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 MFSA's decision, including banking and payment rails.
Get an investment license in Malta.
One investment services licence under the Investment Services Act (Cap. 370), scoped service by service from the First Schedule - the Category 2, 3 and 4 labels most of the internet still quotes were dropped from the MFSA rulebook in 2022. Capital is €75,000 without client money, €150,000 with it, €750,000 for dealing; AIFM and UCITS managers enter at €125,000, and the Notified AIF reaches the market with no fund licence at all. Art. 6 gives the MFSA six months from a properly completed application. The passport covers 30 EEA states; corporate tax is 35% with a shareholder refund on distribution.
27 yrs
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in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Malta in brief
One licence, no categories, and a fund toolkit built in.
Malta licenses investment services under the Investment Services Act, Chapter 370 of the Laws of Malta, last amended by Act XXIX of 2025. Art. 3 is the reservation: no person may provide an investment service in or from Malta without an investment services licence, scoped by the First Schedule - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, MTF and OTF operation - with custody in the Third Schedule. The Category 1A, 1B, 2, 3 and 4 labels most of the internet still quotes disappeared from the MFSA's Investment Services Rules Part A with v7.00 in July 2022. The current v13.00 of 6 August 2026 asks one question instead: does the firm hold or control client money (R4-4.3.2). Capital follows in R9-9.3.1. €75,000 without client money, €150,000 with it, €750,000 for own-account dealing and firm-commitment underwriting, €125,000 for an AIFM or UCITS management company, €730,000 for a depositary.
Art. 6 of the Act gives the MFSA six months from a properly completed application to decide in writing. The Rules split the road into a preparatory phase, a pre-licensing phase closing with an in-principle approval valid for three months, and a post-licensing phase before business starts. The MFSA publishes no processing statistics for investment firms - its Annual Report 2025 shows 1,094 applications processed across all sectors, 1,023 approved - so we plan on the phases, not the statute. The fund side is the second reason to be here: AIFM and UCITS licences under the same Act, a de minimis AIFM registration below €100 million of assets, and the Notified AIF under S.L. 370.34, which reaches the market by notification with no fund licence. Corporate tax is 35% on worldwide income with a shareholder refund on distribution. The licence passports into 30 EEA states. We build it from Valletta.
One investment services licence under the Investment Services Act (Cap. 370), no categories since 2022 - capital €75k/€150k/€750k under Part A R9-9.3.1, AIFM and UCITS managers at €125k, the Notified AIF with no fund licence, six months from a properly completed application, the 30-state passport.
35% corporate tax with the shareholder refund on distribution, VAT 18%. Dual control, an accepted compliance officer and a senior MLRO required. Built end to end from Valletta.
The two builds
The investment services licence - or the fund manager.
One Act, two licence types: the MiFID investment firm at €75,000-€750,000 by service set and client-money position, and the AIFM or UCITS management company at €125,000 with the Notified AIF beside it. We write the scope line by line before drafting.
The scoped investment services licence - or the €125k fund manager.
01 - INVESTMENT SERVICES LICENCE
The MiFID investment firm
One licence under art. 3 of the Investment Services Act, scoped by the First Schedule - reception and transmission, execution, portfolio management, advice, underwriting, own-account dealing - with Part A R9-9.3.1 capital at €75,000 without client money, €150,000 with it, €750,000 for the IFR art. 9(1) activities.
One licence under art. 3 of the Investment Services Act, scoped by the First Schedule - reception and transmission, execution, portfolio management, advice, underwriting, own-account dealing - with Part A R9-9.3.1 capital at €75,000 without client money, €150,000 with it, €750,000 for the IFR art. 9(1) activities.
- ✓First Schedule services, written line by line
- ✓€75,000 - no client money or assets
- ✓€150,000 - holding or controlling client money
- ✓€750,000 - own-account dealing, firm-commitment underwriting
- ✓6 months from a properly completed application (art. 6)
- ✓Passport into 30 EEA states
02 - FUND MANAGER
€125,000 initial capitalThe AIFM or UCITS management company
The fund licence under the same Act: AIFM or UCITS management company at €125,000, de minimis AIFM registration below €100 million, and the Notified AIF under S.L. 370.34 - a fund that reaches the market by notification, without a fund licence.
AIFM or UCITS management company at €125,000, de minimis registration below €100m, the Notified AIF by notification - the fund side under one Act.
- ✓AIFM · UCITS management company - €125,000
- ✓De minimis AIFM - AUM up to €100m (€500m unleveraged)
- ✓Depositary €730,000 · Depositary Lite €125,000
- ✓Notified AIF - S.L. 370.34, no fund licence
- ✓AIFM clock 3 + 3 months (Part A R6-6.3.1)
- ✓Parts BII and BIII re-issued April 2026 for AIFMD II
Costs and timelines are confirmed for your case before any work begins. MFSA fees follow the Investment Services Act (Fees) Regulations 2024 (L.N. 370 of 2024, in force 1 January 2025) - we quote the schedule figures in your proposal rather than reprint them here.
Why Malta
A scoped licence, the fund toolkit and a rulebook that says what it wants.
Malta sells the EU passport with a fund regime attached - and a rulebook that names its own rule numbers.
✓
One licence, scoped by schedule
Art. 3 of Cap. 370 and the First Schedule: the permission is written service by service, and the only structural question left since Part A v7.00 (July 2022) is client money or not.Service by service, no categories.
✓
IFD tiers at the statutory floor
€75,000, €150,000 and €750,000 under Part A R9-9.3.1 - the IFR art. 9 figures, confirmed in Maltese law by the MFSA circular of 1 September 2025. Nothing added on top.€75k, €150k, €750k.
✓
The fund side is built in
AIFM and UCITS management at €125,000, de minimis registration below €100 million, the Notified AIF under S.L. 370.34 with no fund licence - a manager and its products under one Act.AIFM, de minimis, Notified AIF.
✓
The refund system
35% on worldwide income, then a shareholder refund of part or all of the tax on distribution - the standard mechanism, modelled per structure before anyone counts on a rate.35%, reshaped on distribution.
✓
A process written down
Part A R6-6.2 names the phases: preparatory, pre-licensing with an in-principle approval valid three months, post-licensing. 1,094 applications processed in 2025, 1,023 approved, across all MFSA sectors.Three phases, in-principle letter.
✓
Substance is enforced by rule
Dual control (R1-1.4.3), a compliance officer accepted by the MFSA, an MLRO who is a senior employee, and for CFD and forex firms real-time control of transactional data at the head office in Malta (R1-1.6.15). A letterbox will not pass.A letterbox will not pass.
How it compares
How Malta differs from other routes.
The honest comparison: a scoped licence with the fund toolkit - against the practised Cypriot gate and the northern hubs.
Malta vs other jurisdictions
| Feature |  Malta | Other jurisdictions |
|---|---|---|
| Regime | Investment Services Act (Cap. 370) - MFSA | S.I. 375/2017 Ireland · WpIG Germany |
| Capital | €75k / €150k / €750k - Part A R9-9.3.1 | Same IFD art. 9 tiers across the EU |
| Passport | 30 EEA states · Notified AIF by notification | EEA-wide; UK none post-Brexit |
| Timeline | 6 months from a properly completed file (art. 6) · no stats | Ireland 245 days average · Cyprus 8-14 months realistic |
Regime
MaltaInvestment Services Act (Cap. 370) - MFSA
Other jurisdictionsS.I. 375/2017 Ireland · WpIG Germany
Capital
Malta€75k / €150k / €750k - Part A R9-9.3.1
Other jurisdictionsSame IFD art. 9 tiers across the EU
Passport
Malta30 EEA states · Notified AIF by notification
Other jurisdictionsEEA-wide; UK none post-Brexit
Timeline
Malta6 months from a properly completed file (art. 6) · no stats
Other jurisdictionsIreland 245 days average · Cyprus 8-14 months realistic
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Malta | Investment services licence - MFSA | 35% · refund on distribution | IFD €75k-€750k, art. 6 six months |
 Cyprus | CySEC CIF | 12.5% · 15% large | IFD €75k-€750k, EU passport |
 Ireland | Authorised investment firm - CBI | 12.5% trading · 15% large | IFD €75k-€750k, 245-day average 2025 |
 Germany | Wertpapierinstitut - BaFin | 30.13% combined | § 17 WpIG €75k-€750k, fee €6,336 |
MaltaLicense typeInvestment services licence - MFSA
Taxation35% · refund on distribution
RequirementsIFD €75k-€750k, art. 6 six months
CyprusLicense typeCySEC CIF
Taxation12.5% · 15% large
RequirementsIFD €75k-€750k, EU passport
IrelandLicense typeAuthorised investment firm - CBI
Taxation12.5% trading · 15% large
RequirementsIFD €75k-€750k, 245-day average 2025
GermanyLicense typeWertpapierinstitut - BaFin
Taxation30.13% combined
Requirements§ 17 WpIG €75k-€750k, fee €6,336
Before you apply
Requirements for the Maltese licence.Requirements for the licence.
The MFSA reviews against Part A and Part BI of its Investment Services Rules, rule number by rule number. The checklist below is what a passing application contains.
01
Maltese licence holder - a body corporate in practice, with a head office in Malta the MFSA can inspect; CFD and forex firms must keep real-time control of transactional data there (R1-1.6.15).
02
Initial capital - €75,000, €150,000 or €750,000 under Part A R9-9.3.1 by service set and client-money position; €125,000 for an AIFM or UCITS management company.
03
Dual control - the business effectively directed or managed by at least two individuals (Part BI R1-1.4.3).
04
Fit and proper - personal questionnaires for the applicant, board members, senior managers, MLRO and compliance officer under art. 6 of the Act and Part A R3-3.1.1.
05
Compliance officer - accepted by the MFSA and independent of operations (Part A R5-5.1.1-4), running a permanent and effective compliance function (R1-1.5.3.1).
06
MLRO - a senior employee or executive director (R5-5.2.1-4), appointed under R1-1.7.1(ii).
07
Client money - segregated Client Money and Client Financial Instruments Accounts (R1-1.4.8), a custodian waiver of set-off (R1-1.4.9), monthly reconciliations and twice-yearly counts (R1-1.6.10-12).
08
Prudential machinery - Part BI Title 5 applies the IFR own-funds rules directly: K-factors, a quarter of fixed overheads and the permanent minimum.
09
Investor Compensation Scheme - membership under S.L. 370.09 (Part BI Title 1 Section 20); the scheme pays 90% of net loss up to €20,000.
10
Independent internal audit and risk management - R1-1.5.5.1 and R1-1.5.4.1, with directorship limits for significant licence holders under R1-1.5.1.7.
01
Maltese entity, head office to inspect.
02
Capital per R9-9.3.1 tier.
03
Dual control, two individuals.
04
Personal questionnaires cleared.
05
Accepted compliance officer.
06
Senior MLRO appointed.
07
Client money segregated.
08
IFR own funds live.
09
Compensation scheme member.
10
Independent audit and risk.
Reflects the Investment Services Act (Cap. 370), Part A v13.00 and Part BI v21.00 of 6 August 2026.Cap. 370 + Part A v13.00 / Part BI v21.00, 2026.
How it works
From first call to the MFSA register.
01
Scope and tier
First Schedule services fixed line by line, client money in or out, tier chosen - €75k, €150k or €750k - before drafting.Line by line.
02
Preparatory phase
Preliminary meeting and the written description of the business the MFSA reads first (Part A R6-6.2).Written description first.
03
Pre-licensing phase
The full application, personal questionnaires and policies - through the question rounds to an in-principle approval valid three months.In-principle approval.
04
Conditions and licence
Capital in, people in place, systems live - the licence issued within the art. 6 six months from a properly completed file.Art. 6 six months.
05
Post-licensing and passport
Pre-launch conditions cleared, scheme membership, EEA notifications - 30 markets open.30 markets open.
Quick facts
RegulatorMFSA
LicenceInvestment services licence
No client money€75,000
Client money€150,000
Dealing tier€750,000
AIFM · UCITS ManCo€125,000
Statutory clock6 months (art. 6 ISA)
Corporate tax35% · refund on distribution
The art. 6 clock starts at a properly completed application - the preparatory and pre-licensing phases sit in front of it, which is why we run them to the rulebook rather than to the calendar.
On the ground in Malta
Run from our Valletta office.
Prifinance - Malta
Valletta · Malta
Valletta, Malta
01
Company and capital
Maltese entity and capital paid to the R9-9.3.1 tier - the client-money question answered in the articles before the MFSA asks it.Built to the tier.
02
The MFSA file
Written description for the preparatory phase, personal questionnaires, business plan and the policy pack drafted to Part BI - defended through to the in-principle letter and beyond.To the in-principle letter.
03
Compliance officer and MLRO
A compliance officer the MFSA will accept and an MLRO of the required seniority, sourced and briefed before the file goes in.Accepted before filing.
04
Passporting and launch
Investor Compensation Scheme membership, client-money accounts opened, EEA notifications at one month for services and three for a branch.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
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Malta.
A 35% headline that the refund system reshapes on distribution - modelled per structure, never assumed.
Corporate tax 35%
Maltese companies pay 35% on worldwide income and capital gains - the Malta Tax and Customs Administration's own wording. The headline is the starting point, not the outcome.Worldwide income.
The shareholder refund
On distribution, shareholders may claim back part or all of the tax the company paid. The standard mechanism is a 6/7ths refund in the general case; we confirm the fraction per structure before it enters a model.Per structure.
Full imputation
Dividends carry the underlying tax credit under Malta's imputation system; the withholding position for a non-resident shareholder is confirmed per structure.Credit travels with dividend.
VAT 18%
Standard rate 18%, with 12%, 7%, 5% and 0% reduced rates. The treatment of each service line is confirmed against the Act before pricing.Per service line.
Licence and supervisory fees
Set by the Investment Services Act (Fees) Regulations 2024 (L.N. 370 of 2024), in force since 1 January 2025 - quoted from the schedule in your proposal.L.N. 370 of 2024.
Compensation scheme contributions
The Investor Compensation Scheme is funded by licence-holder contributions under S.L. 370.09; it pays 90% of net loss up to €20,000 per investor.90% up to €20,000.
Tax summary
Corporate tax35% headline
Refund on distributionStandard mechanism · per structure
Dividend withholdingImputation system
VAT18%
Licence feesL.N. 370 of 2024
*Figures as of 2026 per Maltese law. Refund fractions, withholding and Pillar Two outcomes are confirmed 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: Maltese 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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Malta · MFSA
Launch your investment firm in Malta with expert support.
Full-service assistance - from incorporation and the written description to the MFSA licence, compliance officer and MLRO, passporting and ongoing compliance - run through our Valletta office.
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Request a free conclusion →FAQ
The Maltese investment licence, answered.
Which licence does an investment firm need in Malta?+
The investment services licence under art. 3 of the Investment Services Act (Cap. 370), scoped by the First Schedule services and the Third Schedule ancillary services. Part A R4-4.1 then classifies the holder as an investment firm, AIFM, UCITS management company, depositary or data reporting service provider.
Are the Category 2 and Category 3 licences still a thing?+
No. The Category 1A, 1B, 2, 3 and 4 labels were absent from Part A by v7.00 of 27 July 2022 and are not in the current v13.00 of 6 August 2026. The rulebook now distinguishes firms by whether they hold or control client money (R4-4.3.2).
What capital does the MFSA require?+
Part A R9-9.3.1: €75,000 for RTO, execution, portfolio management, advice and placing without client money; €150,000 where the firm holds or controls client money or assets; €750,000 for own-account dealing and firm-commitment underwriting. AIFM, UCITS and de minimis managers €125,000; a depositary €730,000.
How long does licensing take?+
Six months from a properly completed application under art. 6 of the Act, after a preparatory phase and a pre-licensing phase that ends in an in-principle approval valid three months. The MFSA publishes no per-sector processing statistics, so we plan on the phases.
What are the MFSA fees?+
Set by the Investment Services Act (Fees) Regulations 2024 - L.N. 370 of 2024, in force since 1 January 2025 - which replaced S.L. 370.03. The euro schedule is quoted in your proposal from the regulations themselves, not from a website summary.
Who has to be in place before the licence?+
At least two individuals directing the business (dual control, R1-1.4.3), a compliance officer accepted by the MFSA and independent of operations (R5-5.1.1-4), an MLRO who is a senior employee or executive director (R5-5.2.1-4), and separate risk and internal audit functions.
How are Maltese investment firms taxed?+
35% corporate tax on worldwide income, with a shareholder refund of part or all of that tax on distribution - the standard 6/7ths mechanism in the general case, confirmed per structure. VAT is 18%; the non-resident dividend position runs through the imputation system.
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. Non-EU firms entering Malta fall under the Third-Country Firms Regulations, L.N. 155 of 2025.
Malta or Cyprus for a new firm?+
Cyprus is the practised volume gate: 8-14 months realistic, a 12.5% headline and the union's deepest service cluster for a brokerage. Malta has the same IFD tiers, the fund toolkit under one Act - AIFM, de minimis, Notified AIF - and a 35% rate that only works with the refund structured. Brokers lean Limassol; manager-and-fund groups lean Valletta.
Why Prifinance for Malta?+
A Valletta office, the scope written First Schedule line by line, and a compliance officer and MLRO the MFSA will accept sourced before filing. We run the three Part A phases to the in-principle letter and carry the EEA notifications into launch.
Which licence?+
Cap. 370 investment services licence.
Categories?+
Gone since 2022.
Capital?+
€75k/€150k/€750k · €125k funds.
How long?+
Six months, no stats.
Fees?+
L.N. 370 of 2024, quoted.
People?+
Dual control, CO, MLRO.
Taxes?+
35% with refund.
Passport?+
30 EEA states.
Or Cyprus?+
Volume gate vs fund toolkit.
Why you?+
Valletta office, scope written.
Client notes
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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 Malta Financial Services Authority (MFSA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.