List of requirements and documents that are necessary for the license:
In accordance with the applicable legislation of Estonia, a company that wishes to obtain a license as an investment company (Estonian equivalent of a forex brokerage license), must have a corporate form of a public limited company (a company with a limited liability, the share capital of which is divided by shares).
Сopy of an establishment agreement of establishment decision certified by a notary
Copy of articles of association if the company is already active, decision of the owners regarding changes to the articles of association and the active version of the articles with all the changes
List of shareholders of an applicant with the name, personal identification code or registration code listed for every shareholder, with a date of birth if no personal identification number is available or the registration code, also all information on the number of shares and votes that are in ownership of every shareholder
Information set by part 1 of article 74 of the Securities act of the Estonian Republic that is related to shareholders or other persons that own a significant share in the applicant and information as set in article 55 part 1 of the Securities act that is connected to relations with investment companies, credit institutions, insurance companies or any other persons that are under financial supervision from the Republic of Estonia
Information about board members, including, name and surname for every person, his personal identification code and if there is none, date and place of birth, education, full list of places of work and positions held for the last five years and for board members, description of their spheres of responsibility and other documents that confirm their reliability and that they are in conformity with the requirements of the Law, that applicant feels necessary to present
Information about companies in which the applicant or his managers have over 20% participation, with the information about the size of the share capital, fields of activity and the amount owned by the applicant and every manager
Information about an auditor and person (persons), that carry out an internal audit of an applicant, including name, place of residence and registered office, personal identification number and if no is available, the date of birth or registration code
Initial balance of the applicant and review of costs of an applicant if the company is already active, balance and profit or loss report for the end of the month prior to the month when the application is presented and if they exist, the last three yearly reports
If the company is active – documents, that confirm the amount of owned funds and also reports of a sworn auditor
If a credit institution or a managing company, investment fund, investment company, insurance company or any other person that is subject to financial supervision of a third country has a qualified participation share in the applicant, a confirmation from the supervisory organ of that country is required, that confirms that this third country person has the necessary permission and that according to the information from the supervisory organ its activities are not in violation with the law
A three year business plan of an applicant, that includes at least the description of the planned activities of the applicant, organisational structure, place of work, used information systems and other technical means and also the description of its financial indicators
Internal rules and accounting procedures that are set in article 82 of the Securities act of the Estonian Republic
Procedural rules as set in part 1 of article 14 of the Money Laundering and Terrorism Finance Prevention Act of the Estonian republic and other internal rules and procedures that were accepted in conformity with the law
A document with the help of which an applicant accepts an obligation to pay the single contribution to the investors protection sub fond, that is set in the Guarantee fund Law of the Estonian Republic
Confirmation of the supervisory organ that the state fee was paid up.
50 000 euros - accepting and transferring of instructions related to securities; - carrying out instructions related to securities on behalf of the client and at his expense; - provision of investment consultations.
125 000 euros - management of the securities portfolio; - organisation of an offer or issue of securities; - maintaining and managing of securities for the client and related activities, including receipt of instructions about transfer or mortgage of securities and other orders related to legal encumbrance of the financial securities; transfer or completion of instructions, except for services listed in part (2) pf section A of the annex to the EU Regulation Nr 909/2014 of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012»; - provision of a loan to the investor for performance of operation with securities on the condition that the lender himself is connected to the operation; - provision of consultations to the companies regarding capital structure, business strategy and associated matters and also consultations and services connected to merger of companies and participation in them; - provision of currency services, if they are connected to provision of investment services; - preparation or provision of recommendations regarding investment or financial analysis and other general recommendations about operations with securities; - services related to guarantee of offers and issue of securities.
730 000 euros - transactions with securities at own expense; - guaranteed of securities or offer of guaranteed, issue or sale of securities; - management of multilateral trading facility (MTF); - management of an organized trading facility (OTF).
It is necessary to set up a company in Estonia (through e-residency card, with personal presence or on the basis of a power of attorney)
Preparation of the documents
We can help you gather a full set of documents that are necessary to apply for the license in the financial inspection
The term for receiving the licenses is 2 months from the moment the whole set of documents was provided. The term may be extended up to 6 months.