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 KNF's decision, including banking and payment rails.
Get an investment license in Poland.
A market of 37.35 million people and a two-month clock: the KNF decides on a formally complete application within two months, against the six MiFID II allows. The licence is the zezwolenie for a dom maklerski under art. 69 of the Act on Trading in Financial Instruments, with art. 98 capital of €150,000 as the rule, €75,000 without an MTF or custody and €750,000 for own-account dealing, underwriting or an OTF - tiers rewritten in 2021 that several KNF pages still show in their old form. The licence fee runs from €1,000 per activity to a €4,500 cap, and the KDPW scheme compensates investors up to €20,100. 28 domy maklerskie and 10 banks hold the licence. Corporate tax is 19%.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Poland in brief
A two-month clock, tiers rewritten in 2021 and a fee you can add up.
Poland licenses brokerage under the Act of 29 July 2005 on Trading in Financial Instruments, consolidated as Dz.U. 2024 poz. 722. Art. 69 ust. 1 is the zezwolenie for a dom maklerski, and art. 69 ust. 2 lists the nine activities - reception and transmission, execution, own-account dealing, portfolio management, investment advice, offering, underwriting, an ASO and an OTF - with custody among the ancillary services of ust. 4. The IFD came in the Act of 1 October 2021 (Dz.U. 2021 poz. 2140), which rewrote art. 98: ust. 1 sets the founding capital at the złoty equivalent of €150,000, ust. 2 lowers it to €75,000 where the firm runs neither an ASO nor custody of client instruments, and ust. 3 raises it to €750,000 for own-account dealing, underwriting or an OTF. Several KNF pages, the checklist included, still print the old €25,000-€730,000 tiers. Art. 95 admits six company forms, from the spółka akcyjna to partnerships of licensed brokers or advisers.
The clock is short. The KNF puts the statutory period for a formally complete application at two months, a third of what MiFID II art. 7(3) allows; an incomplete file draws a call to cure, and substantive questions push the real timeline past the two months. The fee is a sum you can add up under the Finance Ministry regulation of 17 December 2019 (Dz.U. 2019 poz. 2486): €1,000 per activity for orders, execution, own account, offering, underwriting and custody, €2,500 for portfolio management, €2,000 for advice, €4,500 for an ASO or an OTF, capped at €4,500 and payable within 14 days of the decision. Investors are covered by the KDPW compensation scheme - assets to €22,000, paid at 100% of the first €3,000 and 90% above, a maximum of €20,100. The KNF register of 18 September 2026 lists 28 domy maklerskie and 10 banks with a brokerage permission. Corporate tax is 19%. We run the file from Warsaw.
A two-month clock and a market of 37.35 million: the KNF licence for a dom maklerski under art. 69 - capital €150k as the rule, €75k without ASO or custody, €750k for own account, underwriting or OTF under art. 98 as amended in 2021, fees €1,000-€4,500, KDPW cover to €20,100, the 30-state passport.
19% CIT (9% small), 19% on dividends, 23% VAT. 28 domy maklerskie and 10 banks on the KNF register; several KNF pages still print the old tiers. Built end to end from Warsaw.
The two builds
The dom maklerski - or the agent firmy inwestycyjnej.
One KNF licence under art. 69 at €75,000-€750,000 by activity, and below it the tied-agent register under art. 79 for a person or company that acts for one investment firm. Poland has no separate adviser licence - advice is a licensed brokerage activity. We fix the route before the file.
The art. 69 dom maklerski - or the art. 79 agent.
01 - DOM MAKLERSKI
The art. 69 brokerage house
The KNF zezwolenie for the activities in art. 69 ust. 2 pkt 1-9 - RTO, execution, own account, portfolio management, advice, offering, underwriting, ASO and OTF - with art. 98 capital at €150,000 as the rule, €75,000 without an ASO or custody, €750,000 for own account, underwriting or an OTF, and a two-month decision on a formally complete file.
The KNF zezwolenie for the activities in art. 69 ust. 2 pkt 1-9 - RTO, execution, own account, portfolio management, advice, offering, underwriting, ASO and OTF - with art. 98 capital at €150,000 as the rule, €75,000 without an ASO or custody, €750,000 for own account, underwriting or an OTF, and a two-month decision on a formally complete file.
- ✓Art. 69 ust. 2 pkt 1-9 activities
- ✓€150,000 - the general rule (art. 98 ust. 1)
- ✓€75,000 - no ASO, no custody (ust. 2)
- ✓€750,000 - own account, underwriting, OTF (ust. 3)
- ✓Licence fee €1,000-€4,500 (Dz.U. 2019 poz. 2486)
- ✓2 months from a formally complete file
02 - AGENT FIRMY INWESTYCYJNEJ
No capital tier · one principalThe art. 79 tied agent
Registration with the KNF under art. 79 for a natural or legal person acting on behalf of one investment firm - the route for an individual, who cannot hold the brokerage licence, and for a distribution business that runs under a licensed firm's permission rather than its own art. 98 capital.
Registration under art. 79 for a natural or legal person acting for one investment firm - the only route open to an individual, with no art. 98 capital of its own.
- ✓Art. 79 - acts for one investment firm
- ✓Natural or legal person
- ✓Entered in the KNF register of agents
- ✓No art. 98 capital of its own
- ✓Register lists natural and legal persons separately
- ✓The only route open to an individual
Costs and timelines are confirmed for your case before any work begins. The licence fee follows Dz.U. 2019 poz. 2486 at the NBP average rate on the decision date; annual supervision contributions under art. 163 ust. 7 and KDPW contributions are itemised in your quote.
Why Poland
Two months, a fee you can add up and 37 million clients at home.
Poland sells a two-month statutory clock, a fee schedule printed in euros and a home market of 37.35 million that needs no passport.
✓
A two-month clock
The KNF states the statutory period for a formally complete application is two months - a third of the six months MiFID II art. 7(3) allows and a month short of Hungary's three.A third of MiFID's six.
✓
A fee you can add up
€1,000 per activity, €2,500 for portfolio management, €2,000 for advice, €4,500 for an ASO or OTF, capped at €4,500 - printed in Dz.U. 2019 poz. 2486 and payable within 14 days of the decision.€1,000 to €4,500.
✓
37.35 million at home
GUS counted 37,351 thousand residents in November 2025 - a domestic client base a licence here reaches before a single passport notification.No passport needed.
✓
Six company forms
Art. 95 admits the spółka akcyjna, the spółka komandytowo-akcyjna, the sp. z o.o. with a supervisory board and three partnership forms whose partners hold a broker's or adviser's licence.Art. 95.
✓
19% CIT, 9% for the small
A flat 19% corporate rate, 9% for small taxpayers and start-ups under €2,000,000 of revenue, 19% withholding on dividends - all on the podatki.gov.pl schedule updated 24 June 2026.Plus 19% on dividends.
✓
Read the statute, not the KNF page
Several KNF guidance pages, the checklist among them, still print the pre-2021 capital tiers of €25,000, €50,000, €125,000 and €730,000. The law is art. 98 as amended by Dz.U. 2021 poz. 2140, and there is no official English text of it.KNF pages print old tiers.
How it compares
How Poland differs from other routes.
The honest comparison: the two-month clock and the printed fee - against the Czech six months without a levy, the Hungarian three months at 9% and the German printed €6,336.
Poland vs other jurisdictions
| Feature |  Poland | Other jurisdictions |
|---|---|---|
| Regime | Act on Trading in Financial Instruments art. 69 - KNF | ZPKT § 5 Czechia · Bszt. §§ 7-8 Hungary · WpIG § 15 Germany |
| Capital | €150k / €75k / €750k - art. 98 (2021) | IFR art. 9 Czechia · Bszt. § 13 Hungary · § 17 WpIG Germany, same tiers |
| Passport | 30 EEA states · art. 117 inbound | German § 34f GewO none · French CIF none |
| Timeline | 2 months from a formally complete file · no stats | Hungary 3 months · Czechia, Germany 6 months |
Regime
PolandAct on Trading in Financial Instruments art. 69 - KNF
Other jurisdictionsZPKT § 5 Czechia · Bszt. §§ 7-8 Hungary · WpIG § 15 Germany
Capital
Poland€150k / €75k / €750k - art. 98 (2021)
Other jurisdictionsIFR art. 9 Czechia · Bszt. § 13 Hungary · § 17 WpIG Germany, same tiers
Passport
Poland30 EEA states · art. 117 inbound
Other jurisdictionsGerman § 34f GewO none · French CIF none
Timeline
Poland2 months from a formally complete file · no stats
Other jurisdictionsHungary 3 months · Czechia, Germany 6 months
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Poland | Dom maklerski - KNF | 19% CIT · 9% small | Art. 98 €75k-€750k, fee to €4,500 |
 Czechia | Obchodník s cennými papíry - ČNB | 21% CIT | IFR art. 9 €75k-€750k, § 7(2) six months |
 Hungary | Befektetési vállalkozás - MNB | 9% CIT · up to 2% local | Bszt. § 13 €75k-€750k, fee HUF 2,700,000 |
 Germany | Wertpapierinstitut - BaFin | 30.13% combined · ~25% by 2032 | § 17 WpIG €75k-€750k, fee €6,336 |
PolandLicense typeDom maklerski - KNF
Taxation19% CIT · 9% small
RequirementsArt. 98 €75k-€750k, fee to €4,500
CzechiaLicense typeObchodník s cennými papíry - ČNB
Taxation21% CIT
RequirementsIFR art. 9 €75k-€750k, § 7(2) six months
HungaryLicense typeBefektetési vállalkozás - MNB
Taxation9% CIT · up to 2% local
RequirementsBszt. § 13 €75k-€750k, fee HUF 2,700,000
GermanyLicense typeWertpapierinstitut - BaFin
Taxation30.13% combined · ~25% by 2032
Requirements§ 17 WpIG €75k-€750k, fee €6,336
Before you apply
Requirements for the Polish licence.Requirements for the licence.
The KNF reviews against art. 82 ust. 1 and its checklist, and the two-month clock runs only from a formally complete application. The checklist below is what a passing application contains.
01
Company form - spółka akcyjna with registered shares, spółka komandytowo-akcyjna, sp. z o.o. with a supervisory board, or a partnership whose two or more partners hold a makler or doradca inwestycyjny licence (art. 95).
02
Founding capital - the złoty equivalent of €150,000, €75,000 without an ASO or custody, €750,000 for own account, underwriting or an OTF (art. 98 ust. 1-3), met throughout the firm's life under art. 103a.
03
Boards - management and supervisory board members with an impeccable reputation and knowledge, competence and experience adequate to the business (art. 103 ust. 1a).
04
Key-function holders - compliance, internal audit and risk management named under art. 102a ust. 1, with the procedures of Delegated Regulation (EU) 2017/565 arts 21-34 and MAR art. 16(2).
05
Qualifying holdings - notified under art. 106; no foreign-ownership limit, and OECD or WTO legal persons may apply for a Polish licence or a branch (art. 115).
06
The file - the information in arts 1-7 of Delegated Regulation (EU) 2017/1943 plus non-conviction declarations and, for an ASO or OTF, the Regulation (EU) 2016/824 material (art. 82 ust. 1).
07
Prudential machinery - IFR arts 11-13 live from day one: the permanent minimum, a quarter of fixed overheads and, for class 2, the K-factors.
08
Investor compensation - the application to the KDPW system rekompensat filed and its status reported (checklist 6.4); membership is mandatory, contributions a percentage of investor cash and instruments.
09
The fee - €1,000 per activity, €2,500 portfolio management, €2,000 advice, €4,500 ASO or OTF, capped at €4,500, at the NBP rate of the decision date, within 14 days (Dz.U. 2019 poz. 2486).
10
Licensed individuals - maklerzy papierów wartościowych or doradcy inwestycyjni on the KNF register for the activities that require them; there is no official English text of the Act.
01
Art. 95 company form.
02
Capital per art. 98 tier.
03
Boards per art. 103 ust. 1a.
04
Key functions under art. 102a.
05
Holders notified, art. 106.
06
Regulation 2017/1943 file.
07
IFR own funds live.
08
KDPW application filed.
09
Fee €1,000-€4,500.
10
Licensed brokers where needed.
Reflects the Act on Trading in Financial Instruments (Dz.U. 2024 poz. 722), Dz.U. 2021 poz. 2140 and Dz.U. 2019 poz. 2486 as of 2026.Dz.U. 2024 poz. 722 + Dz.U. 2021 poz. 2140 + Dz.U. 2019 poz. 2486, as of 2026.
How it works
From first call to the KNF register.
01
Activities and tier
Art. 69 ust. 2 activities fixed, tier chosen under art. 98 - €75k, €150k or €750k - and the company form under art. 95, in writing before drafting.Art. 69, 98, 95.
02
Company and bench
Polish company, capital paid, boards and key-function holders ready for the art. 103 and art. 102a tests.Ready for art. 103.
03
The application
Regulation 2017/1943 information, declarations, ASO/OTF material and the KDPW application - formally complete at filing, so the two-month clock starts.Formally complete, clock starts.
04
KNF review
Two months from a formally complete file, longer where the KNF asks for substantive amendments; the fee is paid within 14 days of the decision.Two months statutory.
05
Licence and passport
Register entry, KDPW membership, EEA notifications - 30 markets open.30 markets open.
Quick facts
RegulatorKNF
LicenceDom maklerski, art. 69
General rule€150,000 (art. 98 ust. 1)
No ASO, no custody€75,000 (ust. 2)
Own account · OTF€750,000 (ust. 3)
Licence fee€1,000-€4,500
Statutory clock2 months, formally complete
Corporate tax19% · 9% small
The KNF publishes no processing statistics and says itself that substantive analysis and requested amendments extend processing beyond the two months - so the honest plan is two months plus the time it takes to make the file complete.
On the ground in Poland
Run from our Warsaw office.
Prifinance - Poland
Warsaw · Poland
Warsaw, Poland
01
Company and capital
Spółka akcyjna or sp. z o.o. with a supervisory board, art. 98 capital paid in złoty at the tier - the art. 95 and art. 103a grounds closed before the file opens.Art. 95 and 98 closed.
02
The KNF file
The Regulation 2017/1943 information set, declarations and the art. 102a key-function holders drafted to the KNF's application-content page of 5 September 2025 and its checklist - and defended so the two-month clock actually runs.To art. 82 and the checklist.
03
Board bench
Management and supervisory board members with the art. 103 ust. 1a reputation and experience, and licensed maklerzy or doradcy where the activity needs them - sourced from Warsaw's brokerage bench.Art. 103 reputation.
04
KDPW, passport and launch
System rekompensat membership, EEA notifications, banking live - 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 Poland.
A flat 19% with a 9% small-taxpayer rate, 19% on dividends and a 23% VAT - all printed on podatki.gov.pl in 2026.
CIT 19%
The corporate rate is 19% of the tax base on the podatki.gov.pl schedule of 15 December 2025, updated 24 June 2026 - the figure to model for a dom maklerski.The rate.
9% for the small
Taxpayers with revenues of no more than €2,000,000 in the tax year who are small taxpayers or start-ups pay 9%; whether a brokerage house inside a group qualifies is tested per structure.Under €2m revenue.
Dividend withholding 19%
Dividends carry 19% withholding tax on the same schedule; treaty and EU relief for foreign shareholders is modelled per structure.On dividends.
VAT 23%
The standard rate has been 23% since 1 January 2011 (8% and 5% reduced, 0% on exports); the financial-services exemption of art. 43 ust. 1 pkt 37-41 of the VAT Act is confirmed for your service set in the quote.Exemption confirmed.
The licence fee
€1,000 per activity to a €4,500 cap under Dz.U. 2019 poz. 2486, converted at the NBP average rate on the decision date and paid within 14 days - the one application charge the regulation prints.Within 14 days.
Supervision and KDPW
Annual supervision contributions under art. 163 ust. 7 of the Act, set yearly by the § 19 formula on the prior-year revenue base, plus KDPW contributions as a percentage of investor cash and instruments.Yearly lines.
Tax summary
Corporate tax19% · 9% small
Dividend withholding19%
VAT23% · exemption confirmed
Licence fee€1,000-€4,500
Supervision levyArt. 163 ust. 7 · yearly rate
*Figures as of 2026 per Polish law and podatki.gov.pl. 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: Polish 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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Poland · KNF brokerage licence
Launch your investment firm in Poland with expert support.
Full-service assistance - from the Polish spółka and the art. 82 file to the KNF licence, boards and key-function holders, KDPW membership, passporting and ongoing compliance - run through our Warsaw office.
Get a consultation →Free legal opinion
Is Poland 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 Polish investment licence, answered.
Which licence does an investment firm need in Poland?+
The zezwolenie na prowadzenie działalności maklerskiej for a dom maklerski under art. 69 of the Act on Trading in Financial Instruments, covering the activities in art. 69 ust. 2 - RTO, execution, own account, portfolio management, advice, offering, underwriting, ASO and OTF. Fund managers need a TFI or ZASI licence under the Act on Investment Funds.
What capital does art. 98 require?+
€150,000 in złoty as the rule (ust. 1); €75,000 where the firm runs neither an ASO nor custody of client instruments (ust. 2); €750,000 for own-account dealing, underwriting or an OTF (ust. 3) - as amended by Dz.U. 2021 poz. 2140. Several KNF pages still print the old €25,000-€730,000 tiers; the statute governs.
How long does the KNF take?+
Two months from a formally complete application, by the KNF's own statement of the statutory period - against the six months MiFID II art. 7(3) allows. An incomplete file draws a call to cure within a set deadline, and the KNF notes that substantive questions extend processing beyond the two months.
What does the licence cost at the KNF?+
Per activity under Dz.U. 2019 poz. 2486: €1,000 each for orders, execution, own account, offering, underwriting and custody, €2,500 for portfolio management, €2,000 for advice, €4,500 for an ASO or an OTF - capped at €4,500 in total, converted at the NBP rate on the decision date and paid within 14 days.
What is the agent firmy inwestycyjnej route?+
Registration under art. 79 for a natural or legal person acting for one investment firm, entered in the KNF register - the only route open to an individual, who cannot hold the brokerage licence. Poland has no separate adviser licence; advice itself is a licensed brokerage activity.
Who has to be in place?+
Management and supervisory board members with an impeccable reputation and adequate knowledge, competence and experience (art. 103 ust. 1a), key-function holders for compliance, internal audit and risk under art. 102a ust. 1, and licensed maklerzy or doradcy inwestycyjni for the activities that require them. Qualifying holders are notified under art. 106.
Does the licence passport across the EEA?+
Yes - the full MiFID passport, one month for services and three for a branch under MiFID II arts 34-35. Inbound EEA firms operate under art. 117 and appear on the KNF's registers of notified branches and cross-border firms; OECD and WTO firms may apply for a licence or a branch under art. 115.
How are investors compensated?+
Through the KDPW system rekompensat, mandatory for every licensed brokerage provider: assets to €22,000 are covered, paid at 100% of the first €3,000 and 90% above, a maximum of €20,100 per investor. Contributions are a percentage of investor cash and instruments under the rules in force since 28 February 2025.
Poland or Czechia for a new firm?+
Czechia has no annual supervision levy, 75 securities dealers at end-2024 and a 21% rate, but the ČNB works to six months under § 7(2) ZPKT; Poland prints a two-month clock and a €4,500 fee cap at 19%, and its 37.35 million home market is over three times Czechia's 10.9 million. Prague for the lean start; Warsaw for the market.
Why Prifinance for Poland?+
A Warsaw office and a file built to art. 82 ust. 1 and the KNF checklist, with the art. 98 tier read from the 2021 statute rather than the outdated guidance pages and the boards sourced before filing. Our Prague office is a train ride away, and KDPW membership and EEA notifications run as part of launch.
Which licence?+
Art. 69 dom maklerski.
Capital?+
€150k/€75k/€750k.
How long?+
Two months, no stats.
Fee?+
€1,000-€4,500.
Agent?+
Art. 79, one principal.
People?+
Boards per art. 103.
Passport?+
30 EEA states.
Compensation?+
KDPW, to €20,100.
Or Czechia?+
Clock vs no levy.
Why you?+
Warsaw office, 2021 statute.
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 Polish Financial Supervision Authority (KNF) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.