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 ASF's decision, including banking and payment rails.
Get an investment license in Romania.
Romania licenses investment firms as an S.S.I.F. - societate de servicii de investiții financiare - under Legea nr. 126/2018, with the ASF as the single gate. Initial capital sits in Legea nr. 236/2022 art. 12: the lei equivalent of €75,000 without client funds, €150,000 as the general tier, €750,000 for dealing and underwriting. The ASF decides within six months of a complete file under art. 16(1), and it authorises the compliance officer and the risk manager by name. The Fondul de Compensare a Investitorilor covers €20,000 per investor; corporate tax is 16%, and the micro-enterprise regime is closed to capital-market entities. The passport reaches 30 EEA states.
27 yrs
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60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Romania in brief
A six-month statute, officers the ASF approves by name, and no printed tariff.
Romania transposed MiFID II through Legea nr. 126/2018 privind piețele de instrumente financiare. Art. 10(1) reserves investment services to a firm authorised by the ASF - the S.S.I.F. - or to a credit institution authorised by the BNR, and art. 3 pct. 74 fixes the form: a Romanian joint-stock company issuing nominative shares, with its registered office in Romania under art. 13 and, under art. 28(1), at least two persons in effective management. The licence is scoped by the nine MiFID II Annex I services. Capital moved to Legea nr. 236/2022, in force since 25 July 2022. Art. 12 sets the lei equivalent of €750,000 for dealing on own account and firm-commitment underwriting, €75,000 for reception and transmission, execution, portfolio management, advice and placing without client funds, and €150,000 for every other S.S.I.F. Fund managers are licensed separately - a S.A.I. under OUG nr. 32/2012, an A.F.I.A. under Legea nr. 74/2015, registration only below the AIFMD thresholds.
Art. 16(1) of Law 126/2018 gives the ASF six months from the day all documents under art. 15(5) are presented, echoed in Regulamentul ASF nr. 5/2019 art. 8(4). The same regulation names the people. The compliance officer is authorised by the ASF under art. 24(1), holds an employment contract with one S.S.I.F. only and passes the legislative exam within six months (art. 25); the risk manager is authorised and registered with proof of a specialisation course (art. 34(2)); the internal auditor is notified (art. 35). Membership of the Fondul de Compensare a Investitorilor, €20,000 per investor under Legea 88/2021, is a condition of authorisation under art. 48(1). Two things the ASF does not print on a public page: its tariff under Regulamentul nr. 16/2014, which we confirm with the licensing department before filing, and a headline count of S.S.I.F. Its market-share table of 31.03.2026 lists 13 S.A.I. and 20 A.F.I.A. Corporate tax is 16%. We build the file from Bucharest.
MiFID under Legea 126/2018: the ASF authorises the S.S.I.F. - capital in lei at €75k/€150k/€750k under art. 12 of Law 236/2022, six months from a complete file (art. 16(1)), compliance and risk officers approved by name, FCI cover of €20,000, the 30-state passport.
16% corporate tax, the micro-enterprise regime closed to capital-market firms, no published tariff and no register count - all confirmed before filing. Built end to end from Bucharest.
The two builds
The S.S.I.F. - or the fund manager under OUG 32/2012 and Legea 74/2015.
Two authorisations from the ASF: the investment firm under Legea 126/2018 at the lei equivalent of €75,000-€750,000 by service set, and the fund manager - S.A.I. or A.F.I.A. - under its own act. We fix which one carries the business before drafting.
The S.S.I.F. under Law 126/2018 - or the S.A.I. / A.F.I.A. fund manager.
01 - S.S.I.F. · INVESTMENT FIRM
The ASF investment firm
Authorisation under art. 10(1) of Law 126/2018 for the MiFID II Annex I services - reception and transmission, execution, portfolio management, advice, underwriting, dealing on own account, MTF and OTF - with art. 12 of Law 236/2022 capital at the lei equivalent of €75,000 without client funds, €150,000 with them, €750,000 for dealing and firm-commitment underwriting.
Authorisation under art. 10(1) of Law 126/2018 for the MiFID II Annex I services - reception and transmission, execution, portfolio management, advice, underwriting, dealing on own account, MTF and OTF - with art. 12 of Law 236/2022 capital at the lei equivalent of €75,000 without client funds, €150,000 with them, €750,000 for dealing and firm-commitment underwriting.
- ✓Annex I services pct. 1-9 · custody ancillary
- ✓€75,000 - no client funds (pct. 1, 2, 4, 5, 7)
- ✓€150,000 - every other S.S.I.F.
- ✓€750,000 - dealing and underwriting (pct. 3, 6)
- ✓6 months from a complete file (art. 16(1))
- ✓Compliance and risk officers authorised by the ASF
02 - S.A.I. · A.F.I.A. FUND MANAGER
13 S.A.I. · 20 A.F.I.A. (31.03.2026)The S.A.I. or A.F.I.A.
The fund-side licence: a S.A.I. under OUG nr. 32/2012 for UCITS, an A.F.I.A. under Legea nr. 74/2015 for alternative funds, registration only below the AIFMD thresholds. Each statute sets its own capital article, so the figure for your vehicle is confirmed in the quote - the ASF's market-share table of 31.03.2026 lists 13 S.A.I. and 20 A.F.I.A.
S.A.I. under OUG 32/2012 or A.F.I.A. under Legea 74/2015 - 13 and 20 listed on the ASF's 31.03.2026 table; capital confirmed in the quote.
- ✓S.A.I. - OUG nr. 32/2012 (UCITS)
- ✓A.F.I.A. - Legea nr. 74/2015 (AIFM)
- ✓Registration only below the AIFMD thresholds
- ✓Capital article confirmed in the quote
- ✓S.A.I. with individual portfolios join the FCI
- ✓13 S.A.I. · 20 A.F.I.A. listed at 31.03.2026
Costs and timelines are confirmed for your case before any work begins. The ASF sets its tariff under Regulamentul nr. 16/2014 and publishes no headline fee for a new S.S.I.F. - we confirm the authorisation charge with the ASF before filing, and the FCI contributions are itemised in your quote.
Why Romania
A statute that names the clock and the officers.
Romania sells a clean MiFID statute with a six-month clock - and a regulator that vets the control functions one person at a time.
✓
A statute, not a practice
Legea 126/2018 art. 16(1): six months from the day the complete art. 15(5) file is presented, repeated in Regulamentul ASF 5/2019 art. 8(4). The clock is in the law, not in a guidance note.Six months in art. 16(1).
✓
IFD tiers, in lei
Legea 236/2022 art. 12 prints the three tiers as lei equivalents of €75,000, €150,000 and €750,000 - advisory and management houses are not capitalised like dealers.€75k, €150k, €750k.
✓
The 30-state passport
One S.S.I.F. authorisation reaches the whole EEA by notification; the ASF's own register lists the inbound firms passporting the other way.One S.S.I.F., the whole EEA.
✓
16% and a closed side door
Impozit pe profit is 16% under art. 17 of the Codul fiscal - and art. 47 shuts the micro-enterprise regime to capital-market entities, so plan on the full rate from day one.Micro regime closed (art. 47).
✓
An online authorisation portal
Filings run through the ASF's authorisation portal, and the public register is refreshed quarterly - last on 17 September 2026.Register refreshed quarterly.
✓
Officers the ASF approves by name
The compliance officer is authorised under Reg. 5/2019 art. 24(1) and sits the legislative exam within six months; the risk manager is authorised with a specialisation course (art. 34(2)). Budget for the people before the paper.ASF authorises compliance and risk.
How it compares
How Romania differs from other routes.
The honest comparison: a six-month statute and 16% tax - against one neighbour with a three-month clock and 9%, and another with a two-month one.
Romania vs other jurisdictions
| Feature |  Romania | Other jurisdictions |
|---|---|---|
| Regime | Legea 126/2018 · S.S.I.F. - ASF | Bszt. Hungary · Act on Trading Poland |
| Capital | €75k / €150k / €750k in lei - Legea 236/2022 art. 12 | Same IFD tiers - Bszt. § 13 Hungary · art. 98 Poland |
| Passport | 30 EEA states | Greece ΑΕΕΔ light regime: none |
| Timeline | 6 months from a complete file (art. 16(1)) · no stats | Hungary 3 months (MNBtv. § 49) · Poland 2 months (KNF) |
Regime
RomaniaLegea 126/2018 · S.S.I.F. - ASF
Other jurisdictionsBszt. Hungary · Act on Trading Poland
Capital
Romania€75k / €150k / €750k in lei - Legea 236/2022 art. 12
Other jurisdictionsSame IFD tiers - Bszt. § 13 Hungary · art. 98 Poland
Passport
Romania30 EEA states
Other jurisdictionsGreece ΑΕΕΔ light regime: none
Timeline
Romania6 months from a complete file (art. 16(1)) · no stats
Other jurisdictionsHungary 3 months (MNBtv. § 49) · Poland 2 months (KNF)
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Romania | S.S.I.F. - ASF | 16% CIT · no micro regime | Art. 12 Law 236/2022 €75k-€750k, FCI €20,000 |
 Hungary | Befektetési vállalkozás - MNB | 9% CIT · local tax up to 2% | Bszt. § 13 €75k-€750k, 3-month clock, fee HUF 2.7m |
 Greece | ΑΕΠΕΥ - HCMC | 22% CIT (Law 4172/2013) | IFR tiers, Guarantee Fund €30,000, ΑΕΕΔ no passport |
 Poland | Dom maklerski - KNF | 19% CIT · 9% small | Art. 98 €75k-€750k, 2-month clock, fees capped €4,500 |
RomaniaLicense typeS.S.I.F. - ASF
Taxation16% CIT · no micro regime
RequirementsArt. 12 Law 236/2022 €75k-€750k, FCI €20,000
HungaryLicense typeBefektetési vállalkozás - MNB
Taxation9% CIT · local tax up to 2%
RequirementsBszt. § 13 €75k-€750k, 3-month clock, fee HUF 2.7m
GreeceLicense typeΑΕΠΕΥ - HCMC
Taxation22% CIT (Law 4172/2013)
RequirementsIFR tiers, Guarantee Fund €30,000, ΑΕΕΔ no passport
PolandLicense typeDom maklerski - KNF
Taxation19% CIT · 9% small
RequirementsArt. 98 €75k-€750k, 2-month clock, fees capped €4,500
Before you apply
Requirements for the Romanian licence.Requirements for the licence.
The ASF reviews the art. 8(1) file under Regulamentul 5/2019 and starts the art. 16(1) clock only when it is complete. The checklist below is what a passing application contains.
01
Romanian joint-stock company - a societate pe acțiuni issuing nominative shares under art. 3 pct. 74, with its registered office in Romania under art. 13 of Law 126/2018.
02
Initial capital - the lei equivalent of €75,000, €150,000 or €750,000 under art. 12 of Law 236/2022, evidenced in the file as art. 8(1) of Reg. 5/2019 requires.
03
Two-person management - effective direction by at least two persons meeting art. 19 (Law 126/2018 art. 28(1)); Reg. 5/2019 art. 7(8) bars single-person management in larger firms.
04
Compliance officer - authorised by the ASF under Reg. 5/2019 art. 24(1), on an employment contract exclusive to one S.S.I.F., with the legislative exam passed within six months (art. 25).
05
Risk manager - authorised by the ASF and registered, with proof of a specialisation course under art. 34(2); the internal auditor notified under art. 35.
06
The EU-form file - the application under Implementing Regulation (EU) 2017/1945 and the information in Delegated Regulation (EU) 2017/1943, plus the regulament de organizare și funcționare with the organigram.
07
Premises and procedures - proof of the registered office (art. 6(f)), specimen signatures, market-abuse procedures and the business-continuity plan under art. 8(3).
08
Investor compensation - membership of the Fondul de Compensare a Investitorilor, €20,000 per investor under Legea 88/2021, as art. 48(1) of Law 126/2018 requires.
09
Prudential machinery - IFR own funds (K-factors, fixed overheads, permanent minimum) applied under art. 49(2) of Law 236/2022; CRR only above €5 billion of assets (art. 7(1)).
10
The tariff - set by Regulamentul ASF nr. 16/2014 (art. 8(4) and 15(1)(i) of Reg. 5/2019); the amount for your licence scope is confirmed with the ASF before filing.
01
Joint-stock company, nominative shares.
02
Capital per art. 12 tier, in lei.
03
Two managers under art. 28(1).
04
Compliance officer authorised (art. 24(1)).
05
Risk manager authorised (art. 34(2)).
06
EU-form file with organigram.
07
Premises, signatures, continuity plan.
08
FCI membership (art. 48(1)).
09
IFR own funds live.
10
Tariff confirmed with the ASF.
Reflects Legea 126/2018, Legea 236/2022 and Regulamentul ASF 5/2019 (consolidated September 2026) as of 2026.Law 126/2018 + Law 236/2022 + Reg. 5/2019, as of 2026.
How it works
From first call to the ASF register.
01
Service set and tier
Annex I services fixed against art. 12 of Law 236/2022 - €75,000, €150,000 or €750,000 in lei - in writing before drafting.Tier fixed in writing.
02
Company and people
Romanian joint-stock company, capital paid, two managers and the compliance and risk officers ready for the ASF's individual approvals.Ready for the ASF.
03
The application
The art. 8(1) file under Reg. 5/2019, complete at filing through the ASF portal - so the art. 16(1) clock actually starts.Complete, so the clock starts.
04
ASF review
Six months from the complete file under art. 16(1); the ASF publishes no processing statistics, so completeness is the only lever.Six months statutory.
05
Licence and passport
Register entry, FCI membership confirmed, EEA notifications - 30 markets open.30 markets open.
Quick facts
RegulatorASF
LicenceS.S.I.F. (Law 126/2018)
No client funds€75,000 in lei
General tier€150,000 in lei
Dealing · underwriting€750,000 in lei
Statutory clock6 months (art. 16(1))
Investor compensation€20,000 (FCI)
Corporate tax16%
The ASF publishes no processing statistics and its register prints no headline count of S.S.I.F. - so the honest plan is the six-month statute plus the time it takes to make the art. 8(1) file complete.
On the ground in Romania
Run from our Bucharest office.
Prifinance - Romania
Bucharest · Romania
Bucharest, Romania
01
Company and capital
Societate pe acțiuni with nominative shares and a Romanian registered office, art. 12 capital paid in lei to the tier - the art. 13 and art. 28(1) grounds closed before the file opens.Art. 13 and 28(1) closed.
02
The ASF file, in Romanian
The 2017/1945 form, the 2017/1943 information, the regulament de organizare și funcționare and the continuity plan drafted to art. 8 - and defended through the ASF's question rounds.To art. 8 of Reg. 5/2019.
03
Officers the ASF authorises
Two managers under art. 28(1), a compliance officer for art. 24(1) and a risk manager for art. 34(2) - sourced, contracted and put through the ASF's own approvals.Through the ASF's approvals.
04
Passporting and launch
FCI membership, the portal filing, EEA notifications and banking sequenced with the licence - with our Budapest office one border away.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
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Romania.
A flat 16% under the Codul fiscal - with the small-company regime closed to capital-market entities by name.
Impozit pe profit 16%
Art. 17 of Legea 227/2015 sets the rate at 16% of taxable profit - the number to model for an S.S.I.F. from the first year.Art. 17.
No micro-enterprise regime
Art. 47 of the Codul fiscal keeps capital-market entities out of the micro-enterprise regime, so the turnover-based rate is not available to a licensed firm.Art. 47.
Dividend withholding
Art. 224 taxes dividends paid to non-residents at source; the rate for your holding structure and any treaty relief are confirmed in the quote.Art. 224, confirmed.
TVA and the securities exemption
The standard rate sits in art. 291; transactions in securities and fund management are exempt under art. 292 alin. (2) lit. a), so the mandate is outside VAT and the overheads inside it.Art. 292.
FCI contributions
Annual and special contributions to the Fondul de Compensare a Investitorilor under Legea 88/2021 - a line in every year's budget once the licence is live.Annual line.
ASF tariffs
Authorisation and register fees under Regulamentul ASF nr. 16/2014; the ASF publishes no headline figure for a new S.S.I.F., so we confirm the charge with the licensing department before filing.Reg. 16/2014, confirmed.
Tax summary
Corporate tax16%
Micro regimeClosed (art. 47)
Dividend withholdingArt. 224 · rate confirmed
VAT on servicesSecurities exempt (art. 292)
ASF tariffReg. 16/2014 · confirmed
*Figures as of 2026 per Romanian 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: Romanian 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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Romania · ASF S.S.I.F. licence
Launch your investment firm in Romania with expert support.
Full-service assistance - from the Romanian joint-stock company and the Reg. 5/2019 file to the ASF authorisation, the approved officers, passporting and ongoing compliance - run through our Bucharest office.
Get a consultation →Free legal opinion
Is Romania 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 Romanian investment licence, answered.
Which licence does an investment firm need in Romania?+
Authorisation as an S.S.I.F. from the ASF under art. 10(1) of Legea 126/2018 - a Romanian joint-stock company with nominative shares (art. 3 pct. 74) licensed for the MiFID II Annex I services. Credit institutions provide the same services under the BNR; fund managers need the S.A.I. or A.F.I.A. licence.
What capital does art. 12 of Law 236/2022 require?+
The lei equivalent of €750,000 for dealing on own account and firm-commitment underwriting (pct. 3 and 6), €75,000 for reception and transmission, execution, portfolio management, advice and placing without holding client funds, and €150,000 for every other S.S.I.F. The old 730,000 / 125,000 / 50,000 tiers of Law 126/2018 art. 47 are gone.
How long does the ASF take?+
Six months from the day all documents under art. 15(5) are presented (Law 126/2018 art. 16(1)), repeated as six months from complete documentation in Reg. 5/2019 art. 8(4). The ASF publishes no processing statistics, so completeness at filing is the only lever on the clock.
What does the licence cost at the ASF?+
The tariff is set by Regulamentul ASF nr. 16/2014, referenced in art. 8(4) and 15(1)(i) of Reg. 5/2019, and the ASF publishes no headline figure for a new S.S.I.F. - so we confirm the charge with the ASF's licensing department before filing and itemise it in the quote.
Who has to be in place?+
At least two persons in effective management under art. 28(1), a compliance officer authorised by the ASF under Reg. 5/2019 art. 24(1) on an exclusive employment contract, a risk manager authorised and registered under art. 34(2) and an internal auditor notified under art. 35. Law 126/2018 and Reg. 5/2019 fix no director-residency rule; substance is confirmed per structure.
Is investor compensation required?+
Yes - membership of the Fondul de Compensare a Investitorilor is a condition of authorisation under art. 48(1) of Law 126/2018. The FCI pays the lei equivalent of €20,000 per investor per compensation event under Legea 88/2021, funded by annual and special contributions from S.S.I.F., S.A.I. with individual portfolios and banks.
Does the licence passport across the EEA?+
Yes - the full MiFID passport into 30 EEA states by notification through the ASF, whose register also lists the EU firms passporting into Romania. We run the notifications as part of launch.
How are Romanian investment firms taxed?+
16% impozit pe profit under art. 17 of the Codul fiscal, with the micro-enterprise regime closed to capital-market entities by art. 47. Securities transactions and fund management are VAT-exempt under art. 292 alin. (2) lit. a); the dividend withholding rate under art. 224 is confirmed in the quote.
Romania or Hungary for a new firm?+
Hungary is faster and cheaper on paper: three months under MNBtv. § 49, 9% corporate tax plus up to 2% local business tax, a printed HUF 2,700,000 fee. Romania has the six-month statute and 16% - and is the answer when the clients, the lei and the Bucharest exchange are the point. We run both from Budapest.
Why Prifinance for Romania?+
A Bucharest office with our Budapest office one border away, a Romanian-language file built to art. 8 of Reg. 5/2019, and the compliance and risk officers sourced and put through the ASF's individual approvals before filing. FCI membership and the EEA notifications run as part of launch.
Which licence?+
S.S.I.F. under Law 126/2018.
Capital?+
€75k/€150k/€750k in lei.
How long?+
Six months, no stats.
Fee?+
Reg. 16/2014, confirmed.
People?+
Two managers, approved officers.
Compensation?+
FCI €20,000.
Passport?+
30 EEA states.
Taxes?+
16%, no micro regime.
Or Hungary?+
3 months and 9% vs the statute.
Why you?+
Bucharest desk, Budapest behind it.
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 Romanian 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 Financial Supervisory Authority (ASF) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.