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 CMA's determination, including banking and payment rails.
Get an investment license in Rwanda.
Thirty calendar days, in the regulation: the Capital Market Authority of Rwanda must decide a completed application within that time (Regulation N°01/2012, art. 18). Entry is priced in francs - RWF 5 million for an investment adviser, RWF 10 million for a broker, RWF 20 million for an investment manager, RWF 200 million for an investment bank - with application fees of RWF 500,000 to 600,000. Thirty-five regulated entities served 14.4 million people at 30 June 2025; the CMA assessed 15 applications that year and issued 7. Corporate tax is 28%, and the licence carries no passport.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Rwanda in brief
A 30-day clock, a franc price list and a regulator that counts.
Rwanda regulates capital-market business under Law N°01/2011 of 10 February 2011, amended by Law N°45/2018, which lists the licensable persons in art. 3: brokers, dealers, sponsors, investment advisers, investment banks, investment managers, custodians, the exchange, the clearing house, credit rating agencies and registrars. The Authority itself was re-established by Law N° 057/2021 Bis of 18 September 2021, with power to issue, suspend and withdraw licences (art. 9(3)) and to set its fees (art. 9(7)). Regulation N°01/2012 prices entry: a share capital of RWF 10 million for a broker or sponsor and RWF 7 million for a dealer (art. 10), RWF 5 million paid-up for an investment adviser (art. 12), RWF 20 million for an investment manager (art. 16) and RWF 200 million in cash or listed securities for an investment bank (art. 14). Shareholders' funds may then never fall below RWF 7, 5 and 7 million, 2 million, 10 million and 100 million respectively.
The clock is real. Art. 18 obliges the Authority to determine an application before the end of 30 calendar days from receipt of the completed file, and an incomplete one within 15 calendar days if it chooses to decide it at all. Fees under Regulation N°08/2012 are flat: RWF 600,000 to apply and RWF 600,000 a year for a broker, RWF 500,000 for most other categories, RWF 1,000,000 a year for an investment bank, custodian or clearing house. Funds sit under Law N° 062/2021 on collective investment schemes, managed by a licensed investment manager; leveraged forex has its own 2024 regulations at RWF 500 million for a dealing broker. At 30 June 2025 the CMA supervised 35 entities - 6 brokers, 3 investment banks, 10 investment managers, 3 advisers - and had issued 7 of the 15 licences it assessed that year. Corporate tax fell to 28% in 2023; capital gains bear 10% since May 2025.
CMA Rwanda licenses under Law N°01/2011 and Regulation N°01/2012: RWF 5 million adviser, RWF 10 million broker, RWF 20 million manager, RWF 200 million investment bank - decided within 30 calendar days of a completed application (art. 18).
Fees RWF 500,000-600,000, corporate tax 28%, capital gains 10%. 35 regulated entities and 14.4 million people at 30 June 2025; no passport. Built from Kigali.
The two builds
The investment adviser - or the investment manager.
Two licences from the same regulation, four times apart in capital: RWF 5 million paid-up for advice, RWF 20 million for discretionary management and fund management. Both decided within 30 calendar days of a completed application.
The RWF 5 million adviser - or the RWF 20 million manager.
01 - INVESTMENT ADVISER
The advice licence
Advice on securities without discretion - RWF 5 million paid-up (Regulation N°01/2012, art. 12), never impaired and never advanced to directors, shareholders' funds never below RWF 2 million (art. 13). This is the one licence an individual may hold (art. 12(3)); a firm applies through the same article with its directors' qualifications, two business references and a bank reference. RWF 500,000 to apply, RWF 500,000 a year.
Advice on securities without discretion - RWF 5 million paid-up (Regulation N°01/2012, art. 12), never impaired and never advanced to directors, shareholders' funds never below RWF 2 million (art. 13). This is the one licence an individual may hold (art. 12(3)); a firm applies through the same article with its directors' qualifications, two business references and a bank reference. RWF 500,000 to apply, RWF 500,000 a year.
- ✓Investment advice - Regulation 01/2012, art. 12
- ✓RWF 5,000,000 paid-up share capital
- ✓Shareholders' funds ≥ RWF 2,000,000 - art. 13
- ✓Individuals eligible - art. 12(3)
- ✓RWF 500,000 application · RWF 500,000 annual
- ✓30 calendar days from a completed application
02 - INVESTMENT MANAGER
RWF 20,000,000 paid-upThe discretionary and fund manager
Discretionary management for clients and management of collective investment schemes under Law N° 062/2021 - RWF 20 million paid-up (art. 16), shareholders' funds never below RWF 10 million (art. 17), a firm rather than a sole proprietorship (art. 16(3)), client money excluded from the solvency test. Ten were licensed at 30 June 2025. Custody stays with a bank licensed under the Banking Act and approved by the Authority.
Discretionary management and CIS management at RWF 20 million paid-up, shareholders' funds never below RWF 10 million - custody with an approved bank.
- ✓Discretionary management and CIS - art. 16
- ✓RWF 20,000,000 paid-up share capital
- ✓Shareholders' funds ≥ RWF 10,000,000 - art. 17
- ✓Firms only - art. 16(3)
- ✓Custodian: a licensed bank approved by the CMA
- ✓10 licensed managers at 30 June 2025
Figures per Regulation N°01/2012 and Regulation N°08/2012 as of 2026. The fees annex prints RWF 1,000,000 as the investment bank's annual fee while the CMA's web page prints RWF 500,000; we confirm the current figure with the Authority before filing.
Why Rwanda
Thirty days, in writing.
Six reasons a regional firm licenses in Kigali - one of them a warning about scale.
✓
A 30-day statutory clock
Regulation N°01/2012, art. 18: a completed application is determined within 30 calendar days, an incomplete one within 15 - shorter than Ghana's 90 days or Morocco's two months.Art. 18, calendar days.
✓
Entry priced in francs
RWF 5 million for an adviser, RWF 10 million for a broker, RWF 20 million for a manager, RWF 200 million for an investment bank - a schedule, not a negotiation.RWF 5M to 200M.
✓
Flat, published fees
RWF 500,000 to apply for most licences, RWF 600,000 for a broker; annual fees of RWF 500,000 to RWF 1,000,000 under Regulation N°08/2012.RWF 500,000 to apply.
✓
An individual adviser licence
Art. 12(3) lets a natural person hold the investment-adviser licence - a door Kenya's 2025 regulations do not open.Art. 12(3) allows it.
✓
28% and a 10% capital gains rate
Corporate tax cut from 30% to 28% in 2023, newly listed companies at 20% or 25% for five years, capital gains at 10% since May 2025.Cut from 30% in 2023.
✓
A small market, honestly
The warning: 35 regulated entities, 14.4 million people, no passport into the East African Community - the licence is a Rwandan licence.35 entities, no passport.
How it compares
How Rwanda differs from other routes.
The honest comparison: the shortest clock and the lowest entry in the region - against neighbours with deeper markets and larger floors.
Rwanda vs other jurisdictions
| Feature |  Rwanda | Other jurisdictions |
|---|---|---|
| Regime | Law N°01/2011 · Regulation 01/2012 - CMA Rwanda | Cap. 485A Kenya · Act 929 Ghana · loi 19-14 Morocco |
| Capital | RWF 5M-200M by licence | KES 20M-150M Kenya · GHC 1M-2M Ghana · 1.5M-5M DH Morocco |
| Scope | Domestic · no EAC passport | Domestic · no passport |
| Timeline | 30 calendar days - art. 18 | 90 days Ghana · 2 months Morocco · no clock Kenya |
Regime
RwandaLaw N°01/2011 · Regulation 01/2012 - CMA Rwanda
Other jurisdictionsCap. 485A Kenya · Act 929 Ghana · loi 19-14 Morocco
Capital
RwandaRWF 5M-200M by licence
Other jurisdictionsKES 20M-150M Kenya · GHC 1M-2M Ghana · 1.5M-5M DH Morocco
Scope
RwandaDomestic · no EAC passport
Other jurisdictionsDomestic · no passport
Timeline
Rwanda30 calendar days - art. 18
Other jurisdictions90 days Ghana · 2 months Morocco · no clock Kenya
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Rwanda | CMA Rwanda licence | 28% CIT · 10% CGT | RWF 5M-200M · 30 days |
 Kenya | CMA licence - 2025 Regulations | 30% CIT · 16% VAT | KES 50M stockbroker · 20M fund manager |
 Ghana | SEC Ghana licence - Act 929 | 25% CIT · 8% dividend WHT | GHC 1.5M broker-dealer · 2M fund manager · 90 days |
 Morocco | AMMC agrément · CIF registration | 20% · 35% from 100 MDH | 1.5M / 5M DH · 2 months |
RwandaLicense typeCMA Rwanda licence
Taxation28% CIT · 10% CGT
RequirementsRWF 5M-200M · 30 days
KenyaLicense typeCMA licence - 2025 Regulations
Taxation30% CIT · 16% VAT
RequirementsKES 50M stockbroker · 20M fund manager
GhanaLicense typeSEC Ghana licence - Act 929
Taxation25% CIT · 8% dividend WHT
RequirementsGHC 1.5M broker-dealer · 2M fund manager · 90 days
MoroccoLicense typeAMMC agrément · CIF registration
Taxation20% · 35% from 100 MDH
Requirements1.5M / 5M DH · 2 months
Before you apply
Requirements for the Rwandan licence.Requirements for the licence.
The CMA tests fit and proper, financial resources and investor protection under art. 7 of Regulation N°01/2012. The checklist below is what a passing file contains.
01
Rwandan body corporate - incorporated in Rwanda for a broker, dealer, sponsor, investment bank or investment manager; a natural person may apply only as an investment adviser (art. 12(3)).
02
Capital by licence - RWF 10 million broker or sponsor and RWF 7 million dealer (art. 10), RWF 5 million adviser (art. 12), RWF 200 million investment bank (art. 14), RWF 20 million investment manager (art. 16), evidenced at filing.
03
Shareholders' funds - never below RWF 7 / 5 / 7 million for broker, dealer and sponsor (art. 11), RWF 2 million adviser (art. 13), RWF 100 million investment bank (art. 15), RWF 10 million manager (art. 17), unimpaired and never advanced to directors.
04
Fit-and-proper people - honesty, integrity, competence and financial soundness of the applicant, its directors and senior management, with the qualifications and experience to run the business (arts 10, 12, 14, 16).
05
References - two business references and one bank reference, plus an independent auditor named in the application.
06
Service address - a place in Rwanda for service of notices, required of every foreign applicant (art. 5(a)); a foreign person regulated by an equivalent agency may be authorised (Law art. 6).
07
Client assets - custody with a bank licensed under the Banking Act and approved by the Authority; client money and assets excluded from every solvency calculation (arts 11, 13, 15, 17).
08
Governance - the Capital Market Corporate Governance Code 2024 and the 2023 AML/CFT sanctions regulation; the 2012 regulation sets no minimum number of directors, compliance-officer or residency rule, so each is confirmed with the CMA.
09
Fees at filing - RWF 600,000 for a broker, RWF 500,000 for most other categories, paid with the application (Regulation N°08/2012).
10
Compensation scheme - mandatory contributions to the CMA's scheme under Law art. 55 and Regulation N°11/2012; the rate and the per-investor cap are not stated in the regulation, so we confirm them with the Authority.
01
Rwandan body corporate.
02
RWF 5M-200M by licence.
03
Shareholders' funds floors kept.
04
Fit-and-proper people.
05
Two references, one bank.
06
Service address in Rwanda.
07
Custody with approved bank.
08
Governance Code 2024.
09
Fee paid at filing.
10
Compensation contribution.
Reflects Law N°01/2011 as amended by Law N°45/2018, Regulation N°01/2012 and Regulation N°08/2012 as of 2026.Law 01/2011 + Regulations 01 and 08 of 2012, 2026.
How it works
From first call to the CMA register.
01
Licence and capital
Adviser, broker, dealer, manager or investment bank - the category fixed in writing, because it fixes the franc figure.Category fixed.
02
Company and people
Rwandan entity, capital evidenced, directors and senior management documented for the fit-and-proper test.Fit and proper.
03
The application
References, auditor, plan and fee filed together - complete, so the 30-day clock of art. 18 runs.Complete, fee paid.
04
CMA determination
30 calendar days from a completed application; 15 if the Authority decides an incomplete one.30 calendar days.
05
Launch
Register entry, custodian bank, exchange access and annual fee - the firm live in Kigali.Register, bank, exchange.
Quick facts
RegulatorCMA Rwanda
LawN°01/2011 · Reg. 01/2012
Adviser capitalRWF 5,000,000
Broker capitalRWF 10,000,000
Manager capitalRWF 20,000,000
Investment bankRWF 200,000,000
Statutory clock30 calendar days
Corporate tax28% · 10% CGT
Seven licences issued from fifteen applications in FY2024-25, eight pending - the CMA's own figures. The clock runs from a completed application, and completeness is the work.
On the ground in Rwanda
Run from our Kigali office.
Prifinance - Rwanda
Kigali · Rwanda
Kigali, Rwanda
01
Company and capital
A Rwandan company with RWF 5 million to RWF 200 million evidenced in cash or listed securities as the licence requires.Franc figure evidenced.
02
The CMA file
Directors' qualifications, references, auditor and business plan complete on day one - so art. 18's 30 days start once.Complete on day one.
03
Custody and the exchange
A Banking Act bank approved as custodian, Rwanda Stock Exchange access and the compensation-scheme contribution arranged with the licence.Bank, RSE, scheme.
04
Funds and forex
CIS registration under Law N° 062/2021 for managers; the 2024 leveraged-forex regulations at RWF 500 million for a dealing broker where that is the model.CIS law, 2024 rules.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
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 Rwanda.
A 28% rate since 2023, a listing discount and a 10% capital gains tax since 2025 - with two points the readable tax law does not settle.
Corporate tax 28%
Law N° 051/2023 of 5 September 2023 cut the rate from 30% to 28% on taxable profit rounded down to the nearest RWF 1,000.Since 2023.
Listing discount
A newly listed company pays 20% for five years if it floats at least 40% of its shares, 25% if at least 30%.Five years.
Capital gains 10%
Law N° 014/2025 of 27 May 2025 taxes gains on the sale or transfer of shares and debt instruments at 10%.Since May 2025.
Small-business 3%
A 3% lump-sum regime for small businesses appears in the RRA's 2024 FAQ; whether a licensed firm can use it turns on thresholds we confirm in the quote.Small business.
VAT and financial services
Law N° 049/2023 leaves the financial-services exemption list to a ministerial order; the standard rate and the exemption's reach for your service set are confirmed with the RRA in the quote.Exemption by order.
Dividend withholding
The rate to non-residents is set in Law N° 027/2022 - confirmed per structure in the quote.Confirmed in quote.
Tax summary
Corporate tax28%
Newly listed20% / 25% for 5 years
Capital gains10%
Dividend withholdingConfirmed in the quote
CMA annual feeRWF 500,000-1,000,000
*Figures as of 2026 per Rwandan law and the Rwanda Revenue Authority. The VAT position and the dividend rate to non-residents are confirmed in the quote; 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: Rwandan 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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Rwanda · CMA
Launch your investment firm in Rwanda with expert support.
Full-service assistance - from the Rwandan company to the CMA licence, custodian bank and exchange access - run through our Kigali office.
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Request a free conclusion →FAQ
The Rwanda investment licence, answered.
Which licences does Rwanda issue for investment business?+
Law N°01/2011 (art. 3, as amended in 2018) lists brokers, dealers, sponsors, investment advisers, investment banks, investment managers, custodians, the exchange, the clearing house, credit rating agencies and registrars - all licensed by the Capital Market Authority under Regulation N°01/2012.
What capital is required?+
Regulation N°01/2012: RWF 10 million for a broker or sponsor, RWF 7 million for a dealer, RWF 5 million paid-up for an investment adviser, RWF 20 million for an investment manager, RWF 200 million in cash or listed securities for an investment bank. Ongoing floors are lower - RWF 2 million to RWF 100 million.
How long does the CMA take?+
Thirty calendar days from receipt of a completed application, by art. 18 of Regulation N°01/2012; an incomplete application it chooses to decide must be determined within 15 calendar days. In FY2024-25 it issued 7 licences from 15 applications.
What are the fees?+
Regulation N°08/2012: RWF 600,000 application and RWF 600,000 annual for a broker; RWF 500,000 each for a sponsor, adviser, manager or dealer; RWF 1,000,000 annual for an investment bank, custodian or clearing house - though the CMA's web page prints 500,000 for the investment bank.
Can an individual be licensed?+
As an investment adviser, yes - art. 12(3) of Regulation N°01/2012 allows an individual applicant. Brokers, dealers, sponsors, investment banks and investment managers must be bodies corporate; art. 16(3) rules out sole proprietorships for managers.
Can a foreign firm operate in Rwanda?+
Law art. 6 lets the Authority authorise a foreign person it finds regulated and licensed by an agency with equivalent powers, and art. 5(a) requires a service address in Rwanda. No foreign-ownership cap appears on official pages. There is no East African passport.
How are Rwandan investment firms taxed?+
28% corporate income tax since Law N° 051/2023; 20% or 25% for five years after a qualifying listing; 10% capital gains tax on shares and debt instruments since May 2025. VAT on financial services and dividend withholding to non-residents are confirmed in the quote.
Is there an investor compensation scheme?+
Yes - Law art. 55 as amended in 2018 and Regulation N°11/2012 establish a CMA-managed scheme against defalcation or fraud by licensed persons, funded by mandatory contributions. Neither text states the contribution rate or a per-investor cap; we confirm both with the Authority.
Rwanda or Kenya for a new firm?+
Kenya has the depth - 23 investment banks, 54 fund managers, 47.6 million people - at KES 50 million for a stockbroker and 30% tax, with no statutory clock. Rwanda has 35 regulated entities, RWF 10 million entry, 28% tax and 30 days in writing. Regional scale: Nairobi. Speed and price: Kigali.
Why Prifinance for Rwanda?+
A Kigali office that files a completed application on day one so art. 18's 30 days run once, evidences the franc capital in the form the regulation names, and confirms the unstated figures - compensation contributions, the investment bank's annual fee, dividend withholding - with the CMA and the RRA at source.
Which licences?+
Eleven, all CMA.
Capital?+
RWF 5M-200M.
How long?+
30 calendar days.
Fees?+
RWF 500k-600k.
Individuals?+
Adviser only.
Foreign firm?+
Equivalence, no passport.
Taxes?+
28% + 10% CGT.
Compensation?+
Scheme, rate unstated.
Or Kenya?+
Depth vs speed.
Why you?+
Complete on day one.
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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 Capital Market Authority of Rwanda or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.