Obtain a FINMA License - Assistance for Investors

If you are interested in applying for a FINMA fintech or crypto license, this article is for you. Our specialists in company registration in Switzerland can help you apply for one.

Quick Facts
Special legislation available (YES/NO)	Federal Act on Banks and Savings Banks.
Types of authorizations	– first-time licensing, – authorization, – registration, – recognition, – approval.
Entities required to apply for FINMA licenses in Switzerland	– banks, – fund management companies and securities companies, – insurance companies, – collective investment funds, – portfolio managers, – trustees.
Special licensing requirements for portfolio managers and trustees	A FINMA licence is needed if the activity is commercial, i.e. if any one of these applies: gross income over CHF 50,000/year, more than 20 contracting parties, power of disposal over more than CHF 5 million, or transactions over CHF 2 million/year; minimum capital CHF 100,000.
Special FINMA licensing requirements for banks and insurance companies	Meeting the necessary capital and supervision requirements imposed by FINMA.
Requirements for first-time license applicants	First-time applicants must file a licensing project with FINMA in Switzerland.
Licensing requirements for insurance companies	Insurance companies must submit a business plan to obtain Swiss FINMA licenses.
Requirements for branches of foreign banks	– foreign banks must has adequate management and supervision, – submit financial guarantee or proof of sufficient funds to operate in Switzerland, – prove it has qualified personnel.
Requirements for licensed foreign financial service providers	Foreign financial services providers can have their licenses recognized or approved by FINMA to operate in Switzerland.
Management requirements	Swiss companies must have at least 2 directors, among which one must be a Swiss resident.
Possibility to obtain a FINMA license for crypto activities (YES/NO)	Yes.
Licensing conditions for crypto businesses (if any)	Yes, under the fintech licence the minimum capital is 3% of public deposits and at least CHF 300,000, and public deposits may total at most CHF 100 million.
Possibility to modify a FINMA license (YES/NO)	Yes, certain amendments can be made to the license.
Time frame to obtain a license (approx.)	4 to 6 months.
Support in applying for a FINMA license in Switzerland (YES/NO)	Yes, you can rely on our Swiss company formation agents for assistance.

Who requires FINMA authorization in Switzerland?

Among the persons and businesses that must obtain a FINMA license are:

banks;
financial companies, among which fund management companies and securities companies;
insurance companies;
collective investment funds;
financial-market infrastructures;
portfolio managers;
trustees.

Fintech and cryptocurrency companies have also been added to the list.

What are the main requirements to apply for a FINMA license in Switzerland?

Here they are:

the applicant must operate through a Swiss company (the private or public limited liability company is recommended);
the management of company must be located in Switzerland;
the directors must have experience in the financial sector and clean criminal records;
the company must also meet the minimum capital requirements in accordance with the type of license requested;
the entity must also create its own Anti-Money Laundering and Know-Your-Client regulations.

The Swiss Financial Market Supervisory Authority issued new rules for those interested in obtaining licenses to provide specific financial services.

Here is also an infographic on this topic:

What are the steps to get a Swiss FINMA license?

The following steps must be completed:

documents drafting: make sure you have all the documents required by FINMA;
paperwork filing: the documents must be submitted on the FINMA EHP Platform (you need to create an account prior to the submission);
review and approval: FINMA will verify the documents and issue the approval or denial of the license.

What are the documents to file to obtain a FINMA license in Switzerland?

The Swiss company must submit:

the Articles of Association;
the Business Registration Certificate;
the bank statement indicating the deposit of the mandatory minimum capital;
a detailed business plan;
financial projections;
a description of the business procedures and governance structure;
the Anti-Money Laundering, Know-Your-Client, and IT systems documentation;
information about the directors and other key officers in the company;
contracts with service providers, such as IT and cloud solutions.

IMPORTANT! Depending on the type of activities, other documents may also be required. This is why we recommend having the application file prepared with the support of our experts in starting companies in Switzerland.

What are the conditions to obtain a FINMA crypto license in Switzerland?

The FINMA crypto license is divided into:

the fintech license;
the exchange license;
the investment fund license;
the banking license.

In order to obtain a FINMA fintech license, a minimum capital of 3% of public deposits, at least 300,000 CHF, is required for the company applying for it. Another requirement applicable to fintech companies is that they can accept public deposits with a maximum value of 100 million CHF.

How long does it take to get a FINMA license in Switzerland?

The procedure takes 6 months to one year, and it represents the time frame for FINMA to review the application. A FINMA crypto license can be obtained in approximately 4 months.

Here is also a video on this type of license:

Is the FINMA license issued directly?

No, FINMA usually issues a conditional license, until it performs all the due diligence verifications.

Can foreign companies apply for FINMA licenses in Switzerland?

Only based on reciprocity, meaning the respective company must hold an equivalent license in its home country. The foreign company must also establish a presence in Switzerland – a subsidiary or a branch office.

If you want to set up a business in this sector and get a FINMA license, do not hesitate to contact our company registration officers in Switzerland for assistance.