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 BaFin's decision, including banking and payment rails.
Get an investment license in Germany.
A market of 83.5 million people, licensed under a statute written for smaller firms: the Wertpapierinstitutsgesetz of 2021 gives BaFin the § 15 licence with § 17 capital of €75,000, €150,000 or €750,000, a six-month decision clock from a complete file (§ 16 Abs. 3) and a printed fee of €6,336 for a licence without client money. 682 Wertpapierinstitute and 145 authorised fund managers sit on BaFin's 2025 register. Corporate tax runs at 30.13% combined today and is legislated to fall toward 25% by 2032. The file is in German; the passport reaches 30 EEA states.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Germany in brief
A statute for smaller firms, a printed fee and a falling tax rate.
Germany rebuilt its investment-firm law in 2021. The Wertpapierinstitutsgesetz (WpIG) of 12 May 2021, BGBl. I S. 990, in force since 26 June 2021, took small and medium firms out of the banking code: § 15 WpIG is the licence and § 2 Abs. 2 Nr. 1-10 lists the services - Anlagevermittlung, Abschlussvermittlung, Finanzportfolioverwaltung, Anlageberatung, Eigenhandel, Emissions- and Platzierungsgeschäft, MTF and OTF operation. § 17 sets the capital: €75,000 for advice, brokerage or portfolio management without client money, €150,000 for other Wertpapierinstitute, €750,000 for own-account dealing, underwriting or custody under § 15 Abs. 4. A large Wertpapierinstitut (§ 2 Abs. 18, consolidated assets of €15 billion or more) stays under the KWG and CRR. Fund managers are licensed separately as a Kapitalverwaltungsgesellschaft under § 20 KAGB, at €125,000 for an external KVG and €300,000 for an internal one. Advice limited to fund units needs only a § 34f GewO permit from the IHK - no client money, no passport.
BaFin decides in coordination with the Deutsche Bundesbank within six months of a complete file (§ 16 Abs. 3 WpIG), and the fee is printed: €6,336 under Nr. 29.1.1.1 of the FinDAGebV for a licence covering the services in § 2 Abs. 2 Nr. 3-9 without client money and without Eigenhandel; other licences are charged by time spent. The register shows the shape of the market. BaFin's Annual Report 2025 counts 682 Wertpapierinstitute - 1 large, 125 medium, 556 small - with 15 new authorisations in the year, plus 145 authorised and 562 registered Kapitalverwaltungsgesellschaften. The tax line is moving in the founder's favour: 15% Körperschaftsteuer with Solidaritätszuschlag and Gewerbesteuer comes to 30.13% combined on the BMF's 2025 comparison, and the corporate rate falls one point a year from 2028 to 10% by 2032, taking the combined burden to about 25%. Filing is in German. We run it from Frankfurt.
A market of 83.5 million under a 2021 statute for smaller firms: the BaFin licence as a Wertpapierinstitut under § 15 WpIG - capital €75k/€150k/€750k under § 17, six months from a complete file, a fixed €6,336 fee for the no-client-money licence, KVG under § 20 KAGB at €125k, the 30-state passport.
30.13% combined corporate tax today, about 25% by 2032 as the corporate rate falls to 10%. Filing in German, two Geschäftsleiter where client money is held. Built end to end from Frankfurt.
The two builds
The Wertpapierinstitut - or the fund manager under the KAGB.
Two BaFin licences under two codes: the investment firm under § 15 WpIG at €75,000-€750,000 by service set, and the fund manager under § 20 KAGB at €125,000. The § 34f GewO permit sits below both. We fix the code before the file.
The § 15 WpIG investment firm - or the €125k KVG.
01 - WERTPAPIERINSTITUT
The WpIG investment firm
Erlaubnis under § 15 WpIG for the services in § 2 Abs. 2 Nr. 1-10 - brokerage, portfolio management, advice, own-account dealing, underwriting and placing, MTF and OTF - with § 17 capital at €75,000 without client money, €150,000 with it, €750,000 for Eigenhandel, Emissionsgeschäft or custody.
Erlaubnis under § 15 WpIG for the services in § 2 Abs. 2 Nr. 1-10 - brokerage, portfolio management, advice, own-account dealing, underwriting and placing, MTF and OTF - with § 17 capital at €75,000 without client money, €150,000 with it, €750,000 for Eigenhandel, Emissionsgeschäft or custody.
- ✓§ 2 Abs. 2 Nr. 1-10 WpIG services
- ✓€75,000 - no client money or securities
- ✓€150,000 - other Wertpapierinstitute
- ✓€750,000 - Eigenhandel, Emissionsgeschäft, custody
- ✓Fixed fee €6,336 - no client money, no Eigenhandel
- ✓6 months from a complete file (§ 16 Abs. 3)
02 - KVG · FUND MANAGER
€125,000 initial capitalThe KVG under the KAGB
The fund manager licence under § 20 Abs. 1 KAGB - OGAW-KVG under § 21 or AIF-KVG under § 22 - at €125,000 for an external KVG and €300,000 for an internal one, plus 0.02% of assets over €250 million capped at €10 million; registration only under § 44 KAGB below €100 million.
KVG under § 20 KAGB at €125,000 external or €300,000 internal, plus 0.02% over €250m - registration only under § 44 below €100m.
- ✓§ 20 Abs. 1 KAGB licence · § 21 OGAW · § 22 AIF
- ✓€125,000 external · €300,000 internal (§ 25 KAGB)
- ✓+0.02% of AUM over €250m, cap €10m
- ✓A quarter of last year's fixed overheads as own funds
- ✓Registration only under § 44 KAGB (€100m / €500m)
- ✓145 authorised · 562 registered KVGs in 2025
Costs and timelines are confirmed for your case before any work begins. The €6,336 fee applies to the no-client-money, no-Eigenhandel licence under Nr. 29.1.1.1 FinDAGebV; wider licences are charged by BaFin's time, and the annual Umlage under §§ 16 ff. FinDAG is itemised in your quote.
Why Germany
The market, the statute and the numbers BaFin prints.
Germany sells a domestic client base of 83.5 million behind one EU licence - under a 2021 statute that stopped treating a portfolio manager like a bank.
✓
A market of 83.5 million
Destatis counted 83,467,117 residents at 31 December 2025 - the client base a licence here reaches without a single passport notification, before the other 29 EEA states are added.Before any passport.
✓
A statute for smaller firms
The WpIG of 2021 took small and medium investment firms out of the KWG: 556 small and 125 medium institutes on BaFin's 2025 count, against one large one still under CRR.556 small institutes, one large.
✓
A printed fee
€6,336 fixed under Nr. 29.1.1.1 FinDAGebV for a licence without client money or Eigenhandel - one of the few application fees in Europe you can read before you call the regulator.€6,336, readable in advance.
✓
The passport both ways
Outbound into 30 EEA states; inbound under §§ 73-74 WpIG, with BaFin's welcome letter within two months of a complete branch notification and one month for services.§§ 73-74 inbound.
✓
A falling tax rate
30.13% combined today on the BMF's 2025 comparison; Körperschaftsteuer drops one point a year from 2028 to 10% in 2032, and the combined burden heads to about 25%.30.13% to about 25%.
✓
The Bundesbank reads your file too
Applications are processed in coordination with the Deutsche Bundesbank, two full-time Geschäftsleiter are required where client money is held (§ 18 Abs. 1 Nr. 7), the Hauptverwaltung must be in Germany (Nr. 8) and BaFin offers no official English text of the WpIG. Budget for German substance, in German.German substance, in German.
How it compares
How Germany differs from other routes.
The honest comparison: the largest home market and a printed fee - against smaller neighbours with lower rates or faster clocks.
Germany vs other jurisdictions
| Feature |  Germany | Other jurisdictions |
|---|---|---|
| Regime | WpIG 2021 · § 15 - BaFin with the Bundesbank | WAG 2018 Austria · Wft Netherlands |
| Capital | €75k / €150k / €750k - § 17 WpIG | WPFG Art. 13 Austria · Bpr art. 48 Netherlands, same tiers |
| Passport | 30 EEA states · § 34f GewO none | Austria Art. 4 providers none · Dutch nationaal regime none |
| Timeline | 6 months from a complete file (§ 16 Abs. 3) · no stats | Netherlands 13 weeks · Ireland 245 days average |
Regime
GermanyWpIG 2021 · § 15 - BaFin with the Bundesbank
Other jurisdictionsWAG 2018 Austria · Wft Netherlands
Capital
Germany€75k / €150k / €750k - § 17 WpIG
Other jurisdictionsWPFG Art. 13 Austria · Bpr art. 48 Netherlands, same tiers
Passport
Germany30 EEA states · § 34f GewO none
Other jurisdictionsAustria Art. 4 providers none · Dutch nationaal regime none
Timeline
Germany6 months from a complete file (§ 16 Abs. 3) · no stats
Other jurisdictionsNetherlands 13 weeks · Ireland 245 days average
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Germany | Wertpapierinstitut - BaFin | 30.13% combined · ~25% by 2032 | § 17 WpIG €75k-€750k, fee €6,336 |
 Austria | Wertpapierfirma - FMA | 23% CIT | WPFG Art. 13 €75k-€750k, AG or cooperative |
 Netherlands | Beleggingsonderneming - AFM | 19% to €200k · 25.8% above | Bpr art. 48 €75k-€750k, 13-week clock |
 Ireland | Authorised investment firm - CBI | 12.5% trading · 15% large | IFD €75k-€750k, 245-day average 2025 |
GermanyLicense typeWertpapierinstitut - BaFin
Taxation30.13% combined · ~25% by 2032
Requirements§ 17 WpIG €75k-€750k, fee €6,336
AustriaLicense typeWertpapierfirma - FMA
Taxation23% CIT
RequirementsWPFG Art. 13 €75k-€750k, AG or cooperative
NetherlandsLicense typeBeleggingsonderneming - AFM
Taxation19% to €200k · 25.8% above
RequirementsBpr art. 48 €75k-€750k, 13-week clock
IrelandLicense typeAuthorised investment firm - CBI
Taxation12.5% trading · 15% large
RequirementsIFD €75k-€750k, 245-day average 2025
Before you apply
Requirements for the German licence.Requirements for the licence.
BaFin and the Bundesbank review to the Merkblatt of 27 January 2025 and the WpI-AnzV, and the § 16 Abs. 3 clock starts only when the file is complete. The checklist below is what a passing application contains.
01
German seat - Hauptverwaltung and, for a legal person, the registered Sitz in Germany, or BaFin refuses under § 18 Abs. 1 S. 1 Nr. 8 WpIG.
02
Initial capital - €75,000, €150,000 or €750,000 under § 17 WpIG by service set; a KVG €125,000 or €300,000 under § 25 KAGB.
03
Geschäftsleiter - zuverlässig and fachlich geeignet (§ 18 Abs. 1 Nr. 4-5); two managers engaged in more than an honorary capacity where client money or securities are held (Nr. 7).
04
Qualifying holdings - every holder vetted under § 25 WpIG on a 60-working-day assessment.
05
The WpI-AnzV file - business plan, three-year projections, organisational chart, IT and the AML officer per the BaFin and Bundesbank Merkblatt of 27 January 2025 and Delegated Regulation (EU) 2017/1943.
06
Control functions - compliance, risk control and internal audit under the WpIG and WpHG organisational rules with Delegated Regulation (EU) 2017/565; outsourcing notified.
07
Prudential machinery - IFR arts 11-13 for medium firms (K-factors, a quarter of fixed overheads, the permanent minimum); small firms the higher of the permanent minimum and fixed overheads.
08
Investor compensation - EdW membership under the Anlegerentschädigungsgesetz; the scheme pays 90% of claims up to €20,000.
09
The fee - €6,336 fixed under Nr. 29.1.1.1 FinDAGebV for the services in § 2 Abs. 2 Nr. 3-9 without client money or Eigenhandel; time-based for anything wider.
10
German-language filing - BaFin offers no official English text of the WpIG; the forms, the questions and the answers run in German.
01
Sitz and Hauptverwaltung in Germany.
02
Capital per § 17 tier.
03
Fit and proper Geschäftsleiter.
04
Holders cleared under § 25.
05
WpI-AnzV file complete.
06
Compliance, risk, audit staffed.
07
IFR own funds live.
08
EdW membership.
09
€6,336 fee, or time-based.
10
Filing in German.
Reflects the WpIG, the KAGB and the BaFin/Bundesbank Merkblatt of 27 January 2025 as of 2026.WpIG + KAGB + Merkblatt of 27 January 2025, as of 2026.
How it works
From first call to the BaFin register.
01
Code and tier
WpIG, KAGB or § 34f GewO decided, services fixed under § 2 Abs. 2, tier chosen - €75k, €150k or €750k - in writing before drafting.WpIG, KAGB or § 34f.
02
Company and bench
German entity, capital paid, Geschäftsleiter and qualifying holders ready for the § 18 and § 25 tests.Ready for § 18.
03
The application
WpI-AnzV forms, business plan, projections, organisational chart and IT - complete at filing, so the six-month clock actually starts.Complete, so the clock starts.
04
BaFin review
§ 16 Abs. 3: six months from completeness, with the Bundesbank in the loop and the €6,336 fee for the no-client-money licence.Six months statutory.
05
Licence and passport
Register entry, EdW membership, EEA notifications - 30 markets open.30 markets open.
Quick facts
RegulatorBaFin · Bundesbank
LicenceWertpapierinstitut, § 15 WpIG
No client money€75,000
Other institutes€150,000
Eigenhandel · custody€750,000
Fixed fee€6,336 (Nr. 29.1.1.1)
Statutory clock6 months (§ 16 Abs. 3)
Corporate tax30.13% · ~25% by 2032
BaFin publishes no processing statistics - only 15 authorisations granted in 2025 - so the honest plan is the six-month statute plus the time it takes to make the file complete.
On the ground in Germany
Run from our Frankfurt office.
Prifinance - Germany
Frankfurt · Germany
Frankfurt, Germany
01
Company and capital
GmbH or AG with Sitz and Hauptverwaltung in Germany, § 17 capital paid to the tier - the § 18 refusal grounds closed before the file opens.§ 18 grounds closed.
02
The application file, in German
WpI-AnzV forms, business plan, three-year projections and the organisational chart drafted to the 27 January 2025 Merkblatt - and defended through BaFin's and the Bundesbank's question rounds.To the Merkblatt.
03
Geschäftsleiter bench
Managers who are zuverlässig and fachlich geeignet under § 18 Abs. 1 Nr. 4-5, two of them where client money is held - sourced from Frankfurt's regulated-firm bench.Two where money is held.
04
Passporting and launch
EdW membership, safeguarding accounts, EEA notifications at one month for services and three for a branch - with our Prague office a train ride away.30 states at launch.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
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
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Germany.
A 30.13% combined burden today, legislated to fall toward 25% by 2032 - the rare tax line that improves while you wait for the licence.
30.13% combined
Körperschaftsteuer at 15% plus Solidaritätszuschlag and Gewerbesteuer comes to 30.13% on the BMF's 2025 international comparison - the number to model today.KSt, SolZ, GewSt.
The cut to 10%
From 2028 the corporate rate falls one point a year until it reaches 10% in 2032, taking the combined burden to about 25% under the Wachstumsbooster.2028 to 2032.
Dividend withholding 26.375%
25% Kapitalertragsteuer plus 5.5% Solidaritätszuschlag on distributions; foreign shareholders claim exemption or refund through the BZSt.Relief via BZSt.
Umsatzsteuer 19%
The standard rate is 19% (7% reduced); financial services are exempt under § 4 UStG, so the mandate sits outside VAT and the overheads inside it.Finance exempt.
Supervision levy and EdW
The annual BaFin Umlage under §§ 16 ff. FinDAG by Umlagegruppe, plus EdW contributions under the EdWBeitrV - two lines in every year's budget.Annual lines.
The licence fee
€6,336 fixed under Nr. 29.1.1.1 FinDAGebV for the no-client-money, no-Eigenhandel licence; anything wider is charged by BaFin's time.No client money.
Tax summary
Corporate tax30.13% combined
TrajectoryAbout 25% by 2032
Dividend withholding26.375%
VAT19% · finance exempt
Licence fee€6,336 fixed
*Figures as of 2026 per German law and the BMF. 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: German 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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Germany · BaFin investment firm licence
Launch your investment firm in Germany with expert support.
Full-service assistance - from the German entity and the WpI-AnzV file to the BaFin licence, Geschäftsleiter, passporting and ongoing compliance - run through our Frankfurt 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 German investment licence, answered.
Which licence does an investment firm need in Germany?+
The Erlaubnis as a Wertpapierinstitut under § 15 WpIG for the services in § 2 Abs. 2 Nr. 1-10 - brokerage, portfolio management, advice, own-account dealing, underwriting, MTF and OTF. Large firms with €15 billion or more in consolidated assets stay under the KWG and CRR; fund managers need the KVG licence under § 20 KAGB.
What capital does § 17 WpIG require?+
€75,000 for Anlagevermittlung, Abschlussvermittlung, Finanzportfolioverwaltung, Anlageberatung or Platzierungsgeschäft without client money or securities; €150,000 for other Wertpapierinstitute; €750,000 for Eigenhandel, Emissionsgeschäft, an OTF with own-account dealing, or custody under § 15 Abs. 4. A KVG needs €125,000 external or €300,000 internal under § 25 KAGB.
How long does BaFin take?+
Six months once the application is complete (§ 16 Abs. 3 WpIG), reviewed in coordination with the Deutsche Bundesbank. BaFin publishes no processing statistics - its 2025 report shows 15 authorisations granted - so completeness at filing is the only lever on the clock.
What does the licence cost at BaFin?+
A fixed €6,336 under Nr. 29.1.1.1 of the FinDAGebV for a licence covering § 2 Abs. 2 Nr. 3-9 services without client money and without Eigenhandel. Wider licences are charged on time spent, and the annual Umlage under §§ 16 ff. FinDAG follows by Umlagegruppe.
What is the § 34f GewO route?+
A Gewerbeerlaubnis from the IHK or trade authority for advice and brokerage limited to fund units and Vermögensanlagen, carved out of BaFin licensing on condition of never taking ownership or possession of client money or units - and with no EU passport.
Who has to be in place?+
Geschäftsleiter who are zuverlässig and fachlich geeignet (§ 18 Abs. 1 Nr. 4-5), two of them engaged in more than an honorary capacity where client money or securities are held (Nr. 7), the Hauptverwaltung and Sitz in Germany (Nr. 8), and every qualifying holder cleared under § 25 WpIG within 60 working days.
Does the licence passport across the EEA?+
Yes - the full MiFID passport into 30 EEA states, one month for services and three months for a branch. Inbound firms use §§ 73-74 WpIG; BaFin sends the branch welcome letter within two months of a complete notification.
How are German investment firms taxed?+
30.13% combined - 15% Körperschaftsteuer plus Solidaritätszuschlag and Gewerbesteuer - on the BMF's 2025 comparison, falling to about 25% by 2032 as the corporate rate drops to 10%. Dividends carry 25% withholding plus 5.5% SolZ; financial services are VAT-exempt under § 4 UStG.
Germany or Austria for a new firm?+
Austria is cheaper - 23% corporate tax, no FMA application fee, €75,000-€750,000 tiers under WPFG Art. 13 and a six-month clock - but it counted 57 investment firms in 2025 and requires an AG or cooperative form. Germany has the 83.5 million market, a printed fee and 15 new licences in 2025. Vienna for the lean house; Frankfurt for scale.
Why Prifinance for Germany?+
A Frankfurt office and a file written in German to the 27 January 2025 Merkblatt, with the Geschäftsleiter bench sourced and the § 25 holder assessments prepared before filing. Our Prague office is a train ride away, and the EdW membership and EEA notifications run as part of launch.
Which licence?+
§ 15 WpIG Wertpapierinstitut.
Capital?+
€75k/€150k/€750k · KVG €125k.
How long?+
Six months, no stats.
Fee?+
€6,336 fixed.
§ 34f?+
IHK permit, no passport.
People?+
Two Geschäftsleiter with client money.
Passport?+
30 EEA states.
Taxes?+
30.13%, falling to 25%.
Or Austria?+
23% tax vs the market.
Why you?+
Frankfurt office, German file.
Client notes
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