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 National Bank of Belgium decision, including banking and payment rails.
Get an EMI license in Belgium.
License where the rails live: Belgium hosts SWIFT, Euroclear and Mastercard Europe, and the National Bank authorises e-money institutions under the Act of 11 March 2018 - with limited-status regimes as the on-ramp. We build the file end to end.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Belgium in brief
The infrastructure capital of European payments.
Belgium authorises payment and e-money institutions through the National Bank of Belgium under the Act of 11 March 2018 - the law that governs access to payment services, e-money issuance and payment systems in one statute. The framework is complete and published: an NBB application guide walks the file, a dedicated own-funds regulation (10 April 2018) sets the capital mechanics above the harmonised €350,000 EMI floor, and - the feature founders overlook - royal-decree-based limited-status regimes let smaller EMI and PI models start under a lighter registration while the full authorisation matures. The statutory window is the EU-standard three months from a complete file; realistic end-to-end runs 9-15 months.
The deeper argument is what Belgium is. SWIFT runs global interbank messaging from La Hulpe; Euroclear settles trillions from Brussels; Mastercard Europe sits in Waterloo - the country is the physical infrastructure layer of European payments, with the legal, compliance and technical talent that clusters around it. Add the EU institutions themselves twenty minutes away, a trilingual professional culture (French, Dutch, English) and passporting into every EU/EEA state, and a Belgian authorisation reads as an infrastructure-grade address. We run the file from our Brussels office.
NBB authorisation under the Act of 11 March 2018: €350,000 capital, published application guide, own-funds regulation, limited-status on-ramps by royal decree.
The address: SWIFT, Euroclear and Mastercard Europe all run from Belgium - infrastructure-grade credibility with the EU institutions next door.
The two routes
Full EMI - or the limited-status on-ramp.
One Act, two entries: the full e-money institution at €350,000 with EU passporting, or the royal-decree limited-status regimes that start smaller models under lighter requirements. We fix the route first, then build once.
Full EMI at €350,000 - or the royal-decree limited-status on-ramp.
01 - FULL EMI AUTHORISATION
E-money institution
The flagship NBB authorisation: e-money issuance plus the payment-services list, €350,000 initial capital, the own-funds regulation's ongoing mechanics and EU/EEA passporting from the heart of Europe.
The flagship NBB authorisation: e-money issuance plus the payment-services list, €350,000 initial capital, the own-funds regulation's ongoing mechanics and EU/EEA passporting from the heart of Europe.
- ✓E-money issuance and distribution
- ✓Full PSD2 payment-services list
- ✓€350,000 initial capital · own-funds regulation
- ✓Safeguarding of client funds
- ✓EU/EEA passport on notification
- ✓3-month statutory window from complete
02 - LIMITED-STATUS · PI ROUTES
The on-ramp, by royal decreeLimited-status and PI routes
Belgium's limited-status EMI and PI regimes. Administrative files set by the royal decree of 30 July 2018. Start smaller models under lighter requirements, Belgium-focused, with payment-institution tiers from €20,000 alongside.
Limited-status EMI/PI. Lighter files, capped scope; PI tiers €20k-€125k; upgrade path.
- ✓Limited-status EMI - lighter file, capped scope
- ✓Limited-status PI - the payments on-ramp
- ✓PI licences - €20k / €50k / €125k by service
- ✓Upgrade path to full authorisation
- ✓Same NBB supervision and registers
- ✓Codified by royal decree - not discretion
Costs and timelines are confirmed for your case before any work begins. NBB process follows its published application guide; capital, safeguarding and substance costs are itemised in your quote.
Why Belgium
License where the infrastructure lives.
The framework is EMD2/PSD2 under the central bank. In the country that physically hosts Europe's payment rails.
✓
SWIFT, Euroclear, Mastercard
Global interbank messaging, trillion-scale settlement and Europe's card network all run from Belgium. The counterparties, talent and standards culture cluster within an hour of Brussels.The rails live here.
✓
A central-bank stamp
The NBB authorises and supervises. An EMI here carries the credibility of the institution that sits inside the Eurosystem, valuable with banks and enterprise clients alike.Eurosystem-grade credibility.
✓
The limited-status on-ramp
Royal-decree regimes for limited-status EMIs and PIs start smaller models under lighter files. A codified staircase most EU desks simply do not have.A codified staircase.
✓
A published playbook
The NBB's application guide, the own-funds regulation and the 2018 Act lay the process out in public. Expectations are knowable before the first page is drafted.Guide + regulation + Act.
✓
Brussels itself
The EU institutions, EBA-adjacent policy circles and every European payments association are neighbours. Regulatory intelligence is ambient here, not imported.Regulatory intelligence, ambient.
✓
PSD3-ready files
With PSD3/PSR close to adoption, e-money folds into the unified payment-institution regime. We structure Belgian files to convert rather than be rebuilt.Built to convert, not rebuild.
How it compares
How Belgium differs from other routes.
Belgium trades headline speed for infrastructure-grade address and an on-ramp. The full comparison is below.
Belgium vs other jurisdictions
| Feature |  Belgium | Other jurisdictions |
|---|---|---|
| Regulatory regime | Act of 11 March 2018 - NBB | Same directives, other desks |
| Infrastructure | SWIFT, Euroclear, Mastercard EU | Elsewhere |
| Startup route | Limited-status by royal decree | Rare or absent |
| Timeline | 9-15 months realistic | 6-12 at specialised desks |
Regulatory regime
BelgiumAct of 11 March 2018 - NBB
Other jurisdictionsSame directives, other desks
Infrastructure
BelgiumSWIFT, Euroclear, Mastercard EU
Other jurisdictionsElsewhere
Startup route
BelgiumLimited-status by royal decree
Other jurisdictionsRare or absent
Timeline
Belgium9-15 months realistic
Other jurisdictions6-12 at specialised desks
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Belgium | EMI (NBB) | 25% · SME 20% | Central-bank review, on-ramp |
 Lithuania | EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, specialised desk |
 Germany | EMI (BaFin) | ~30-33% effective | German file, dual supervision |
 Ireland | EMI (CBI) | 12.5% CIT trading | Engagement-led, 12+ months |
BelgiumLicense typeEMI (NBB)
Taxation25% · SME 20%
RequirementsCentral-bank review, on-ramp
LithuaniaLicense typeEMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, specialised desk
GermanyLicense typeEMI (BaFin)
Taxation~30-33% effective
RequirementsGerman file, dual supervision
IrelandLicense typeEMI (CBI)
Taxation12.5% CIT trading
RequirementsEngagement-led, 12+ months
Before you apply
Requirements for the NBB authorisation.Requirements for the authorisation.
The NBB publishes an application guide. The craft is a file that answers it completely, in the right language. The checklist below is what a passing application contains.
01
Belgian entity. An SRL/BV or SA/NV with its head office and effective management in Belgium.
02
Initial capital - €350,000 for the full EMI, evidenced and paid in; €20,000-€125,000 for PI tiers.
03
Fit and proper management and holders. Competence, clean records and ownership transparent to UBOs.
04
Programme of operations. Services, volumes, three-year financials and unit economics the NBB can interrogate.
05
Own funds. The 10 April 2018 regulation's ongoing mechanics, modelled forward with the growth plan.
06
Safeguarding. Segregated client-fund accounts or insurance, with documented reconciliation.
07
AML/CFT framework. KYC, monitoring and CTIF-CFI reporting with a resident compliance officer.
08
IT and security documentation. Architecture, DORA-grade resilience and incident procedures.
09
Internal governance. Control functions, outsourcing register and conflicts procedures.
10
Language strategy. The file drafted for a French/Dutch-language administration, sequenced with local counsel.
01
Belgian SRL/SA, managed locally.
02
€350,000 capital (full EMI).
03
Fit & proper holders to UBOs.
04
Interrogable programme of operations.
05
Own funds per the 2018 regulation.
06
Safeguarding with reconciliation.
07
AML with resident officer (CTIF-CFI).
08
DORA-grade IT documentation.
09
Governance and outsourcing register.
10
FR/NL-ready file with local counsel.
Reflects the Act of 11 March 2018, the NBB application guide and the own-funds regulation as of 2026.Act of 11 March 2018 + NBB guide, as of 2026.
How it works
From first call to the NBB register.
01
Route and strategy
Full EMI, limited-status or a PI tier. We fix the route, capital and timeline in writing.Full, limited-status or PI - in writing.
02
Belgian company and people
SRL/SA formation, capital evidence and the resident officers the NBB vets.SRL/SA, capital, resident officers.
03
The application file
Programme, safeguarding, AML and IT documentation to the application guide. Complete before filing, because completeness is the timeline.To the guide, complete before filing.
04
NBB review
Central-bank scrutiny, question rounds answered. Three months statutory from complete, 9-15 months realistic.3 months statutory; 9-15 realistic.
05
Authorisation and launch
The register entry, passport notifications and the reporting calendar. Live where the rails live.Register, passports, rails at home.
Quick facts
RegulatorNational Bank of Belgium
EMI capital€350,000
PI tiers€20k / €50k / €125k
On-rampLimited-status regimes
Own fundsRegulation of 10 Apr 2018
Statutory review3 months from complete
Realistic timeline9-15 months
PassportEU/EEA on notification
The NBB reviews like the central bank it is. The published guide answered completely is the entire game, and our job.
On the ground in Belgium
Run from our Brussels office.
Prifinance - Belgium
Brussels · Belgium
Brussels, Belgium
01
Belgian company formation
SRL/SA incorporation, capital placement and the corporate layer the NBB expects. Structured for the licence from day one.SRL/SA + capital, structured for the file.
02
The NBB file
Programme of operations, safeguarding design, AML pack and IT documentation built to the application guide. Drafted with Belgian counsel and defended through the rounds.To the published guide, defended in rounds.
03
Limited-status first, full second
Where the model allows, the limited-status registration filed early. Supervised operations and track record building while the full authorisation matures.Operations while the full file matures.
04
Substance and staffing
Resident directors, compliance officer and MLRO from Brussels' trilingual talent pool. Real substance the central bank recognises.Brussels trilingual talent, real ops.
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 payment companies in Belgium.
Standard Benelux numbers with an SME kicker: 25% headline, 20% on a qualifying company's first €100,000, and VAT-exempt payment services throughout.
Corporate tax 25%
The standard rate on an EMI's fee and float income. With the innovation-income deduction and R&D regimes that model well for platform businesses.Innovation deduction available.
SME rate 20%
Qualifying small companies pay 20% on the first €100,000 of taxable profit. A real early-stage relief that pairs with the limited-status on-ramp.First €100k, qualifying companies.
VAT-exempt payment services
Payment and e-money services are VAT-exempt financial services; the 21% standard rate touches only ordinary supplies.21% only on ordinary supplies.
Dividends 30%
30% withholding on outbound dividends. Reduced by treaties, eliminated intra-EU under the Parent-Subsidiary Directive, and softened by SME reduced rates in defined cases.Treaty and EU-directive relief.
Innovation deduction
Belgium's innovation-income deduction can cut the effective rate sharply on qualifying IP income. Relevant for platform companies holding their own technology.Sharp cuts on platform IP.
Treaty network 90+
A deep treaty network anchored in Brussels' international role. Group structures above the Belgian entity model cleanly.Brussels-deep network.
Tax summary
Corporate tax25%
SME rate20% · first €100k
VAT on payment servicesExempt
Standard VAT21%
Dividend withholding30% · treaty/EU relief
Innovation deductionOn qualifying IP income
Tax treaties90+
*Figures as of 2026 per the FPS Finance. SME conditions and innovation-deduction 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: Belgian SRL, 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, authorised institution.
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Belgium · NBB
Launch your payment project in Belgium with expert support.
Full-service assistance - from company registration to the NBB authorisation, passporting and ongoing compliance.
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Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Belgian EMI licence: frequent questions.
What licence does an e-money business need in Belgium?+
An e-money institution authorisation from the National Bank of Belgium under the Act of 11 March 2018 - €350,000 initial capital, safeguarding and EU/EEA passporting. Payment-institution licences at €20,000-€125,000 sit alongside.
What are the limited-status regimes?+
Royal-decree-based registrations for smaller EMI and PI models - lighter administrative files, capped scope, same NBB oversight. They start supervised operations early and upgrade to full authorisation with track record. Most EU desks have nothing comparable.
How long does licensing take?+
Three months statutory from a complete application; realistic end-to-end 9-15 months for a full EMI. The NBB's published application guide makes expectations knowable - answering it completely the first time is the speed lever.
What does it cost?+
NBB process follows its published guide and fee arrangements; the real investment is capital (€350,000 full EMI), substance and the file - all itemised in your quote before we start.
Why does Belgium's infrastructure matter to a licence-holder?+
SWIFT, Euroclear and Mastercard Europe are not just neighbours - they anchor the counterparties, standards culture and talent pool an EMI operates inside. Banking, scheme and settlement conversations happen at home, not abroad.
What substance is expected?+
A Belgian company effectively managed in Belgium, resident directors and compliance officer, AML reporting to the CTIF-CFI, real safeguarding arrangements and DORA-grade systems documentation.
How are payment companies taxed?+
25% corporate tax - 20% on a qualifying SME's first €100,000 - with VAT-exempt payment services and 30% dividend withholding subject to treaty and EU relief, plus the innovation deduction for platform IP.
Does the licence passport across the EU?+
The full authorisation notifies into every EU/EEA state. Limited-status regimes are Belgium-focused by design - the on-ramp, not the destination.
What changes under PSD3?+
PSD3 and the PSR - provisionally agreed in November 2025 and close to formal adoption - fold e-money institutions into a unified payment-institution regime. Files we build now are structured to convert.
Why Belgium rather than Lithuania or the Netherlands?+
Lithuania wins on speed and CENTROlink; the Netherlands on Amsterdam's fintech scene. Belgium wins on address - the central-bank stamp plus the physical infrastructure layer of European payments, with a codified on-ramp underneath. Infrastructure-adjacent models belong here.
What licence is needed?+
NBB EMI - €350k; PI €20k-€125k.
Limited status?+
Royal-decree on-ramp - lighter, capped.
How long?+
3 months statutory; 9-15 realistic.
Cost?+
NBB guide process; capital is the investment.
Why the address?+
SWIFT, Euroclear, Mastercard EU - at home.
Substance?+
Resident officers, CTIF-CFI reporting.
Taxes?+
25% · SME 20% first €100k; VAT-exempt.
Passport?+
Full EMI yes; limited status is BE-focused.
PSD3?+
Agreed Nov 2025 - files convert.
Vs Lithuania?+
Their speed; your infrastructure address.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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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 National Bank of Belgium or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.