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 AFM decision, including banking and payment rails.
Get an investment license in the Netherlands.
One regulator decides, another advises: the AFM grants the vergunning beleggingsonderneming under Wft art. 2:96 with DNB's prudential advice folded into the decision under art. 1:48(2), and states a statutory handling period of 13 weeks from a complete application - against a MiFID II outer limit of six months. Capital under Bpr art. 48 runs €75,000 without client money, €150,000 general, €750,000 for own-account dealing. The licence fee is the oddity: €200 for every AFM hour, capped at €100,000. Passport notifications cost nothing, corporate tax is 19% on the first €200,000 of profit, and Euronext Amsterdam serves a market of 18.13 million people.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Netherlands in brief
Thirteen weeks on the statute, an hourly fee on the invoice.
The Wet op het financieel toezicht of 2006 puts every investment service under one licence: the vergunning beleggingsonderneming of art. 2:96, covering the beleggingsdiensten a to f - reception and transmission, execution, individual portfolio management, advice, underwriting with and without a placing guarantee - and the beleggingsactiviteiten of own-account dealing and MTF or OTF operation, with custody as an ancillary service. The AFM grants it against the conditions of art. 2:99; DNB, the prudential supervisor, gives an advice under art. 1:48(2) that becomes part of the decision. Minimum own funds sit in art. 48(1) of the Besluit prudentiële regels as rewritten by the Besluit of 19 November 2021 (Stb. 2021, 571): €750,000 for firm-commitment underwriting, own-account dealing or an OTF, €75,000 for firms that hold no client money or instruments, €150,000 for the rest. The old €50,000 and €730,000 figures went with IFD.
The AFM states a wettelijke behandeltermijn of 13 weeks from a complete application (Wft art. 1:102); MiFID II art. 7(3) sets the outer limit at six months, and the plan carries both. The fee is unusual: the Regeling bekostiging financieel toezicht eenmalige handelingen (version 16 June 2026) charges €200 for every hour the AFM works on the file, capped at €100,000 - a clean dossier is cheaper by construction. Fund managers hold a separate licence under art. 2:65 (€125,000, or €300,000 self-managed, plus 0.02% above €250 million), or register under art. 2:66a below €100 million for €4,400. The nationaal regime of the Vrijstellingsregeling Wft art. 11 covers advice and order transmission in fund units only, for €1,500, with no passport. Investor compensation stops at €20,000. We run the AFM and DNB tracks together from Amsterdam.
One licence under Wft art. 2:96, granted by the AFM with DNB's prudential advice: Bpr capital €75k/€150k/€750k, a 13-week statutory handling period, a fee of €200 per AFM hour capped at €100,000. Fund managers separately under art. 2:65 at €125,000.
19% corporate tax to €200,000 and 25.8% above, 15% dividend tax, passport notifications free - and compensation cover of only €20,000. Built end to end from Amsterdam.
The two builds
The Wft investment firm - or the fund manager.
One licence for the services of art. 2:96, a separate one for fund management under art. 2:65 - both metered by the hour and both filed with the AFM while DNB tests the prudential side. We settle which before the clock is bought.
The Wft 2:96 investment firm - or the €125k fund manager.
01 - BELEGGINGSONDERNEMING · WFT 2:96
The AFM-licensed firm
Every MiFID service and activity under one vergunning - advice, RTO, execution, portfolio management, underwriting, own-account dealing and MTF or OTF operation - with Bpr art. 48 capital by model and DNB's prudential advice inside the AFM decision.
Every MiFID service and activity under one vergunning - advice, RTO, execution, portfolio management, underwriting, own-account dealing and MTF or OTF operation - with Bpr art. 48 capital by model and DNB's prudential advice inside the AFM decision.
- ✓Advice, RTO, execution, management
- ✓Own-account dealing, MTF or OTF
- ✓€75,000 - no client money
- ✓€150,000 general · €750,000 dealing
- ✓13 weeks statutory handling
- ✓€200 per hour, max €100,000
02 - BEHEERDER · FUND MANAGER
€125,000 · €300,000 self-managedThe fund-management licence
Wft art. 2:65 for AIFMs and art. 2:69b for UCITS managers - €125,000 external or €300,000 internally managed, plus 0.02% of assets above €250 million, two full-time policymakers since Stb. 2026, 91, and a registration-only door under art. 2:66a below €100 million.
AIFM and UCITS management under Wft arts 2:65 and 2:69b - €125,000 or €300,000, registration below €100 million for €4,400.
- ✓AIFM licence - Wft art. 2:65
- ✓UCITS manager - art. 2:69b
- ✓€125,000 + 0.02% over €250m
- ✓Registration ≤ €100m - fee €4,400
- ✓13 weeks + 13, clock stops on questions
- ✓30 asset-management licences in 2025
Costs and timelines are confirmed for your case before any work begins. AFM hours are billed at €200 up to €100,000; DNB's tests and the €700 and €2,900 personal assessments are itemised in your quote.
Why the Netherlands
Short clock, metered fee, free passport.
The Dutch case is procedural: a statute that promises weeks, a fee that rewards a clean file, and a passport the AFM forwards without charge.
✓
13 weeks on the statute
The AFM states a statutory handling period of 13 weeks from a complete application - against six months in France, Germany, Ireland and Spain, with MiFID's six months as the ceiling here too.Statutory handling period.
✓
A fee that meters effort
€200 for every AFM hour, capped at €100,000 (Regeling of 16 June 2026) - a regulator that invoices by the clock, so the complete file is also the cheap one.€200 per hour, capped.
✓
DNB in the decision
The prudential supervisor advises on every application under Wft art. 1:48(2) - ICAAP, ILAAP and IFR own funds tested once, at licensing, not discovered later.Prudential advice at licensing.
✓
The passport costs nothing
Services notifications forwarded within one month, branches within three, and the AFM charges no fee for either - the whole EEA from Amsterdam.Forwarded in 1-3 months.
✓
19% on the first €200,000
Vennootschapsbelasting at 19% up to €200,000 and 25.8% above, dividend tax at 15%, securities trading exempt from 21% BTW - the early years taxed lightly.Up to €200,000 profit.
✓
€20,000 of cover, no more
The beleggerscompensatiestelsel pays at most €20,000 per investor - the Directive 97/9/EC floor, not a selling point. Retail-facing models should say so in their client documents.The EU floor, no more.
How it compares
How the Netherlands differs from other routes.
The honest comparison: the shortest printed clock in the neighbourhood - bought with an hourly fee and the union's minimum compensation cover.
Netherlands vs other jurisdictions
| Feature |  Netherlands | Other jurisdictions |
|---|---|---|
| Regime | Wft art. 2:96 - AFM, DNB advice | BaFin, CBI alone · BE: NBB or FSMA |
| Capital | Bpr art. 48 €75k-€750k | Same IFR tiers · BE SGPCI €125k |
| Passport | EEA, notified free of charge | IE IIA firms: none · BE SGPCI: full |
| Timeline | 13 weeks statutory handling | DE, IE, BE: 6 months |
Regime
NetherlandsWft art. 2:96 - AFM, DNB advice
Other jurisdictionsBaFin, CBI alone · BE: NBB or FSMA
Capital
NetherlandsBpr art. 48 €75k-€750k
Other jurisdictionsSame IFR tiers · BE SGPCI €125k
Passport
NetherlandsEEA, notified free of charge
Other jurisdictionsIE IIA firms: none · BE SGPCI: full
Timeline
Netherlands13 weeks statutory handling
Other jurisdictionsDE, IE, BE: 6 months
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Netherlands | AFM beleggingsonderneming | 19% ≤ €200k · 25.8% | Bpr €75k-€750k, €200/hr fee |
 Germany | BaFin Wertpapierinstitut | 15% KSt · 30.13% all-in | § 17 WpIG €75k-€750k, 6 months |
 Belgium | NBB société de bourse · FSMA SGPCI | Confirmed per case | SGPCI €125k, 6 months, €3,261 file fee |
 Ireland | CBI investment firm | 12.5% trading · 25% | €75k-€750k, avg 245 days in 2025 |
NetherlandsLicense typeAFM beleggingsonderneming
Taxation19% ≤ €200k · 25.8%
RequirementsBpr €75k-€750k, €200/hr fee
GermanyLicense typeBaFin Wertpapierinstitut
Taxation15% KSt · 30.13% all-in
Requirements§ 17 WpIG €75k-€750k, 6 months
BelgiumLicense typeNBB société de bourse · FSMA SGPCI
TaxationConfirmed per case
RequirementsSGPCI €125k, 6 months, €3,261 file fee
IrelandLicense typeCBI investment firm
Taxation12.5% trading · 25%
Requirements€75k-€750k, avg 245 days in 2025
Before you apply
Requirements for the Dutch licence.Requirements for the licence.
The AFM tests conduct and people, DNB tests capital and controls, and the 13-week clock starts only on a complete file. The checklist below is what a passing application contains.
01
Policymakers tested first - every dagelijks beleidsbepaler and commissaris passes the AFM betrouwbaarheidstoets (€700) and geschiktheidstoets (€2,900) before appointment.
02
Initial capital - Bpr art. 48(1) as amended by Stb. 2021, 571: €75,000 without client money or instruments, €150,000 as the general tier, €750,000 for own-account dealing, firm-commitment underwriting or an OTF.
03
Wft art. 2:99 conditions - integere en beheerste bedrijfsvoering under arts 3:17 and 4:14, a transparent control structure and minimum own funds evidenced.
04
DNB prudential file - IFR own funds, K-factors, fixed overheads, ICAAP and ILAAP prepared for the advice DNB gives under art. 1:48(2).
05
Vermogensscheiding - client instruments and money held through a bewaarinstelling, giraal under the Wet giraal effectenverkeer or a segregated client-money account; other methods only with prior AFM approval.
06
Assurance report - firms holding client assets file an accountant's report on segregation by 30 June each year through the AFM portal.
07
Fee budget - €200 for every AFM hour up to €100,000 (Regeling of 16 June 2026); a later licence extension costs €10,500.
08
Fund managers - €125,000 external or €300,000 internally managed plus 0.02% above €250 million (Bpr arts 48 and 63), and two full-time policymakers since Stb. 2026, 91.
09
Compensation membership - the beleggerscompensatiestelsel run by DNB pays up to €20,000 per investor and is funded by the participating firms.
10
Substance - no statutory headcount or director-residency rule is printed for investment firms; the AFM tests the beheerste bedrijfsvoering it can see in Amsterdam, and we size the office to that test.
01
Policymakers tested first.
02
Capital per Bpr art. 48.
03
Art. 2:99 conditions met.
04
DNB prudential pack.
05
Vermogensscheiding in place.
06
Assurance report yearly.
07
Fee budget to €100,000.
08
Managers: two full-time.
09
Compensation membership.
10
Substance the AFM can see.
Reflects the Wft, the Bpr and IFR/IFD as of 2026; the 13-week handling period is the AFM's stated figure (Wft art. 1:102), confirmed with the AFM before filing.Wft + Bpr + IFR/IFD, as of 2026.
How it works
From first call to the AFM register.
01
Route and tier
Investment firm, fund manager or nationaal regime - services and Bpr tier fixed in writing before drafting.Fixed in writing.
02
Company and policymakers
Dutch entity, capital paid, personal tests filed for every policymaker and commissaris.Tests filed.
03
The application
Complete file through the AFM portal - the 13-week clock and the hourly meter both start here.Clock and meter start.
04
AFM and DNB review
DNB's prudential advice, AFM questions answered on time - 6-9 months end to end is our planning figure.6-9 months realistic.
05
Register and passport
Register entry, passport notifications forwarded within one or three months, compensation membership, banking live.Live, free notifications.
Quick facts
RegulatorAFM (DNB advice)
LicenceWft art. 2:96
No-client-money tier€75,000
General tier€150,000
Dealing tier€750,000
Statutory handling13 weeks
Licence fee€200/hr · max €100,000
Corporate tax19% · 25.8%
The AFM publishes licence counts, not processing times - 375 licences in 2025, 30 of them in asset management. Our range is a planning figure built on the 13-week handling period plus preparation.
On the ground in the Netherlands
Run from our Amsterdam office.
Prifinance - Netherlands
Amsterdam · Netherlands
Amsterdam, Netherlands
01
Route and BV
Wft 2:96, 2:65 or the nationaal regime decided in writing, then the Dutch company and capital built for it.Built for the route.
02
The AFM file
Business plan, bedrijfsvoering description and policies drafted complete - every hour the AFM does not need is €200 saved.Complete, hours saved.
03
Policymakers and DNB
Betrouwbaarheid and geschiktheid files for the board, ICAAP and ILAAP for DNB's advice - prepared together.Tests and ICAAP together.
04
Passport and launch
EEA notifications at no AFM charge, vermogensscheiding and banking sequenced with the licence.EEA at no charge.
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 the Netherlands.
A two-band corporate rate, a 15% dividend tax and a VAT exemption that stops at custody.
19% up to €200,000
Vennootschapsbelasting 2026: 19% on the first €200,000 of taxable profit, 25.8% above - the same table in 2025 and 2026.Two bands.
Dividend tax 15%
Dividendbelasting at 15% on distributions - the flat rate the Belastingdienst prints, before any treaty relief modelled per shareholder.Flat rate.
Conditional withholding 25.8%
Interest, royalties and dividends paid to low-tax jurisdictions carry a conditional withholding tax equal to the top VPB rate - 25.8% in 2024 through 2026.Low-tax flows.
BTW 21%, trading exempt
Services connected with trading in securities are exempt from 21% BTW; custody and management of securities (bewaren en beheren) are taxable.Trading exempt.
Supervision levies
The AFM's 2026 market contribution pool is €153.3 million, allocated to investment firms by assets under individual management plus assets advised on; DNB budgets €12.1 million for the sector.AFM pool €153.3m.
No sector levy
Investment firms pay no financial-sector tax beyond the AFM and DNB levies and the compensation-scheme contributions.Levies only.
Tax summary
Corporate tax19% ≤ €200k · 25.8%
Dividend tax15%
Conditional WHT25.8% low-tax states
VAT on services21% · trading exempt
Sector levyAFM/DNB levies only
*Figures as of 2026 per Dutch 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: Dutch BV, 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.
Netherlands · AFM
Launch your investment firm in the Netherlands with expert support.
Full-service assistance - from the Dutch company and policymaker tests to the AFM file, DNB's advice, passporting and ongoing compliance - run through our Amsterdam office.
Get a consultation →Free legal opinion
Is the Netherlands 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 Dutch investment licence, answered.
What licence does an investment firm need in the Netherlands?+
A vergunning beleggingsonderneming from the AFM under Wft art. 2:96, covering the beleggingsdiensten a to f and the own-account, MTF and OTF activities, with DNB's prudential advice inside the decision. Fund managers hold a separate licence under art. 2:65.
What capital is required?+
Bpr art. 48(1): €75,000 for firms holding no client money or instruments, €150,000 as the general tier, €750,000 for own-account dealing, firm-commitment underwriting or an OTF. Fund managers: €125,000, or €300,000 internally managed, plus 0.02% above €250 million.
How long does licensing take?+
The AFM states a statutory handling period of 13 weeks from a complete application; MiFID II art. 7(3) allows six months, and the clock pauses on information requests. No processing statistics are published, so we plan on 6-9 months including preparation.
What does the AFM charge?+
€200 for every hour it works on the file, with a maximum of €100,000 (Regeling of 16 June 2026). A nationaal regime licence costs €1,500, an AIFM registration €4,400, a licence extension €10,500 - and passport notifications are free.
What is the nationaal regime?+
An exemption under Vrijstellingsregeling Wft art. 11 for advisers and intermediaries who only advise on and transmit orders in fund units, hold no client money and route orders to licensed firms. €1,500, MiFID conduct rules, indemnity insurance - and no passport.
What does DNB do in the application?+
It is the prudential supervisor: under Wft art. 1:48(2) it advises the AFM on every licence application - own funds under IFR, ICAAP, ILAAP and governance - and that advice becomes part of the AFM decision. Two reviews, one licence.
Does the licence passport across the EU?+
Yes. The AFM forwards a services notification within one month and a branch notification within three; the branch may open on the host's consent or two months after forwarding. The AFM charges nothing for it.
How are Dutch investment firms taxed?+
19% corporate tax on the first €200,000 of profit and 25.8% above, 15% dividend tax, a 25.8% conditional withholding on flows to low-tax jurisdictions, and 21% BTW with securities trading exempt and custody taxable.
The Netherlands or Germany for a new firm?+
Germany gives 682 supervised Wertpapierinstitute, a fixed €6,336 fee for an advisory-type licence and a corporate rate falling to 10% by 2032 - but a six-month clock and 30.13% all-in tax today. The Netherlands gives 13 weeks, a metered fee and 19% on the first €200,000. Cost-certain files go to Frankfurt; speed goes to Amsterdam.
Why Prifinance for the Netherlands?+
An Amsterdam office that files with the AFM and prepares DNB's prudential pack in the same build, policymaker tests run before the clock starts, and files drafted complete so the hourly meter stops early - with the passport delivered at launch.
Which licence?+
Wft 2:96, from the AFM.
Capital?+
€75k/€150k/€750k.
How long?+
13 weeks statutory.
Fee?+
€200/hr, max €100k.
Nationaal regime?+
Fund units, no passport.
DNB?+
Prudential advice.
Passport?+
Free, 1-3 months.
Taxes?+
19%/25.8% + 15%.
Or Germany?+
Speed vs certainty.
Why you?+
AFM and DNB, one build.
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 AFM or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.