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 ACPR or AMF decision, including banking and payment rails.
Get an investment license in France.
The two-regulator licence: an entreprise d'investissement is authorised by the ACPR only after the AMF has approved its programme d'activité - three months at the AMF under instruction DOC-2014-01, then a six-month ACPR clock on a complete file. A société de gestion de portefeuille answers to the AMF alone under CMF art. L.532-9, at €125,000 of capital, in three months plus up to three. Capital for the investment firm follows IFR art. 9 - €75,000 for RTO and advice without client funds, €150,000 general, €750,000 for dealing - and the FGDR guarantees €70,000 per client, three and a half times the EU floor. One hundred investment firms, 671 management companies and 7,013 CIF work under this system, and the passport reaches the whole EEA from Paris.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
France in brief
The split licence: ACPR for the firm, AMF for the programme.
France licenses investment services under Livre V, Titre III of the Code monétaire et financier, and the file runs through two authorities. An entreprise d'investissement - a legal person providing the services of CMF art. L.321-1, from order reception to own-account dealing and MTF operation - is authorised by the ACPR under art. L.532-1, but only after the AMF has approved its programme d'activité under instruction DOC-2014-01, which gives the AMF three months from receipt. The ACPR then examines within six months of a complete dossier, filed on the Annex 1 form of Implementing Regulation (EU) 2017/1945 through its portal. Capital follows IFR art. 9 as transposed by Ordonnance n° 2021-796 of 23 June 2021: €75,000 for RTO and advice without client funds - the figure the ACPR-AMF guide prints - €150,000 as the general tier, €750,000 for dealing and firm-commitment underwriting. Class 1 firms need a credit-institution licence under art. L.516-1.
The société de gestion de portefeuille is the other licence, and it answers to the AMF alone: authorisation under CMF art. L.532-9, three months from a complete file and up to three more (DOC-2008-03 art. 2, R.532-12), €125,000 of minimum capital under RG AMF arts 317-2 and 321-10 plus 0.02% of assets above €250 million, capped at €10 million - and no authorisation fee. Since 3 January 2018 an SGP is no longer a PSI; it holds the UCITS, AIFM and individual-mandate regimes. 671 of them were supervised in 2025, running 13,659 funds with €2,298 billion. Below both sits the conseiller en investissements financiers of art. L.541-1: ORIAS registration, membership of an AMF-approved association, no client funds, no passport - 7,013 of them at end-2024. The FGDR garantie des titres covers €70,000 per client. We build all three from Paris, with the AMF programme filed first so the ACPR clock starts on a complete dossier.
Two regulators, one file: the AMF approves the programme d'activité in three months (DOC-2014-01), the ACPR authorises the entreprise d'investissement in six; IFR capital €75k/€150k/€750k. The SGP answers to the AMF alone at €125,000, three months plus three, no fee.
FGDR cover €70,000 per client, 25% corporate tax with a 15% band, 100 investment firms, 671 SGP and 7,013 CIF on the registers. Built from Paris.
The two builds
The ACPR investment firm - or the AMF management company.
Two licences, two authorities: the entreprise d'investissement passes the AMF programme review and then the ACPR decision; the société de gestion de portefeuille is an AMF file from start to finish at €125,000. We fix the route before a page is drafted.
The ACPR investment firm - or the €125k AMF manager.
01 - ENTREPRISE D'INVESTISSEMENT
The ACPR-authorised firm
The MiFID services of CMF art. L.321-1 - RTO, execution, advice, portfolio management, dealing, underwriting, MTF operation - authorised by the ACPR under art. L.532-1 after the AMF approves the programme d'activité; capital on the IFR art. 9 tiers, passported across the EEA.
The MiFID services of CMF art. L.321-1 - RTO, execution, advice, portfolio management, dealing, underwriting, MTF operation - authorised by the ACPR under art. L.532-1 after the AMF approves the programme d'activité; capital on the IFR art. 9 tiers, passported across the EEA.
- ✓RTO, execution, advice, management
- ✓Dealing, underwriting, MTF operation
- ✓€75,000 - RTO/advice, no client funds
- ✓€150,000 general · €750,000 dealing
- ✓AMF programme 3 months, ACPR 6 months
- ✓100 firms on the ACPR register
02 - SOCIÉTÉ DE GESTION DE PORTEFEUILLE
€125,000 minimum capitalThe AMF-only manager
UCITS, AIFM and individual mandates under one AMF authorisation (CMF art. L.532-9): €125,000 plus 0.02% of assets above €250 million, three months plus up to three on the clock, no authorisation fee, filed through the ROSA extranet.
UCITS, AIFM and individual mandates under one AMF authorisation - €125,000, three months plus three, no fee.
- ✓UCITS and AIFM management
- ✓Individual mandates (RG AMF 321-1 II)
- ✓€125,000 + 0.02% over €250m
- ✓3 months + up to 3 (DOC-2008-03)
- ✓No AMF authorisation fee
- ✓671 SGP supervised in 2025
Costs and timelines are confirmed for your case before any work begins. The ACPR publishes no application fee; the AMF charges nothing for SGP authorisation; the CIF route (art. L.541-1, ORIAS, €450 AMF contribution) is scoped where advice without client funds is the whole model.
Why France
Depth, cover and a regulator for each half.
France sells scale - and a compensation ceiling three and a half times the EU floor.
✓
Two regulators, one dossier
The AMF approves the programme d'activité in three months (DOC-2014-01), then the ACPR decides in six - sequencing the two is the craft, and the reason files stall when it is ignored.AMF programme, then ACPR.
✓
The SGP bench
671 management companies running 13,659 funds and €2,298 billion - a licence the AMF grants alone, in three months plus up to three, for no fee. In 2025 it granted 13 and saw 27 withdrawn or lapse.671 firms, AMF alone.
✓
€75,000 to start
IFR art. 9 tiers as the ACPR-AMF guide prints them: €75,000 for RTO and advice without client funds, €150,000 general, €750,000 for dealing on own account.IFR tiers, guide-confirmed.
✓
FGDR cover €70,000
The garantie des titres pays €70,000 per client per institution (CMF art. L.322-3) - three and a half times the €20,000 floor of Directive 97/9/EC.3.5 times the EU floor.
✓
A 69.1 million home market
Insee counts 69.1 million residents at 1 January 2026, Euronext Paris sits in the capital, and the ACPR supervises 323 credit institutions beside the 100 investment firms - depth, and competition.Euronext Paris at home.
✓
The CIF light route
7,013 conseillers en investissements financiers at ORIAS: association membership, an AMF exam, a €450 annual contribution - and no client funds, no passport. Right for advice, wrong for anything else.No funds, no passport.
How it compares
How France differs from other routes.
The honest comparison: two regulators and €70,000 of cover - against single-regulator neighbours with shorter clocks.
France vs other jurisdictions
| Feature |  France | Other jurisdictions |
|---|---|---|
| Regime | CMF - ACPR agrément, AMF programme | One regulator: AFM, BaFin, CBI |
| Capital | IFR €75k-€750k · SGP €125k | Same IFR tiers in NL, DE, IE |
| Passport | EEA - EI and SGP; CIF none | Same passport from any EU seat |
| Timeline | AMF 3 months + ACPR 6 months | NL 13 weeks · DE, IE 6 months |
Regime
FranceCMF - ACPR agrément, AMF programme
Other jurisdictionsOne regulator: AFM, BaFin, CBI
Capital
FranceIFR €75k-€750k · SGP €125k
Other jurisdictionsSame IFR tiers in NL, DE, IE
Passport
FranceEEA - EI and SGP; CIF none
Other jurisdictionsSame passport from any EU seat
Timeline
FranceAMF 3 months + ACPR 6 months
Other jurisdictionsNL 13 weeks · DE, IE 6 months
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| France | ACPR EI · AMF SGP | 25% · 15% SME | IFR €75k-€750k, SGP €125k |
 Netherlands | AFM beleggingsonderneming | 19% ≤ €200k · 25.8% | Bpr €75k-€750k, 13-week clock |
 Germany | BaFin Wertpapierinstitut | 15% KSt · 30.13% all-in | § 17 WpIG €75k-€750k, 6 months |
 Ireland | CBI investment firm | 12.5% trading · 25% | €75k-€750k, avg 245 days in 2025 |
FranceLicense typeACPR EI · AMF SGP
Taxation25% · 15% SME
RequirementsIFR €75k-€750k, SGP €125k
NetherlandsLicense typeAFM beleggingsonderneming
Taxation19% ≤ €200k · 25.8%
RequirementsBpr €75k-€750k, 13-week clock
GermanyLicense typeBaFin Wertpapierinstitut
Taxation15% KSt · 30.13% all-in
Requirements§ 17 WpIG €75k-€750k, 6 months
IrelandLicense typeCBI investment firm
Taxation12.5% trading · 25%
Requirements€75k-€750k, avg 245 days in 2025
Before you apply
Requirements for the French licence.Requirements for the licence.
The ACPR and the AMF each examine their half, and neither starts a clock on an incomplete file. The checklist below is what a passing dossier contains.
01
French legal person - an entreprise d'investissement or SGP must be a company (SA, SAS or SARL for an SGP under DOC-2012-19) with its siège social and direction effective in France; no director-residency rule is printed, and only a CIF may be a natural person.
02
Initial capital - IFR art. 9: €75,000 for RTO and advice without client funds, €150,000 as the general tier, €750,000 for dealing; an SGP holds €125,000 under RG AMF arts 317-2 and 321-10.
03
Two dirigeants effectifs - at least two persons effectively directing the business; for an SGP one must be a corporate officer and one full time (single-manager exception in RG AMF art. 321-157).
04
Programme d'activité - the AMF approves it within three months of receipt under DOC-2014-01, whatever the services, before the ACPR decides.
05
Application form - Annex 1 of Implementing Regulation (EU) 2017/1945 through the ACPR portal (form updated 20 December 2024); an SGP files through the ROSA extranet under DOC-2008-03.
06
Shareholders - qualifying holdings identified and assessed to beneficial-owner level; no foreign-ownership cap exists.
07
Prudential class - class 2 (highest of permanent minimum, a quarter of fixed overheads or K-factors) or class 3; class 1 firms need credit-institution status under CMF art. L.516-1.
08
Compliance architecture - compliance function, personal-transaction rules and client categorisation per DOC-2014-01 and RG AMF arts 311-2 to 312-2.
09
FGDR membership - the garantie des titres covers €70,000 per client (CMF art. L.322-3, order of 18 March 2024); SGP clients fall under the garantie des services de gestion.
10
Supervisory budget - ACPR contribution of 0.66‰ of the own-funds requirement (minimum €500, CMF art. L.612-20) and AMF contributions of €30,000 a year for an investment firm, €10,000 where limited to advice and RTO.
01
French company, directed locally.
02
Capital per IFR tier.
03
Two dirigeants effectifs.
04
Programme d'activité approved.
05
Annex 1 form complete.
06
Holdings vetted to UBO.
07
Prudential class fixed.
08
Compliance per DOC-2014-01.
09
FGDR membership.
10
Levies budgeted.
Reflects the Code monétaire et financier, the RG AMF and IFR/IFD as of 2026. Initial-capital tiers are those of IFR art. 9 as the ACPR-AMF guide prints them; the national arrêté figure for your class is confirmed in the quote.CMF + RG AMF + IFR/IFD, as of 2026.
How it works
From first call to the REGAFI and GECO registers.
01
Route and tier
EI, SGP or CIF - services, IFR tier and prudential class fixed in writing before any drafting.Fixed in writing.
02
Company and dirigeants
French company, capital paid, two dirigeants effectifs and the shareholder file assembled.Two, approvable.
03
The AMF programme
Programme d'activité filed and approved within three months (DOC-2014-01) - or the SGP file through ROSA.Three months.
04
The ACPR decision
Six months from a complete dossier, questions answered on the regulator's rhythm - 9-12 months end to end is our planning figure.Six months statutory.
05
Registers and passport
REGAFI or GECO entry, EEA notifications, FGDR membership, banking live.EEA live.
Quick facts
RegulatorACPR + AMF
Investment firmCMF art. L.532-1
Management companyCMF art. L.532-9 · €125,000
RTO/advice tier€75,000
Dealing tier€750,000
Statutory clocksAMF 3 mo · ACPR 6 mo
Realistic timeline9-12 months
Corporate tax25% · 15% SME
Neither regulator publishes processing statistics - the annual reports count firms, not days. Our range is a planning figure built on the two statutory clocks and a complete first filing.
On the ground in France
Run from our Paris office.
Prifinance - France
Paris · France
Paris, France
01
Route and company
EI, SGP or CIF decided in writing, then the French company and capital built for that route.Built for the route.
02
The AMF programme
Programme d'activité and policies drafted to DOC-2014-01 or DOC-2008-03 - the document both regulators read first.Read first, drafted first.
03
The ACPR dossier
Annex 1 form, prudential class and dirigeants effectifs - complete on filing so the six-month clock starts.Complete on filing.
04
Passport and launch
EEA notifications, FGDR membership and banking sequenced with the decision - live across the EEA from Paris.EEA from Paris.
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 France.
A 25% headline with a small-company band, VAT exemption on securities operations and withholding that depends on who receives the dividend.
Corporate tax 25%
The normal rate of impôt sur les sociétés for financial years from 1 January 2022 - the figure every projection starts from.Headline and SME band.
15% on the first €42,500
Companies with turnover of €10 million or less pay 15% on the first €42,500 of profit - a real saving for a first-year advisory house.Large firms only.
3.3% social contribution
Groups with turnover of €7.63 million or more and IS above €763,000 add 3.3% of the tax - a large-firm surcharge, not a start-up cost.12.8% · 25% · 75%.
VAT 20%, securities exempt
Operations relating to securities and fund management are exempt under CGI art. 261 C - but custody (garde et gestion) is taxable, and art. 260 B allows an option to tax.Securities exempt, 261 C.
Dividend withholding by recipient
12.8% to non-resident individuals, the standard IS rate (25%) to legal persons, 75% to non-cooperative states - treaties reduce, structure decides.ACPR 0.66‰, AMF €30k.
Supervisory levies
ACPR 0.66‰ of the own-funds requirement (minimum €500); AMF €30,000 a year for a PSI, 0.0094‰ of assets for an SGP (minimum €1,500), €450 for a CIF.None at the AMF.
Tax summary
Corporate tax25% · 15% ≤ €42.5k
Social contribution3.3% of IS (large)
Dividend withholding12.8% · 25% · 75% ETNC
VAT on services20% · art. 261 C exempt
AMF contribution€30,000 PSI · €450 CIF
*Figures as of 2026 per French law. Pillar Two and group-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: French 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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France · ACPR / AMF
Launch your investment firm in France with expert support.
Full-service assistance - from the French company and dirigeants to the AMF programme, the ACPR decision, passporting and ongoing compliance - run through our Paris office.
Get a consultation →Free legal opinion
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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 French investment licence, answered.
What licence does an investment firm need in France?+
An agrément d'entreprise d'investissement from the ACPR under CMF art. L.532-1, granted after the AMF approves the programme d'activité - or, for fund and portfolio management, an SGP authorisation from the AMF alone under art. L.532-9.
What capital is required?+
IFR art. 9 tiers: €75,000 for RTO and advice without client funds (the figure in the ACPR-AMF guide), €150,000 as the general tier, €750,000 for dealing. An SGP needs €125,000 plus 0.02% of assets above €250 million, capped at €10 million.
Who decides - the AMF or the ACPR?+
Both, in sequence. The AMF approves the programme d'activité within three months under DOC-2014-01; the ACPR then authorises the firm within six months of a complete file. An SGP never goes to the ACPR - the AMF alone decides.
How long does licensing take?+
The statute gives three months at the AMF and six at the ACPR (four for an extension); an SGP is three months plus up to three (R.532-12). Neither regulator publishes processing statistics, so we plan on 9-12 months for an investment firm and 6-9 for an SGP.
What is a CIF and when is it enough?+
A conseiller en investissements financiers under art. L.541-1: registered at ORIAS, member of an AMF-approved association, insured, examined since 2020. It suits advice-only models - it cannot hold client funds and cannot passport. 7,013 were registered at end-2024.
What does the licence cost in fees?+
The AMF charges nothing to authorise an SGP; the ACPR publishes no application fee, so we confirm it with the licensing department before filing. Annual contributions run €30,000 to the AMF for a PSI, 0.66‰ of the own-funds requirement to the ACPR (minimum €500) and €450 for a CIF.
Does the licence passport across the EU?+
Yes - both the entreprise d'investissement and the SGP passport into the EEA on the MiFID II periods, one month for services and three for a branch; SGP notifications go through ROSA under DOC-2008-03 arts 19-22. A CIF has no passport.
How are French investment firms taxed?+
25% corporate tax, 15% on the first €42,500 for companies with turnover up to €10 million, a 3.3% social contribution above €763,000 of tax, VAT at 20% with securities operations exempt under art. 261 C, and dividend withholding of 12.8% to individuals or 25% to companies.
France or the Netherlands for a new firm?+
The Netherlands gives one regulator, a 13-week statutory handling period and 19% tax on the first €200,000 of profit; France gives €70,000 of investor cover against €20,000, the 671-firm SGP franchise and a 69.1 million home market. A trading start-up often files in Amsterdam first; a manager files in Paris.
Why Prifinance for France?+
A Paris office that files with both regulators, programmes d'activité written to DOC-2014-01 and DOC-2008-03, French companies built for the chosen route - and the passport delivered as part of launch.
Which licence?+
EI (ACPR) or SGP (AMF).
Capital?+
€75k/€150k/€750k · €125k.
Who decides?+
AMF, then ACPR.
How long?+
9-12 months realistic.
CIF?+
Advice only, no passport.
Fees?+
SGP free; ACPR unpublished.
Passport?+
EEA, 1 or 3 months.
Taxes?+
25%, 15% band.
Or the Netherlands?+
Speed vs cover.
Why you?+
Both regulators, from Paris.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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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 French route 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 AMF and the ACPR or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.