, capital evidenced, management and key functions assembled locally.Capital evidenced.
04
The application
The supervisor's file. Programme of operations, governance and prudential pack. Complete at submission.Complete at filing.
05
Licence and passporting
Authorisation granted and EEA notifications filed. One licence, thirty markets, live.One licence, thirty.
Quick facts
FrameworkMiFID II · IFR/IFD
Advisory / RTO€75,000
General tier€150,000
Dealing€750,000
Fixed overheads¼ of prior year
K-factorsRtC + RtM + RtF
Passport30 EEA states
Realistic timeline6-12 months
Every country page in this section carries that state's fees, clocks, tax treatment and substance expectations. This page is the map, those are the terrain.
On the ground across Europe
Run from our European offices.
Prifinance - Europe
Tallinn · Vilnius · London
Roseni 13, Tallinn, Estonia
01
Jurisdiction selection
The member state chosen on tax, clock, cost and cluster. After the service set and client map are fixed.Made on numbers.
02
The application
Programme of operations, governance pack and prudential computations built to the local supervisor's standard.Built to local standard.
03
Bench and substance
Management and key functions sourced where the file needs them, at the cost level the jurisdiction allows.Sourced where needed.
04
Passporting and launch
EEA notifications, banking and custody sequenced with the licence. Thirty markets from day one.Thirty markets 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
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation across the European options.
The licence is identical; the tax bill is not. This is where the jurisdiction choice pays for itself.
0% while you compound
Estonia and Latvia tax only distributed profit. A firm that reinvests pays nothing at corporate level until it pays out.Estonia and Latvia.
10% and 12.5% flat
Bulgaria at 10% and Cyprus at 12.5% remain the union's lowest conventional headline rates.Bulgaria and Cyprus.
5% in Madeira
The International Business Centre carries a 5% rate on qualifying income through 2033. With jobs conditions and a 2026 admission deadline.Window closes 2026.
Mid-band majors
Lithuania at 16%, Luxembourg near 23.9% aggregate, Italy near 28% effective. Paid for proximity, depth and distribution.LT 16%, LU ≈23.9%, IT ≈28%.
VAT-exempt core services
Investment services sit outside VAT across the union; standard rates touch overheads only.Overheads only.
Substance is the real cost
Salaries and premises differ more between Riga and Luxembourg than the tax rates do. We model total cost, not headline.The bigger variable.
Tax summary
Estonia / Latvia0% retained · 22/78 · 20/80
Bulgaria10% flat
Cyprus12.5% · 15% large groups
Madeira IBC5% qualifying income
Luxembourg / Italy≈23.9% · ≈28%
*Figures as of 2026 per each state's tax administration. Total cost. Tax plus substance. Is modelled per structure before the jurisdiction is chosen.
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: European 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, passported firm.
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Europe · MiFID
Launch your investment firm in Europe with expert support.
Full-service assistance - from jurisdiction selection and capital design to authorisation and EEA passporting - run through our European offices.
Get a consultation →Free legal opinion
Which European jurisdiction fits 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 European investment licence - the questions we hear.
What is an EU investment firm licence?+
Authorisation under MiFID II, prudentially governed by the Investment Firms Regulation and Directive, covering advice, reception and transmission of orders, execution, portfolio management, dealing on own account and underwriting by permission.
What capital is required?+
€75,000 for firms providing advice, order handling, execution or portfolio management without holding client assets; €150,000 as the general tier; €750,000 for dealing on own account or firm-commitment underwriting. Own funds must also meet a quarter of fixed overheads and the K-factor requirement.
Does it really matter which member state grants it?+
Not for market access - the passport is identical. It matters enormously for everything else: application fees range from nothing in Latvia upward, examination clocks are statutory in some states and open-ended in others, corporate tax runs from 0% on retained profit to roughly 28%, and substance costs differ by multiples.
Which jurisdiction is cheapest to enter?+
Latvia charges no state application fee and offers free pre-licensing consultations; Estonia charges €1,000 with a statutory examination clock. Both sit at Baltic cost levels. The cheapest entry is not always the right answer - client geography and banking matter more.
Which is fastest?+
States that bind their clocks in statute - Estonia's two-to-six-month examination window, Latvia's 25-working-day completeness check plus six-month review, Luxembourg's six-month decision from a complete file - are the most predictable. Preparation still decides the outcome.
Where is the lowest tax?+
Madeira's International Business Centre at 5% on qualifying income through 2033, subject to job-creation conditions and an admission window closing at the end of 2026. Otherwise Bulgaria at 10%, Cyprus at 12.5%, and Estonia and Latvia at 0% on retained profit.
What about Liechtenstein and Gibraltar?+
Liechtenstein is in the EEA, so its FMA licence passports into the union at CHF 100,000 initial capital. Gibraltar is outside, but the Gibraltar Authorisation Regime preserves access into the United Kingdom market at 15% tax. Both are covered on their own pages.
How long does authorisation take?+
Realistically 6-12 months across most member states, including preparation. The variable is rarely the regulator - it is how complete the programme of operations and governance documentation is at submission.
Can we buy a licensed firm instead?+
Often yes, and sometimes it is faster, but change-of-control approval is its own process and the acquired firm's history becomes yours. We assess acquisition against a fresh build on the specific facts.
Why Prifinance for Europe?+
We hold offices across the union and license in all of these states, so the jurisdiction recommendation is made on your numbers rather than on where we happen to work.
What is it?+
MiFID II investment firm.
Capital?+
€75k / €150k / €750k.
Does the state matter?+
Not for access - for everything else.
Cheapest?+
Latvia: no state fee.
Fastest?+
Statutory clocks: EE, LV, LU.
Lowest tax?+
Madeira 5%, then BG 10%.
LI and GI?+
EEA passport; UK via GAR.
How long?+
6-12 months typical.
Buy instead?+
Sometimes - assessed.
Why you?+
We license in all of them.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
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Google
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Google
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Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
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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 European jurisdiction 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 European supervisors or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.