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 HCMC's decision, including banking and payment rails.
Get an investment license in Greece.
The MiFID gate to Athens: the Hellenic Capital Market Commission licenses an ΑΕΠΕΥ under Law 4514/2018 on the IFR art. 9 tiers of €75,000, €150,000 and €750,000, with a lighter ΑΕΕΔ for order transmission and advice, a six-month clock under MiFID II art. 7(3) and a Guarantee Fund paying up to €30,000 per investor - above the €20,000 directive minimum. Corporate tax is 22%. The file is in Greek, the HCMC publishes no processing statistics, and our nearest real office is Istanbul.
27 yrs
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Greece in brief
The MiFID gate to Athens, with €30,000 behind every client.
Greece licenses investment firms under Law 4514/2018, published in ΦΕΚ Α' 14 of 30 January 2018, which transposed MiFID II. The Hellenic Capital Market Commission authorises and supervises the ΑΕΠΕΥ - the Ανώνυμη Εταιρία Παροχής Επενδυτικών Υπηρεσιών - for the Annex I services: reception and transmission, execution, dealing on own account, portfolio management, advice, underwriting and placing, MTF and OTF operation, custody as an ancillary service. Capital follows IFR art. 9 - €75,000, €150,000 and €750,000 by service set - applied in Greek law by art. 15 of Law 4514/2018 as replaced by Law 4920/2022, a text that exists in Greek only; we confirm the article wording for your file before quoting. Below the ΑΕΠΕΥ sits the ΑΕΕΔ, the investment intermediation firm under Law 2836/2000 as amended: reception and transmission of orders and advice only, no client money, no passport. Fund managers are licensed separately as ΑΕΔΑΚ under Law 4099/2012 and ΑΕΔΟΕΕ under Law 4209/2013.
The decision clock is the MiFID II six months from a complete application, art. 7(3) of Directive 2014/65/EU, as transposed; the HCMC publishes no processing statistics; its application fees and annual contributions are published on its own portal, and we confirm them for your file before the quote. Investor protection runs through the Συνεγγυητικό Κεφάλαιο, the Guarantee Fund reorganised by Part B of Law 4941/2022, arts 18-56. The maximum compensation is €30,000 per investor, set by Ministerial Decision 14082/Β.809/2000 of 4 April 2000 - above the €20,000 minimum in art. 4(1) of Directive 97/9/EC. The Fund's member list gives the official count: 66 members in 2018, 33 of them ΑΕΠΕΥ members of the Athens Exchange, and 62 today. Corporate tax is 22% under art. 58 of Law 4172/2013, with 24% VAT and 5% dividend withholding - figures confirmed per structure in the quote. The file is in Greek. Our nearest real office is Istanbul.
The MiFID gate to Athens: the HCMC licenses an ΑΕΠΕΥ under Law 4514/2018 - IFR capital €75k/€150k/€750k, the six-month clock under MiFID II art. 7(3), a Guarantee Fund paying up to €30,000 per investor, the ΑΕΕΔ light regime below, the 30-state passport.
22% corporate tax, 24% VAT, 5% dividend withholding - checked against the AADE text before the quote. HCMC fees quoted from its portal. Built from Athens with our Istanbul office behind it.
The two builds
The ΑΕΠΕΥ - or the ΑΕΕΔ that never holds client money.
Two HCMC licences under two laws: the full MiFID II investment firm under Law 4514/2018 on the €75,000-€750,000 IFR tiers, and the national ΑΕΕΔ under Law 2836/2000 for order transmission and advice, without client money or a passport. We fix the route before the file.
The Law 4514/2018 ΑΕΠΕΥ - or the ΑΕΕΔ without client money.
01 - ΑΕΠΕΥ
The Law 4514/2018 investment firm
The full MiFID II licence from the HCMC for the Annex I services - reception and transmission, execution, dealing on own account, portfolio management, advice, underwriting and placing, MTF and OTF operation, custody ancillary - on the IFR art. 9 capital of €75,000 without client money, €150,000 with it, €750,000 for dealing, applied by art. 15 as replaced by Law 4920/2022.
The full MiFID II licence from the HCMC for the Annex I services - reception and transmission, execution, dealing on own account, portfolio management, advice, underwriting and placing, MTF and OTF operation, custody ancillary - on the IFR art. 9 capital of €75,000 without client money, €150,000 with it, €750,000 for dealing, applied by art. 15 as replaced by Law 4920/2022.
- ✓MiFID II Annex I services · custody ancillary
- ✓€75,000 - no client money or instruments (IFR art. 9)
- ✓€150,000 - general tier
- ✓€750,000 - dealing and firm-commitment underwriting
- ✓6 months from a complete file (MiFID II art. 7(3))
- ✓Guarantee Fund - up to €30,000 per investor
02 - ΑΕΕΔ · LIGHT REGIME
No client money · no passportThe investment intermediation firm
The national tier below MiFID: an Ανώνυμη Εταιρία Επενδυτικής Διαμεσολάβησης under Law 2836/2000 as amended, preserved by Law 4514/2018, may receive and transmit orders and give investment advice, may not hold client money or instruments, and cannot passport. Its share-capital floor is confirmed for your file before you choose the route.
ΑΕΕΔ under Law 2836/2000: order transmission and advice, no client money, no passport - share capital confirmed in the quote.
- ✓Reception and transmission of orders
- ✓Investment advice
- ✓No client money or instruments
- ✓No EU passport - Greece only
- ✓Law 2836/2000 as amended
- ✓Share capital confirmed in the quote
Costs and timelines are confirmed for your case before any work begins. HCMC application fees and annual contributions are published on its portal and quoted from it; Guarantee Fund contributions follow Ministerial Decision 17759/Β.769/2010.
Why Greece
Investor cover, two tiers and the Athens Exchange.
Greece sells €30,000 of investor cover, two licence tiers and the Athens Exchange - behind a Greek-language file and a regulator that publishes no processing statistics.
✓
€30,000 per investor
The Guarantee Fund's maximum compensation, set by Ministerial Decision 14082/Β.809/2000 of 4 April 2000 - half again the €20,000 minimum in art. 4(1) of Directive 97/9/EC.Above the €20,000 minimum.
✓
Two tiers of licence
The ΑΕΠΕΥ carries every MiFID II service and the passport; the ΑΕΕΔ under Law 2836/2000 carries order transmission and advice with no client money and no passport - a domestic advisory house need not buy the full firm.ΑΕΠΕΥ or ΑΕΕΔ.
✓
Next door to the Athens Exchange
33 of the Guarantee Fund's ΑΕΠΕΥ members were members of the Athens Exchange on the 2018 list and 21 were not - the licence sits beside ATHEX for the firms that want a seat there.33 members on the 2018 list.
✓
The passport from Athens
MiFID II arts 34-35: one month for services, three for a branch, into 30 EEA states - for the ΑΕΠΕΥ only; the ΑΕΕΔ stays home.ΑΕΠΕΥ only, 30 states.
✓
A 22% rate and a 5% dividend line
Corporate income tax at 22% under art. 58 of Law 4172/2013 and 5% withholding on dividends - the statutory figures, carried into the quote once checked against the AADE text.Checked before the quote.
✓
A Greek-only file
No official English text of Law 4514/2018 exists, the HCMC's fees are published on its portal and confirmed before filing, and the Fund's member base fell from 66 in 2018 to 62. Budget for Greek counsel and Greek substance.Greek counsel, Greek substance.
How it compares
How Greece differs from other routes.
The honest comparison: the Greek market with €30,000 of cover - against the Cypriot volume gate, the Romanian statute and the Maltese fund toolkit.
Greece vs other jurisdictions
| Feature |  Greece | Other jurisdictions |
|---|---|---|
| Regime | Law 4514/2018 · ΑΕΠΕΥ - HCMC | Investment Services Law Cyprus · Law 126/2018 Romania · Cap. 370 Malta |
| Capital | IFR art. 9 €75k / €150k / €750k - art. 15 as replaced by Law 4920/2022 | Same tiers · Romania Law 236/2022 art. 12 · Malta Part A R9-9.3.1 |
| Passport | 30 EEA states · ΑΕΕΔ none | Same passport from Limassol, Bucharest or Valletta |
| Timeline | 6 months (MiFID II art. 7(3)) · no stats | Cyprus 8-14 months realistic · Romania 6 months (art. 16(1)) · Malta 6 months (art. 6) |
Regime
GreeceLaw 4514/2018 · ΑΕΠΕΥ - HCMC
Other jurisdictionsInvestment Services Law Cyprus · Law 126/2018 Romania · Cap. 370 Malta
Capital
GreeceIFR art. 9 €75k / €150k / €750k - art. 15 as replaced by Law 4920/2022
Other jurisdictionsSame tiers · Romania Law 236/2022 art. 12 · Malta Part A R9-9.3.1
Passport
Greece30 EEA states · ΑΕΕΔ none
Other jurisdictionsSame passport from Limassol, Bucharest or Valletta
Timeline
Greece6 months (MiFID II art. 7(3)) · no stats
Other jurisdictionsCyprus 8-14 months realistic · Romania 6 months (art. 16(1)) · Malta 6 months (art. 6)
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Greece | ΑΕΠΕΥ - HCMC | 22% CIT | IFR €75k-€750k, Guarantee Fund €30k |
 Cyprus | CySEC CIF | 12.5% · 15% large | IFD €75k-€750k, EU passport, 8-14 months |
 Romania | S.S.I.F. - ASF | 16% profit tax · confirmed | Law 236/2022 art. 12 €75k-€750k, 6 months (art. 16(1)) |
 Malta | Investment services licence - MFSA | 35% · refund on distribution | IFD €75k-€750k, art. 6 six months |
GreeceLicense typeΑΕΠΕΥ - HCMC
Taxation22% CIT
RequirementsIFR €75k-€750k, Guarantee Fund €30k
CyprusLicense typeCySEC CIF
Taxation12.5% · 15% large
RequirementsIFD €75k-€750k, EU passport, 8-14 months
RomaniaLicense typeS.S.I.F. - ASF
Taxation16% profit tax · confirmed
RequirementsLaw 236/2022 art. 12 €75k-€750k, 6 months (art. 16(1))
MaltaLicense typeInvestment services licence - MFSA
Taxation35% · refund on distribution
RequirementsIFD €75k-€750k, art. 6 six months
Before you apply
Requirements for the Greek licence.Requirements for the licence.
The HCMC reviews to Law 4514/2018 and Delegated Regulation (EU) 2017/565, in Greek, and the six months run only from a complete file. The checklist below is what a passing application contains.
01
Greek ανώνυμη εταιρία - a société anonyme with its seat in Greece, the form an ΑΕΠΕΥ or ΑΕΕΔ takes; the governing article of Law 4514/2018 is confirmed before incorporation.
02
Initial capital - the IFR art. 9 tiers of €75,000, €150,000 or €750,000 by service set, applied by art. 15 of Law 4514/2018 as replaced by Law 4920/2022, paid and evidenced.
03
Qualifying holders - every holding approved by the HCMC and traced to UBO level with source-of-funds evidence.
04
Fit-and-proper board and managers - under Law 4514/2018 and the HCMC's decisions, with compliance, risk management and internal audit staffed before the decision.
05
Guarantee Fund - membership of the Συνεγγυητικό Κεφάλαιο under Part B of Law 4941/2022, arts 18-56, with annual contributions under Ministerial Decision 17759/Β.769/2010.
06
Client assets - segregation under Law 4514/2018 and Delegated Regulation (EU) 2017/565 wherever the licence holds money or instruments; the Fund's cover runs from order transmission to safekeeping.
07
Prudential machinery - IFR arts 11-13 own funds live from day one, now that Law 4920/2022 carries the IFD.
08
The HCMC file - business plan, organisation and policies to the MiFID II standard, filed with the fees the HCMC portal publishes, which we quote before filing.
09
The clock - six months from a complete application under MiFID II art. 7(3) as transposed; the HCMC publishes no processing statistics.
10
Greek substance - premises, staff and a file in Greek, since no official English text of Law 4514/2018 exists.
01
Ανώνυμη εταιρία, seat in Greece.
02
Capital per IFR art. 9 tier.
03
Holders approved by the HCMC.
04
Fit and proper, functions staffed.
05
Guarantee Fund membership.
06
Client assets segregated.
07
IFR own funds live.
08
HCMC file, fees per portal.
09
Six months from completeness.
10
Greek substance, Greek file.
Reflects Law 4514/2018, Law 4920/2022 and Law 4941/2022 as of 2026; article references to the consolidated Greek text are confirmed before filing.Law 4514/2018 + Law 4920/2022 + Law 4941/2022, as of 2026.
How it works
From first call to the HCMC register.
01
Route and tier
ΑΕΠΕΥ or ΑΕΕΔ decided, services fixed, tier chosen - €75,000, €150,000 or €750,000 - in writing before drafting.ΑΕΠΕΥ or ΑΕΕΔ.
02
Company and bench
Greek ανώνυμη εταιρία, capital paid, qualifying holders and managers ready for the HCMC's tests.Ready for the HCMC.
03
The application
Business plan, organisation, policies and Guarantee Fund membership, in Greek - complete at filing, so the art. 7(3) clock actually starts.Complete, in Greek.
04
HCMC review
Six months from completeness under MiFID II art. 7(3) as transposed; fees paid per the portal; question rounds answered with Greek counsel.Six months, art. 7(3).
05
Licence and passport
Register entry, Συνεγγυητικό membership, EEA notifications - 30 markets open, or Greece alone for the ΑΕΕΔ.30 markets open.
Quick facts
RegulatorHCMC
LicenceΑΕΠΕΥ, Law 4514/2018
No client money€75,000 (IFR art. 9)
General tier€150,000
Dealing tier€750,000
Guarantee Fund€30,000 per investor
Statutory clock6 months (MiFID II art. 7(3))
Corporate tax22%
The HCMC publishes no processing statistics - so the honest plan is the six-month directive clock plus the time it takes to make a Greek-language file complete.
On the ground in Greece
Run from our Athens office.
Prifinance - Greece
Athens · Greece
Athens, Greece
01
Company and capital
Greek ανώνυμη εταιρία with its seat in Greece and IFR art. 9 capital paid to the tier - €75,000, €150,000 or €750,000.Paid to the tier.
02
The HCMC file
Business plan, organisation, policies and the qualifying-holder set in Greek, to Law 4514/2018 - and defended through the question rounds.In Greek, to 4514/2018.
03
Athens and Istanbul
Our Istanbul office is the nearest real Prifinance office; the Athens work runs from there with Greek counsel where the file needs it.Nearest real office: Istanbul.
04
Passporting and launch
Guarantee Fund membership, EEA notifications, banking live - or the ΑΕΕΔ alone if the model never needs the passport.30 states, or Greece alone.
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 of investment firms in Greece.
A 22% rate, a 5% dividend line and two fee schedules confirmed in the quote.
Corporate income tax 22%
Art. 58 of Law 4172/2013 - the statutory rate for an ΑΕΠΕΥ's profits; the quote carries it confirmed per structure.Art. 58 Law 4172/2013.
VAT 24%
The standard rate is 24%; the reach of the financial-services exemption for your service set is confirmed with Greek counsel in the quote.Exemption confirmed.
Dividend withholding 5%
Dividends out of the ΑΕΠΕΥ carry a 5% withholding under Greek law - confirmed per structure in the quote; treaty relief is modelled per shareholder.Per shareholder.
HCMC fees and contributions
The HCMC's application fees and annual εισφορές are published on its portal; we confirm the charge with the licensing department before filing and carry it in the quote.Quoted from the portal.
Guarantee Fund contributions
Annual contributions under Ministerial Decision 17759/Β.769/2010 (ΦΕΚ Β' 611/10.05.2010), with the contribution rules in arts 40-43 of Law 4941/2022.MD 17759/2010.
Confirmed before the quote
The 22%, 24% and 5% figures are the statutory rates; each goes into the quote confirmed per structure against the AADE text, with treaty relief and group effects modelled per shareholder.Confirmed per structure.
Tax summary
Corporate tax22% (art. 58 Law 4172/2013)
VAT24% standard
Dividend withholding5%
HCMC feesPer portal · quoted
Guarantee FundContributions per MD 17759/2010
*Figures as of 2026 per Greek law. 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: Greek 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
Active across our channels.
Greece · HCMC
Launch your investment firm in Greece with expert support.
Full-service assistance - from the Greek ανώνυμη εταιρία and the application file to the HCMC licence, Guarantee Fund membership, passporting and ongoing compliance - run through our Athens office.
Get a consultation →Free legal opinion
Is Greece the right fit for 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 Greek investment licence, answered.
Which licence does an investment firm need in Greece?+
An ΑΕΠΕΥ authorisation from the Hellenic Capital Market Commission under Law 4514/2018, the MiFID II transposition, for the Annex I services from reception and transmission to MTF and OTF operation, custody ancillary. Banks provide investment services under Bank of Greece supervision; fund managers need an ΑΕΔΑΚ or ΑΕΔΟΕΕ licence.
What capital does an ΑΕΠΕΥ need?+
The IFR art. 9 tiers: €75,000 without client money, €150,000 with it, €750,000 for dealing - applied in Greek law by art. 15 of Law 4514/2018 as replaced by Law 4920/2022. We fix the tier in writing before drafting and confirm the article text in the quote.
What is the ΑΕΕΔ?+
The investment intermediation firm under Law 2836/2000 as amended, preserved by Law 4514/2018: reception and transmission of orders and investment advice only, no client money or instruments, no EU passport. Its share-capital floor is confirmed for your file before you choose the route.
How long does the HCMC take?+
Six months from a complete application under MiFID II art. 7(3), as transposed into Law 4514/2018; the Greek article is confirmed in the quote. The HCMC publishes no processing statistics, so the honest plan is the statute plus the time to make the file complete.
What does the licence cost?+
The HCMC's application fees and annual contributions are published on its portal; we confirm the charge with the licensing department and carry it in the quote before filing. Guarantee Fund contributions follow Ministerial Decision 17759/Β.769/2010.
How are clients protected?+
Through the Συνεγγυητικό Κεφάλαιο, the Guarantee Fund under Part B of Law 4941/2022: a maximum of €30,000 per investor, set by Ministerial Decision 14082/Β.809/2000 of 4 April 2000, across reception and transmission, execution, dealing, portfolio management, underwriting and safekeeping. Banks' investment clients sit under the ΤΕΚΕ.
Does the licence passport across the EU?+
Yes for the ΑΕΠΕΥ - the MiFID II passport into 30 EEA states, one month for services under art. 34(3) and three months for a branch under art. 35(3). The ΑΕΕΔ cannot passport at all, which decides the route for any firm with clients outside Greece.
How are Greek investment firms taxed?+
22% corporate income tax under art. 58 of Law 4172/2013, 24% standard VAT and 5% withholding on dividends - the statutory figures, confirmed per structure; the quote carries them checked against the AADE text, with treaty relief modelled per shareholder.
Greece or Cyprus for a new firm?+
Cyprus buys 12.5% tax, English-language filings and a regulator that has processed thousands of CIF files on a known rhythm, 8-14 months realistic. Greece buys €30,000 of investor cover against the €20,000 directive minimum, the Athens Exchange and the Greek client base - at 22% and in Greek. Pan-European brokers start in Limassol; firms selling to Greeks file in Athens.
Why Prifinance for Greece?+
Our nearest real office is Istanbul, and the Athens file is built from there with Greek counsel: the ανώνυμη εταιρία, IFR capital, the HCMC application in Greek and the Guarantee Fund membership. We quote the HCMC fees from the portal before filing and run the EEA notifications as part of launch.
Which licence?+
ΑΕΠΕΥ, Law 4514/2018.
Capital?+
€75k/€150k/€750k, IFR art. 9.
ΑΕΕΔ?+
Orders and advice, no passport.
How long?+
Six months, no stats.
Fee?+
Quoted from the portal.
Client protection?+
€30,000 per investor.
Passport?+
ΑΕΠΕΥ yes, ΑΕΕΔ no.
Taxes?+
22%, 24% VAT, 5% WHT.
Or Cyprus?+
12.5% vs the Greek market.
Why you?+
Istanbul office, Greek counsel.
Client notes
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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 Greek 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 Hellenic Capital Market Commission or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.