Get an investment license in the Philippines.

A registration the statute times, and a licence that never expires. The Securities and Exchange Commission registers broker dealers under section 28 of the Securities Regulation Code, Republic Act 8799, and must grant or deny by order within 30 days of filing (section 28.3); once granted, the registration is perpetual against an annual fee under the 2015 SRC Rules. Capital comes from the SEC's minimum paid-up capital table: P100,000,000 for a new broker dealer or SRO member, P10,000,000 for an investment adviser or manager, P300,000,000 for an investment house under PD 129 as amended by RA 8366 - which also reserves at least 40% of an investment house's voting stock to Filipino citizens. Corporate tax is 25%, or 20% for small corporations, with a 2% minimum on gross income, and the market is 112,729,484 people at the 2024 census.

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Philippines in brief

A 30-day order, a perpetual licence, and a capital table from 2015.

The Securities Regulation Code, Republic Act 8799 of 19 July 2000, puts the gate in section 28.1: no person may buy or sell securities as a broker or dealer, or act as a salesman or associated person, unless registered with the Securities and Exchange Commission. Section 3 draws the line - a broker trades for the account of others, a dealer for its own - and section 34 keeps the two functions apart inside an exchange member, market makers excepted. The 2015 SRC Rules, effective 9 November 2015, sort registrants under Rule 28.1: the Exchange Trading Participant, a broker dealer that is also a PSE member; the non-exchange broker dealer; the broker dealer in proprietary shares. Two more statutes carry the rest. PD 129, amended by RA 8366 in 1997, licenses investment houses for underwriting with guarantee and dealing; the Investment Company Act, RA 2629 of 1960, registers mutual funds and, through its 2018 rules, their fund managers and advisers.

The money is on the SEC's minimum paid-up capital table, 2015 edition: P100,000,000 for a new securities broker dealer or SRO member, P10,000,000 for an existing SRO member, P5,000,000 for a broker dealer in proprietary shares, P300,000,000 for an investment house, P50,000,000 for an investment company, P10,000,000 for an investment adviser or manager. The Commission updated the table on 7 March 2024, so the figures are checked against the current edition before any capital is paid. Section 28.3 gives the Commission 30 days from filing to grant or deny by order, and Rules 28.1.2.6 and 28.11 make the registration perpetual against an annual fee. Ownership has one hard edge: RA 8366 reserves at least 40% of an investment house's voting stock to Filipino citizens, while section 28 sets no nationality test for broker dealers. Tax is 25% under the CREATE Act. We build from Manila.

SEC registration under section 28 of the Securities Regulation Code (RA 8799): P100,000,000 for a new broker dealer, P10,000,000 for an investment adviser or manager, P300,000,000 for an investment house at least 40% Filipino-owned - an order within 30 days of filing, then a perpetual licence.

25% corporate tax, 20% for small corporations, MCIT 2%, 15% on dividends abroad with tax sparing, 112,729,484 people at the 2024 census. Fees confirmed with the SEC before filing. Built from Manila.

The two builds

The adviser or fund manager - or the broker dealer.

Two capital lines a decade apart on the same table: the investment adviser or manager at P10,000,000 under the Investment Company Act, or the broker dealer at P100,000,000 under section 28 of the SRC with the 30-day order behind it. We fix the route first, then build once.

The P10 million adviser or manager - or the P100 million broker dealer.

01 - INVESTMENT ADVISER / FUND MANAGER · RA 2629

The adviser or fund manager

The lightest line on the SEC's table: P10,000,000 of paid-up capital for an investment adviser or manager, licensed under the Investment Company Act and its 2018 implementing rules to advise or manage a registered investment company. RA 2629 section 14 requires a written advisory contract approved by the fund's shareholders, running at most two years and terminable on 60 days' notice. The 2018 rules set the exact reach of the licence - whether it covers advisory work outside a registered fund - and that scope is confirmed with the Commission before the route is chosen; the Commission publishes no lighter stand-alone adviser regime.

The lightest line on the SEC's table: P10,000,000 of paid-up capital for an investment adviser or manager, licensed under the Investment Company Act and its 2018 implementing rules to advise or manage a registered investment company. RA 2629 section 14 requires a written advisory contract approved by the fund's shareholders, running at most two years and terminable on 60 days' notice. The 2018 rules set the exact reach of the licence - whether it covers advisory work outside a registered fund - and that scope is confirmed with the Commission before the route is chosen; the Commission publishes no lighter stand-alone adviser regime.

  • P10,000,000 paid-up capital - SEC table
  • Investment Company Act RA 2629 · 2018 IRR
  • Advisory contract - max two years, 60 days' notice (s. 14)
  • Investment company itself - P50,000,000
  • Fund registration published in the Official Gazette (s. 7)
  • Scope under the 2018 rules - confirmed with the SEC
Start the adviser route →
02 - BROKER DEALER · SRC S. 28
P100,000,000 paid-up capital

The registered broker dealer

Buying and selling securities for clients and for own account under section 28 of the Securities Regulation Code: P100,000,000 of unimpaired paid-up capital for a new firm or SRO member, P10,000,000 for an existing SRO member, P5,000,000 for a broker dealer in proprietary shares. Risk-based capital adequacy under Rule 49.1 with the Net Liquid Capital Rule, customer protection reserves and custody under Rule 49.2, a surety bond under Rule 28.1.6, registered salesmen and associated persons - and an SEC order within 30 days of filing.

Buying and selling securities for clients and own account under SRC section 28 - P100,000,000 paid-up, RBCA under Rule 49.1, customer reserves under Rule 49.2, an order within 30 days.

  • P100m new or SRO member · P10m existing SRO member
  • P5m broker dealer in proprietary shares
  • SEC order within 30 days of filing (s. 28.3)
  • Perpetual registration · annual fee (Rule 28.11)
  • RBCA and Net Liquid Capital Rule (Rule 49.1)
  • Special Reserve Bank Account for customers (Rule 49.2.4)
Scope the broker dealer route →

Costs and timelines are confirmed for your case before any work begins. The SEC's registration and annual fees sit in its schedule of fees (Memorandum Circular 4); the amounts are taken from the Commission before filing, and the capital table is checked against the 7 March 2024 edition.

Why the Philippines

Six things to know before filing in Manila.

The Philippines sells an English-language statute with a 30-day order in it, a licence that never lapses and 112.7 million people - with one ownership rule and fees confirmed with the Commission before filing.

A 30-day order in the statute

Section 28.3 of the SRC: within thirty days after the filing of an application the Commission shall by order grant or deny registration - a period in the Act, not a service standard.Section 28.3, in the Act.

A licence that never expires

Broker dealer registration is perpetual under Rules 28.1.2.6 and 28.1.5.10 of the 2015 SRC Rules, kept alive by the annual fee of Rule 28.11 and lost only by automatic termination under Rule 28.12.Annual fee keeps it alive.

P10 million to advise or manage

The SEC's 2015 table prices an investment adviser or manager at P10,000,000 of paid-up capital - a tenth of the P100,000,000 a new broker dealer needs, a thirtieth of an investment house.The adviser tier.

112,729,484 people

The population as of 1 July 2024 in the 2024 Census of Population, declared official by Proclamation No. 973 of 11 July 2025 - equities on the Philippine Stock Exchange, fixed income on the Philippine Dealing and Exchange Corp.The 2024 census.

Tax rates you can cite by section

25% under NIRC section 27(A) as amended by the CREATE Act, 20% for small corporations, a 2% minimum corporate income tax on gross income from the fourth year, and 15% on dividends to a non-resident parent where tax sparing applies.25%, 20%, MCIT 2%.

The 40% rule and the figures we confirm

An investment house must be at least 40% Filipino-owned (RA 8366). The Foreign Investment Negative List's entries, the SEC's 7 March 2024 capital table and its fee schedule under Memorandum Circular 4 are each confirmed in writing before incorporation - ownership, current capital and fees fixed before a peso is paid.Investment houses; fees confirmed.

How it compares

How the Philippines differs from other routes.

The honest comparison: a 30-day statutory order and a P10 million adviser tier - against Jakarta's 30 working days, Bangkok's minister-signed 90 plus 60 and a Vietnamese regime with no published clock.

Philippines vs other jurisdictions
FeaturePhilippinesOther jurisdictions
RegimeSRC RA 8799 s. 28 · 2015 SRC Rules - SEC registrationLaw 8/1995 Indonesia · SEA B.E. 2535 Thailand · Law 54/2019 Vietnam
CapitalP10m adviser/manager · P100m broker dealer · P300m investment houseRp1bn-Rp110bn Indonesia · THB 1m-100m Thailand · VND 10bn-165bn Vietnam
ScopeDomestic market, no passport, investment house 40% FilipinoIndonesia 99% foreign · Vietnam 49% cap · Thailand no limit in the Regulation
TimelineSEC order within 30 days of filing (s. 28.3)30 working days Indonesia · 90 + 60 days Thailand · no published clock Vietnam
Regime
PhilippinesSRC RA 8799 s. 28 · 2015 SRC Rules - SEC registration
Other jurisdictionsLaw 8/1995 Indonesia · SEA B.E. 2535 Thailand · Law 54/2019 Vietnam
Capital
PhilippinesP10m adviser/manager · P100m broker dealer · P300m investment house
Other jurisdictionsRp1bn-Rp110bn Indonesia · THB 1m-100m Thailand · VND 10bn-165bn Vietnam
Scope
PhilippinesDomestic market, no passport, investment house 40% Filipino
Other jurisdictionsIndonesia 99% foreign · Vietnam 49% cap · Thailand no limit in the Regulation
Timeline
PhilippinesSEC order within 30 days of filing (s. 28.3)
Other jurisdictions30 working days Indonesia · 90 + 60 days Thailand · no published clock Vietnam
Country by country
CountryLicense typeTaxationRequirements
PhilippinesSEC - broker dealer · investment house · adviser/manager25% · 20% small · MCIT 2%P10m-P300m by route · 30-day order · perpetual licence
IndonesiaOJK - PEKU 1-3 · MIKU 1-222% (UU 7/2021) · OJK levy 0.975% / 3%Rp1bn-Rp110bn PEKU · Rp25-50bn MIKU · 30 working days
ThailandSEC - Type ก to ง · single licences20% · 10% dividend WHTTHB 1m-100m by activity · 90 + 60 days
VietnamSSC - securities company · fund management company20% · 15% / 17% small · securities outside VATVND 10bn-165bn by activity · 49% foreign cap · no published clock
Philippines
License typeSEC - broker dealer · investment house · adviser/manager
Taxation25% · 20% small · MCIT 2%
RequirementsP10m-P300m by route · 30-day order · perpetual licence
Indonesia
License typeOJK - PEKU 1-3 · MIKU 1-2
Taxation22% (UU 7/2021) · OJK levy 0.975% / 3%
RequirementsRp1bn-Rp110bn PEKU · Rp25-50bn MIKU · 30 working days
Thailand
License typeSEC - Type ก to ง · single licences
Taxation20% · 10% dividend WHT
RequirementsTHB 1m-100m by activity · 90 + 60 days
Vietnam
License typeSSC - securities company · fund management company
Taxation20% · 15% / 17% small · securities outside VAT
RequirementsVND 10bn-165bn by activity · 49% foreign cap · no published clock
Before you apply

Requirements for the Philippine licence.Requirements for the licence.

The Commission registers on the strength of capital, people and controls, then times itself to 30 days. The checklist below is what a complete Form 28-BD application contains.

01
Philippine corporation - registered with the SEC under the Revised Corporation Code (RA 11232), applying on SEC Form 28-BD and meeting the qualifications in the Commission's rules (SRC section 28.3).
02
Unimpaired paid-up capital - P100,000,000 for a new broker dealer or SRO member, P10,000,000 for an existing SRO member, P5,000,000 for a broker dealer in proprietary shares, P300,000,000 for an investment house, P10,000,000 for an investment adviser or manager (Rule 28.1.2; SEC table, 2015 edition).
03
Filipino ownership for an investment house - at least 40% of the voting stock held by Philippine citizens, foreign directors allowed to the extent of foreign equity (RA 8366); no nationality test in section 28 for broker dealers.
04
Risk-based capital adequacy - the RBCA requirement of Rule 49.1.1 with the Net Liquid Capital Rule (49.1.1.5) and subordination agreements (49.1.2), reported every two months; the ratio and peso thresholds are confirmed per case with the Commission.
05
Registered people - salesmen and associated persons registered under Rule 28.1.5 after the qualification examinations of Rule 28.2; individuals cannot register as broker dealers themselves.
06
Surety bond - the broker dealer surety bond of Rule 28.1.6, posted before registration.
07
Customer protection - possession or control of fully-paid and excess-margin securities (Rules 49.2.1-49.2.3), a Special Reserve Bank Account for the exclusive benefit of customers (49.2.4) and the withdrawal, buy-in and delivery rules that follow.
08
Supervision and controls - supervision under Rule 30.2.6, an internal or accredited training programme (30.2.7), suitability (30.2.4), best execution (30.2.13) and Chinese walls under Rule 34.11.
09
Broker and dealer functions kept apart - SRC section 34 separates the two inside an exchange member, market makers excepted; market-making transactions have their own rule at 28.1.2.2.
10
Reporting calendar - GIS within 30 days of the stockholders' meeting, SEC Form 52-AR audited statements, the quarterly BD-30.2 QCR within 15 days of quarter-end, Form 28-T within 5 business days of an associated person leaving, monthly complaint reports, records kept five years (52.1.2).
01
Philippine corporation, Form 28-BD.
02
Capital P10m to P300m.
03
40% Filipino - investment house.
04
RBCA, figures confirmed.
05
Salesmen registered, examined.
06
Surety bond posted.
07
Customer reserve account.
08
Supervision, Chinese walls.
09
Broker and dealer apart.
10
Reporting calendar kept.

Reflects the Securities Regulation Code (RA 8799), the 2015 SRC Rules, PD 129 as amended by RA 8366, RA 2629 and the SEC's 2015 capital table, as of 2026. The 2018 Investment Company Act rules and the Omnibus Investment House Rules are applied to the file article by article; the Rules set no staff minimum, and the bench is settled with the Commission per file.SRC RA 8799 + 2015 SRC Rules, as of 2026.

How it works

From first call to the SEC's order.

01
The route

Broker dealer, investment house or investment adviser/manager - capital line from the SEC's table, fixed in writing first.Fixed in writing.

02
Corporation and capital

SEC-registered corporation, paid-up capital of P10,000,000 to P300,000,000 evidenced, the 40% Filipino holding where an investment house is built.Paid, evidenced.

03
People and bond

Salesmen and associated persons examined and registered under Rules 28.1.5 and 28.2, the surety bond posted, supervision procedures written.Registered, posted.

04
Form 28-BD and the 30 days

Application filed with the registration fee; the Commission grants or denies by order within 30 days of filing (s. 28.3).Order within 30 days.

05
Perpetual licence and launch

Registration perpetual against the annual fee (Rule 28.11); PSE membership, the Special Reserve Bank Account and bi-monthly RBCA reports live.PSE, reserves, reporting.

Quick facts
RegulatorSEC · PSE as SRO
Broker dealer - new / SRO memberP100,000,000
Broker dealer - existing SRO memberP10,000,000
Investment houseP300,000,000
Investment adviser / managerP10,000,000
Statutory clock30 days from filing (s. 28.3)
Licence termPerpetual · annual fee
Population112,729,484 (1 July 2024)

One statutory period and no statistics against it - section 28.3 runs from filing, and the Commission publishes no processing figures, so a file that needs no supplement is the whole job.

On the ground in the Philippines

Run from our Manila office.

Prifinance - Philippines
Manila · Philippines
Manila, Philippines
+971 800 0321096info.en@prifinance.com
Mon-Fri · replies within one business day
01
Route and capital line

Broker dealer, investment house or adviser/manager - chosen against the SEC's table, then verified against the 7 March 2024 edition before capital is paid.Table verified first.

02
Corporation and ownership

The Philippine corporation under RA 11232, and the 40% Filipino tranche where an investment house is the route - structured before the Commission sees it.Ownership structured.

03
People, bond and controls

Associated persons and salesmen through the Rule 28.2 examinations, the Rule 28.1.6 surety bond, supervision and Chinese-wall procedures under Rules 30.2 and 34.11.Examined, posted, written.

04
Form 28-BD to launch

The application filed complete so the 30-day order runs; then PSE trading participant onboarding, the Rule 49.2 reserve account and the RBCA reporting calendar.Complete, so 30 days run.

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Good to know

Taxation of investment firms in the Philippines.

The CREATE Act's rates, section by section - and two positions, VAT and the SEC's annual fee, confirmed in the quote.

Corporate tax 25%

Domestic corporations pay 25% on net taxable income under NIRC section 27(A), as amended by RA 11534, effective 1 July 2020; resident foreign corporations pay the same under section 28(A)(1).Section 27(A), CREATE.

20% for small corporations

Net taxable income of P5,000,000 or less and total assets of P100,000,000 or less, land excluded - a P10 million adviser may qualify; a P100 million broker dealer will rarely pass the asset test.P5m income, P100m assets.

MCIT 2%

A minimum corporate income tax of 2% of gross income from the fourth taxable year under section 27(E) - the 1% rate applied only from 1 July 2020 to 30 June 2023.From the fourth year.

Dividends to a foreign parent

15% under section 28(B)(5)(b) where the parent's home state allows the tax-sparing credit, 25% otherwise; a non-resident foreign corporation's other Philippine income bears 25% of gross under section 28(B)(1).Tax sparing, else 25%.

VAT or gross receipts tax

The treatment of financial services after CREATE MORE (RA 12066) - VAT or the gross receipts tax - is confirmed with the BIR for your service set, and the position is carried in the quote.Confirmed in the quote.

SEC annual fee

The one sector charge: the annual fee that keeps a perpetual registration alive under Rule 28.11 - its amount sits in the SEC schedule of fees (Memorandum Circular 4) and is taken from the Commission before filing.Confirmed before filing.

Tax summary
Corporate tax25% · 20% small
MCIT2% of gross income
Dividend withholding15% tax-sparing · else 25%
VAT / GRTConfirmed in the quote
Sector levySEC annual fee · confirmed before filing

*Figures as of 2026 per the National Internal Revenue Code as amended by RA 11534. Treaty relief and the VAT or gross receipts position are modelled per structure.

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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.

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Builds the application itself: Philippine corporation, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.

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FAQ

The Philippine investment licence, answered.

What licence does an investment firm need in the Philippines?+

Registration with the SEC as a broker dealer under section 28 of the Securities Regulation Code (RA 8799) for buying and selling securities for clients or own account; an investment house licence under PD 129 as amended by RA 8366 for underwriting with guarantee; or, for a fund, registration under the Investment Company Act (RA 2629) with a licensed fund manager or adviser.

What capital is required?+

From the SEC's 2015 minimum paid-up capital table: P100,000,000 for a new securities broker dealer or SRO member, P10,000,000 for an existing SRO member, P5,000,000 for a broker dealer in proprietary shares, P300,000,000 for an investment house, P50,000,000 for an investment company, P10,000,000 for an investment adviser or manager. The table was updated on 7 March 2024; we re-check it before capital is paid.

How long does registration take?+

Section 28.3 of the SRC obliges the Commission to grant or deny registration by order within 30 days after the filing of the application - the one clock in the Act. The registration is then perpetual, subject to the annual fee (Rules 28.1.2.6 and 28.11). The Commission publishes no processing statistics.

Can a foreign group own 100%?+

Section 28 sets no nationality test for broker dealers, and the SEC's table lists a US$200,000 paid-up floor for a foreign-owned domestic market enterprise. An investment house must be at least 40% Filipino-owned (RA 8366). The Foreign Investment Negative List of EO 175 governs the rest, and we confirm its entries before incorporation.

What are the fees?+

Section 28 requires a registration fee in the amount the Commission prescribes, and Rule 28.11 an annual fee; both sit in the SEC schedule of fees under Memorandum Circular 4. We take the current amounts from the Commission before filing, and the quote carries those figures together with our fixed fee.

Is there an investor compensation scheme?+

The Commission publishes no investor compensation scheme. Customer protection runs through Rule 49.2 instead - possession or control of fully-paid securities, a Special Reserve Bank Account for customers - and the Rule 28.1.6 surety bond, with the Capital Markets Integrity Corporation as the exchange's front-line surveillance body.

How are Philippine investment firms taxed?+

25% corporate income tax under NIRC section 27(A) as amended by RA 11534, 20% where net taxable income is at most P5,000,000 and assets at most P100,000,000, a 2% minimum corporate income tax on gross income from the fourth year, and 15% on dividends to a non-resident foreign parent with tax sparing, 25% without.

What ongoing capital applies?+

Rule 49.1.1's risk-based capital adequacy requirement with the Net Liquid Capital Rule (49.1.1.5) and satisfactory subordination agreements (49.1.2), reported to the SEC every two months. The ratio and peso figures are set with the Commission when the file is built, and the live computation follows from them.

The Philippines or Indonesia for a new firm?+

Indonesia opens a marketing-only broker at Rp1 billion, lets a foreign securities firm hold 99% and decides in 30 working days, but takes 3% of a manager's revenue; the Philippines advises at P10 million, prints a 30-day order and a perpetual licence at 25% tax, but sets its fees by circular and caps investment houses at 60% foreign. Low-capital distribution: Jakarta. English-law certainty: Manila.

Why Prifinance for the Philippines?+

We pick the route against the SEC's table and re-verify it against the 2024 edition, form the Philippine corporation with the ownership the statute allows, register the salesmen and associated persons, and file Form 28-BD complete so the 30-day order runs - from our Manila office with Dubai behind it.

What licence?+

SEC broker dealer, s. 28.

Capital?+

P10m to P300m.

How long?+

30-day order.

100% foreign?+

Broker dealer yes; house 60%.

Fees?+

MC 4; confirmed before filing.

Compensation?+

None published; Rule 49.2.

Taxes?+

25%, 20%, MCIT 2%.

Ongoing capital?+

RBCA, figures confirmed.

Or Indonesia?+

Rp1bn vs 30-day order.

Why you?+

Table verified, file complete.

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