Licensed by the Estonian FIU · FIU000117Operating since 2014Punane 6, Tallinn

info@micaconsult.com+372 5089565

LexorCorp Global

Ordered and paid online

Fund manager (AIFM) authorisation and registration in Estonia

We prepare and manage the authorisation of an alternative investment fund manager, or the registration of a small fund manager, with the Estonian Financial Supervision Authority — and the fund documents around it.

In short

Authorisation of an alternative investment fund manager (AIFM) or registration of a small fund manager with the Estonian Financial Supervision Authority, and the fund documents. The price is from €34,000, excluding VAT. How long it takes: small AIFM registration: drafting 4–6 weeks, FSA term; full AIFM: drafting 10–16 weeks, FSA decision within 3 months of a complete application (AIFMD Art. 8(5)).

How the process works

  1. Order. You choose the service and its add-ons in the order form at the end of this page and pay by card. The amount is our fee for the standard scope described on this page. The state and supervisory fees you pay yourself, and third-party costs, are not part of it.
  2. Assessment. We assess the planned business against the requirements and, as a licensed provider, carry out due diligence on every client first. If the project needs work beyond the standard scope, we tell you the additional fee in writing and that work is done only with your written agreement; before the work has started you may cancel by email and receive a full refund.
  3. Preparation. We draft the application documents from the information you give us. You review the drafts and make the decisions that only the applicant can make.
  4. Submission. The application is filed with the authority in your company's name.
  5. Review. The authority examines the file and asks questions. We prepare the answers together with you and manage the correspondence.
  6. Decision. The authority alone decides. After a positive decision, meeting the conditions of the authorisation is your company's responsibility.

The documents that are prepared

The application includes:

  • the articles of association
  • the management board members
  • the list of shareholders
  • the planned funds
  • proof of the paid-in share capital and of the payment of the procedural fee
  • the fund documents we prepare: offering documents, investor onboarding, governance and delegation, risk and liquidity management

What LexorCorp does

  • assess the business model against the requirements and tell you in writing what the application needs
  • draft the application documents listed above and assemble the file
  • submit the application and manage the correspondence with the authority
  • prepare the answers to the authority's questions together with you
  • keep every step in writing, so you always see what has been filed and what is pending

What you do

  • appoint management and supervisory board members and persons who effectively conduct the business who are of good repute and have sufficient knowledge and experience
  • ensure that qualifying shareholders are suitable
  • pay in the share capital required for the type of manager (see the capital requirements below)
  • appoint the depositary where one is required; its fees are third-party costs

What the authority does

The authority is the Estonian Financial Supervision Authority (Finantsinspektsioon).

  • looks at the manager as an organisation that will be trusted with investors' money
  • for a small fund manager's registration: decides on the entry within two months of receiving a proper application (Investment Funds Act § 453(8)) and may refuse it

Timeline

For the registration of a small fund manager the authority's period is two months from a proper application (Investment Funds Act § 453(8)). For a full activity licence this page states no period; it depends on the file and on the authority's questions. We confirm our preparation time in writing before the work starts. We do not promise the date of the authority's decision.

Our fee

ServicePrice
Authorisation and registration
Full EU AIFM authorisation (2011/61/EU) — application preparation and managementFee for the standard scope — ordered and paid onlineState fees and the fees of the supervisory authority are not included in the price; you pay them yourself.from €69,500
Registered small AIFM — registration with the Financial Supervision AuthorityFee for the standard scope — ordered and paid onlineState fees and the fees of the supervisory authority are not included in the price; you pay them yourself.from €34,000
Fund documents and set-up
Fund prospectus / offering documentFee for the standard scope — ordered and paid onlinePrepared for your company: usually delivered within 7 working days after we have received the necessary information.from €4,500
Investor (LP) onboarding packFee for the standard scope — ordered and paid onlinePrepared for your company: usually delivered within 7 working days after we have received the necessary information.from €2,800
Fund management set-up — governance, policies and delegationFee for the standard scope — ordered and paid onlinePrepared for your company: usually delivered within 7 working days after we have received the necessary information.from €12,000
Depositary appointmentFee for the standard scope — ordered and paid onlinePrepared for your company: usually delivered within 7 working days after we have received the necessary information.from €3,500
Risk management and liquidity management policyFee for the standard scope — ordered and paid onlinePrepared for your company: usually delivered within 7 working days after we have received the necessary information.from €4,200
After authorisation
Supervisory reporting for the fund managerFee for the standard scope — ordered and paid onlinefrom €2,400 / year

This price is our professional fee for the corporate and regulatory work described. It is not the price of a licence and does not include state or supervisory fees, regulatory capital, or third-party costs. The authorisation is granted by the competent supervisory authority.

Order

State fees

State fees, notary fees and the fees of the Financial Supervision Authority or any other public authority are never included in our price; they are paid separately. The decision on any licence, authorisation, registration or register entry is made by the competent authority alone.

Full EU AIFM authorisation (2011/61/EU)

What you pay yourself
FeeAmountLegal source
Procedural fee for a fund manager's activity licence applicationFinantsinspektsioon (Estonian Financial Supervision Authority)€3,000Financial Supervision Authority Act (Finantsinspektsiooni seadus) § 45³ (2) — checked 4.10.2026

Paid by you directly to the authority. The amount payable is the one in force on the day of payment.

Registered small AIFM

What you pay yourself
FeeAmountLegal source
Procedural fee for the registration of a small fund managerFinantsinspektsioon (Estonian Financial Supervision Authority)€2,000Financial Supervision Authority Act (Finantsinspektsiooni seadus) § 45⁷ (4) — checked 4.10.2026

Paid by you directly to the authority. The amount payable is the one in force on the day of payment.

Annual supervision fees follow after authorisation.

More in the guide State fees and capital for EU licences.

What is not included in our fee

We do not grant or guarantee the authorisation or the registration, and we cannot promise when the authority decides. We do not provide the capital, do not manage the fund and do not act as its depositary or auditor.

This price is our professional fee for the corporate and regulatory work described. It is not the price of a licence and does not include state or supervisory fees, regulatory capital, or third-party costs. The authorisation is granted by the competent supervisory authority.

Our own licence FIU000117, issued by the Estonian Financial Intelligence Unit, covers LexorCorp Global's activity as a company service provider. It is not an authorisation for your business and gives us no right to grant one: the final decision on every licence, authorisation and registration is made by the competent supervisory authority alone.

Full AIFM or small fund manager

Estonian law distinguishes a full fund manager from a small fund manager. A small fund manager manages alternative investment funds whose assets in total do not exceed 100 million euros, including assets acquired through leverage, or 500 million euros where the funds are unleveraged and investors have no redemption rights for five years after their initial investment (Investment Funds Act § 3, Riigi Teataja; Article 3(2) of Directive 2011/61/EU).

A small fund manager may either apply for an activity licence or register its activity with the Financial Supervision Authority (Investment Funds Act § 306 and § 453). A registered small fund manager is not supervised by the Financial Supervision Authority, and its advertising must say so (§ 453¹(3)). A full AIFM authorisation is needed above the thresholds, or where the fund is to be marketed with the rights of an authorised EU manager.

Capital the manager must hold

Fund manager (full)
Share capital of at least 125,000 euros when founded as a new company (Investment Funds Act § 333). Under the EU directive an externally appointed AIFM needs initial capital of at least 125,000 euros and an internally managed AIF at least 300,000 euros, plus additional own funds when the portfolios exceed 250 million euros (Article 9 of Directive 2011/61/EU).
Licensed small fund manager
Share capital of at least 25,000 euros at founding, to be raised to 50,000 euros within three years (Investment Funds Act § 444).
Registered small fund manager
Share capital of at least 25,000 euros, paid in cash at founding (Investment Funds Act § 453¹).

Depositary and fund documents

A full AIFM must ensure that a single depositary is appointed for each fund it manages (Article 21 of Directive 2011/61/EU). We prepare the documents that the manager and its funds need — offering documents, investor onboarding, governance and delegation, risk and liquidity management — and support the appointment of the depositary. The depositary's own fees are third-party costs.

What goes with each service: required and recommended add-ons

Required add-ons are added to the order with the service. Strongly recommended add-ons arrive ticked and can be removed. Each line names the provision it rests on, read in the official text. General information about our services, not legal advice.

Full EU AIFM authorisation (2011/61/EU) — application preparation and management

Required

Add-ons and upgrades

What you can add to fund manager (AIFM) authorisation and registration

Each add-on states what you receive and what is not included. Prices come from our price list; every add-on is ordered and paid in the order form on this page.

Fund prospectus / offering document

from €4,500

Full description

Ordered together with: Full EU AIFM authorisation (2011/61/EU) — application preparation and management; Registered small AIFM — registration with the Financial Supervision Authority.

State fees, notary fees and the fees of the Financial Supervision Authority or any other public authority are never included in our price; they are paid separately. The decision on any licence, authorisation, registration or register entry is made by the competent authority alone.

Order Read the guide

Investor (LP) onboarding pack

from €2,800

Full description

Ordered together with: Full EU AIFM authorisation (2011/61/EU) — application preparation and management; Registered small AIFM — registration with the Financial Supervision Authority.

State fees, notary fees and the fees of the Financial Supervision Authority or any other public authority are never included in our price; they are paid separately. The decision on any licence, authorisation, registration or register entry is made by the competent authority alone.

Order Read the guide

Fund management set-up — governance, policies and delegation

from €12,000

Full description

Ordered together with: Full EU AIFM authorisation (2011/61/EU) — application preparation and management; Registered small AIFM — registration with the Financial Supervision Authority.

State fees, notary fees and the fees of the Financial Supervision Authority or any other public authority are never included in our price; they are paid separately. The decision on any licence, authorisation, registration or register entry is made by the competent authority alone.

Order Read the guide

Depositary appointment

from €3,500Strongly recommended

Full description

Required with: Full EU AIFM authorisation (2011/61/EU) — application preparation and management. Optional with: Registered small AIFM — registration with the Financial Supervision Authority.

State fees, notary fees and the fees of the Financial Supervision Authority or any other public authority are never included in our price; they are paid separately. The decision on any licence, authorisation, registration or register entry is made by the competent authority alone.

Order

Risk management and liquidity management policy

from €4,200Strongly recommended

Full description

Required with: Full EU AIFM authorisation (2011/61/EU) — application preparation and management. Optional with: Registered small AIFM — registration with the Financial Supervision Authority.

State fees, notary fees and the fees of the Financial Supervision Authority or any other public authority are never included in our price; they are paid separately. The decision on any licence, authorisation, registration or register entry is made by the competent authority alone.

Order Read the guide

Supervisory reporting for the fund manager

from €2,400 / yearRecommended

Full description

Preparation of the periodic reports a fund manager files with the Financial Supervision Authority, for twelve months.

Ordered together with: Full EU AIFM authorisation (2011/61/EU) — application preparation and management; Registered small AIFM — registration with the Financial Supervision Authority.

What you receive

  • Reporting calendar
  • Preparation of the periodic reports from data you supply
  • Filing support

Not included

  • Fund accounting and NAV calculation
  • Audit of the fund
  • Supervisory fees

State fees, notary fees and the fees of the Financial Supervision Authority or any other public authority are never included in our price; they are paid separately. The decision on any licence, authorisation, registration or register entry is made by the competent authority alone.

Order Read the guide

All prices are in euros and exclude VAT. VAT is added where it applies under the Estonian Value Added Tax Act.

All add-ons and upgrades · Price list

Each service in detail

General information, not legal advice. Prices are in the table above.

Full EU AIFM authorisation (2011/61/EU) — application preparation and management

Preparation and management of an application for authorisation as a full EU alternative investment fund manager (AIFM).

For whom: Managers above the small-AIFM thresholds or marketing to investors across the EU.

What you receive

  • Programme of operations
  • Risk, liquidity, valuation and remuneration policies
  • Depositary and delegation arrangements
  • Application file

Conditions

Capital, fit and proper management, a depositary and real substance are required. Ordered and paid on this page; the amount is our fee for the standard scope, and work beyond it is done only with your written agreement. FIU licence FIU000117 is LexorCorp's own licence for its trust and company services; it does not authorise the client. The authorisation is granted or refused by the competent authority — no service provider can promise it.

Law and requirements

  • Directive 2011/61/EU (AIFMD)
  • Investment Funds Act

Not included in the price

  • State fees and capital
  • Depositary and audit fees

Who does what

LexorCorp
Prepare the application and its documents and manage the procedure until the decision.
You
Provide information, capital and people that meet the legal requirements; sign and answer the authority's questions.
Authority
Finantsinspektsioon decides.

Full EU AIFM authorisation (2011/61/EU) — application preparation and management: price, requirements, process and deadline on its own page

Registered small AIFM — registration with the Financial Supervision Authority

Registration of a small alternative investment fund manager with the Financial Supervision Authority.

For whom: Managers below the AIFMD thresholds.

What you receive

  • Registration file
  • Basic policies

Conditions

Thresholds and investor restrictions apply. FIU licence FIU000117 is LexorCorp's own licence for its trust and company services; it does not authorise the client. The authorisation is granted or refused by the competent authority — no service provider can promise it.

Law and requirements

  • Investment Funds Act — small fund manager

Not included in the price

  • State fees

Who does what

LexorCorp
Prepare the application and its documents and manage the procedure until the decision.
You
Provide information, capital and people that meet the legal requirements; sign and answer the authority's questions.
Authority
Finantsinspektsioon registers.

Registered small AIFM — registration with the Financial Supervision Authority: price, requirements, process and deadline on its own page

Fund prospectus / offering document

Fund documentation for a manager: offering document, investor onboarding pack, governance and delegation, risk and liquidity policy, or the depositary appointment.

For whom: Fund managers and fund sponsors.

What you receive

  • The document or appointment ordered

Conditions

Some items are required for a full AIFM. FIU licence FIU000117 is LexorCorp's own licence for its trust and company services; it does not authorise the client.

Law and requirements

  • Directive 2011/61/EU; Investment Funds Act

Not included in the price

  • Marketing approvals
  • Third-party fees

Who does what

LexorCorp
Prepare the application and its documents and manage the procedure until the decision.
You
Provide information, capital and people that meet the legal requirements; sign and answer the authority's questions.
Authority
Finantsinspektsioon reviews them as part of the authorisation or supervision.

Fund prospectus / offering document: price, requirements, process and deadline on its own page

Investor (LP) onboarding pack: see Fund prospectus / offering document.

Fund management set-up — governance, policies and delegation: see Fund prospectus / offering document.

Depositary appointment: see Fund prospectus / offering document.

Risk management and liquidity management policy: see Fund prospectus / offering document.

Supervisory reporting for the fund manager

Supervisory reporting support after authorisation, provided by LexorCorp in Estonia under a written agreement.

For whom: Authorised managers, creditors and credit servicers.

What you receive

  • Preparation of periodic supervisory reports

Conditions

Per reporting period; the institution signs and is responsible. Late or incorrect reports are a supervisory finding; we prepare them from the data you provide, you review and submit them under your responsibility.

Law and requirements

  • Investment Funds Act / Creditors and Credit Intermediaries Act and the reporting rules

Not included in the price

  • Audit

Who does what

LexorCorp
Prepare the application and its documents and manage the procedure until the decision.
You
Provide information, capital and people that meet the legal requirements; sign and answer the authority's questions.
Authority
Finantsinspektsioon receives the reports.

Supervisory reporting for the fund manager: price, requirements, process and deadline on its own page

Frequently asked questions

What is the difference between a registered and a licensed small fund manager?

Both stay under the small fund manager thresholds. A registered small fund manager only registers its activity with the Financial Supervision Authority and is not supervised by it. A licensed small fund manager holds an activity licence and is supervised. The capital requirements also differ: 25,000 euros for a registered manager; 25,000 euros rising to 50,000 euros within three years for a licensed one.

When do I need a full AIFM authorisation?

When the assets under management exceed the small fund manager thresholds of 100 million euros (with leverage) or 500 million euros (unleveraged, no redemptions for five years), or when you need the rights of a fully authorised EU manager. We assess this before the work starts.

Is the capital included in your price?

No. The capital belongs to the fund manager and must be paid in by its owners. Our price is our professional fee for the work described.

Is the fund structure the same as the fund manager?

No. The fund structure (for example a limited partnership fund) is the vehicle in which investors invest. The manager is the company that manages it. We offer the corporate set-up of a fund structure separately on the licensed companies page.

What does a fund manager report to the Financial Supervision Authority?

An authorised AIFM reports regularly on the markets and instruments it trades, the exposures, risk profile, liquidity and leverage of the funds it manages (Article 24 of Directive 2011/61/EU); the frequency depends on the assets under management. Small managers have lighter obligations under the Investment Funds Act.

Who signs the supervisory reports?

The fund manager's management board signs and remains responsible for them. We prepare the reports from the data you supply and support the filing for twelve months; fund accounting, NAV calculation and the audit are not included.

Small AIFM or full AIFM — which do I need?

Below the AIFMD thresholds a manager can be registered as a small AIFM; above them, or to market to investors across the EU, a full authorisation is needed. We confirm this in the assessment.

What are the risks of a fund manager application?

Missing substance, a depositary not yet appointed, incomplete risk and liquidity policies or capital below the requirement.

Can the fund be managed remotely?

The manager must have real management in Estonia; delegation is possible within the AIFMD rules.

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Choose the service and its add-ons, enter your details and pay by card. The total is shown before you pay and changes as you tick or untick an add-on.

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  • Registered small AIFM — registration with the Financial Supervision Authority€34,000

Total, excluding VAT€34,000

The amount you pay now is our fee for the standard scope described on this page. If your project needs work beyond that scope, we tell you the additional fee in writing before that work starts, and it is done only with your written agreement. Before the work has started you may cancel by email and receive a full refund (Terms of service, section 10).

Our service is the preparation of documents and the organisation of the application. It is not legal advice, an advocate's service or an audit; the decision is made by the competent authority alone.

Total, excluding VAT €34,000

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