Brokerage, order execution, dealing in securities and portfolio services are regulated investment activities almost everywhere. We help you define the activities you actually need, choose the jurisdiction and capital class, and build a firm that is ready for authorisation and ongoing supervision.
An investment firm licence permits a company to provide investment services in financial instruments: receiving and transmitting client orders, executing them, dealing on own account, managing portfolios, giving investment advice, underwriting and placing. In the EU this is an authorisation under MiFID II (the Markets in Financial Instruments Directive); in offshore centres the same business is usually licensed as a securities dealer or investment dealer.
The licence is granted for specific activities and instruments, not for the business as a whole. The set of activities determines the capital class, the organisational requirements and whether the firm may hold client money and securities. A broker that only passes orders to another firm and never holds client assets falls into the lowest class; a firm that deals as principal or underwrites on a firm commitment basis falls into the highest.
Kazakhstan has two separate systems. The national licence for broker-dealer activity on the securities market is issued by the Agency for Regulation and Development of the Financial Market (ARDFM). Investment firms in the Astana International Financial Centre (AIFC) are authorised by the Astana Financial Services Authority (AFSA) under AIFC law. The two are not interchangeable.
The table shows only requirements confirmed against official sources as of 15 October 2026. Where an official figure could not be confirmed, we describe the requirement without a number.
| Jurisdiction | Regulator | Regime | Key points |
|---|---|---|---|
| EU (all Member States) | National competent authority | Authorisation (MiFID II) | Initial capital under the Investment Firms Directive, Art. 9: €75,000 for order reception and transmission, execution, portfolio management, advice and placing without firm commitment, if the firm does not hold client money or securities; €150,000 for other firms, including those holding client assets or operating an MTF; €750,000 for dealing on own account and underwriting or placing on a firm commitment basis |
| Cyprus, Lithuania, Czech Republic, Estonia | CySEC; Bank of Lithuania; Czech National Bank; Finantsinspektsioon | Authorisation (MiFID II) | The same EU capital classes apply; the national procedure, filing language and supervisory practice differ |
| United Kingdom | Financial Conduct Authority (FCA) | Authorisation | Permanent minimum requirement under MIFIDPRU: £75,000 for order reception and transmission, execution, portfolio management, advice and placing without firm commitment, with no client money; £150,000 for MTF operators and firms holding client money or assets; £750,000 for dealing on own account and underwriting or placing on a firm commitment basis |
| Switzerland | FINMA | Licence (securities firm) | Licence under the Financial Institutions Act; minimum capital is set by ordinance and confirmed against the official text at the assessment stage; organisational and audit requirements apply |
| AIFC (Kazakhstan) | AFSA | Authorisation | Base capital under the AIFC Prudential Rules for Investment Firms: USD 10,000 for advising and arranging deals; USD 50,000 for dealing as agent or as matched principal; USD 150,000 for managing investments; USD 500,000 for dealing as principal and providing custody. Dealing firms hold additional capital for credit, market and operational risk; where a firm carries on several activities, the highest amount applies |
| Kazakhstan (national regime) | ARDFM | Licence | Licence for broker-dealer activity on the securities market, with or without the right to keep client accounts as a nominee holder; capital requirements are confirmed against the current ARDFM resolutions for each project |
| Seychelles | Financial Services Authority (FSA) | Licence (securities dealer) | Paid-up capital of USD 100,000 (FSA guidelines, version 5 of 5 March 2026); at least two individual directors, a licensed representative and a compliance officer; an office and middle- and back-office functions in Seychelles; the licence is issued for one year |
| Mauritius | Financial Services Commission (FSC) | Licence (investment dealer) | Minimum stated unimpaired capital: MUR 10,000,000 for a full-service dealer with underwriting; MUR 1,000,000 without underwriting; MUR 700,000 for a broker; MUR 600,000 for a discount broker |
| Vanuatu | Vanuatu Financial Services Commission (VFSC) | Licence (financial dealer, principal's licence) | Classes A to D by type of instrument; no statutory minimum capital; deposit of VT 5,000,000 with the Commissioner; insurance of at least VT 5m per claim and VT 50m in aggregate; office in Vanuatu and a manager or director resident for six months a year |
Regulatory capital is separate from state and application fees, operating costs and our fees. Our fees are agreed after the project assessment.
We map each product to regulated activities and instruments and determine the capital class. Result: an activity map and a shortlist of jurisdictions.
Choice of regime, group structure and local presence. Result: an agreed plan with capital, fees and operating costs shown separately.
Incorporation, appointment of directors and key persons, office and service providers.
Business plan, financial model, policies, procedures and IT description are prepared and filed, after a pre-application meeting where the regulator offers one.
Answers to questions, interviews with key persons, document updates; in the AIFC, in-principle approval with conditions.
Capital paid in, conditions met, systems tested; client onboarding starts under the licence.
Review periods differ by regime. The Seychelles FSA guidelines indicate 30 working days for a complete securities dealer application, while the AFSA guide sets no fixed period and links timing to the quality of the application. In practice, timing depends on the completeness of the package, the regulator's questions and how quickly the team, capital and systems are in place.
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Learn moreDescribe your project in a few sentences. We will give you a substantive reply: which questions need answering and where to start.
Discuss your projectIt depends on whether the firm holds client money or securities and whether it deals on own account. In the EU, a broker that only receives, transmits or executes orders and holds no client assets needs €75,000; holding client assets raises the requirement to €150,000, and dealing on own account to €750,000. The UK uses the same structure in pounds sterling.
Not by itself. An offshore licence permits activity from that jurisdiction under its law; targeting clients in the EU or UK generally requires local authorisation. We assess target markets at the start so that the structure matches the distribution plan.
No. AIFC authorisation is granted by AFSA under AIFC law to AIFC participants; the national broker-dealer licence is issued by ARDFM under Kazakhstan law. The choice depends on the clients, instruments and market infrastructure you plan to use.
No. Banks and custodians make their own decisions. We prepare the documents they usually request and help you approach suitable institutions, but account opening cannot be guaranteed.
There are three separate budgets: regulatory capital, state and supervisory fees, and operating costs such as staff, office, systems and audit. Our fees are agreed after the initial assessment of the model and jurisdiction.
We do not perform regulated functions ourselves. We help select, prepare and support the person the company appoints, and can discuss outsourced support models where the law allows; this is confirmed for each project.
In the EU, an authorised investment firm may provide crypto-asset services by notification under MiCA instead of a separate authorisation. Outside the EU the answer depends on the local regime and is checked separately.
Describe the services, instruments and target clients. We will map the regulated activities, compare suitable jurisdictions and show capital, fees and operating costs as separate items before you commit.
We will review the description and give you a substantive reply: which regime may apply and where to start.
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