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Guide

UCITS management company licence in Estonia

A UCITS management company (in Estonian *eurofondi valitseja*) is a fund manager that manages funds whose units may be offered to the public in every EEA country.

LexorCorp Global OÜ · published 11 November 2026

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Eesti

In short

A UCITS management company (in Estonian eurofondi valitseja ) is a fund manager that manages funds whose units may be offered to the public in every EEA country. In Estonia it needs an activity licence from Finantsinspektsioon (the Estonian Financial Supervision Authority) under the Investment Funds Act. This page sets out what the act requires of the applicant, what is filed, the state fee and the statutory time limit.

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A UCITS management company (in Estonian eurofondi valitseja) is a fund manager that manages funds whose units may be offered to the public in every EEA country. In Estonia it needs an activity licence from Finantsinspektsioon (the Estonian Financial Supervision Authority) under the Investment Funds Act. This page sets out what the act requires of the applicant, what is filed, the state fee and the statutory time limit.

Information as of 11 November 2026. Every numbered statement of this page was checked in the official text named below and re-checked by a second reviewer on 2026-11-11. The page is general information, not legal advice; the authority decides on every application.

What the activity is

A fund manager is a company whose main and permanent activity is managing one or more investment funds1. A UCITS management company is a fund manager licensed under the requirements of Directive 2009/65/EC (the UCITS Directive)2. A UCITS ("undertaking for collective investment in transferable securities", in Estonian eurofond) is a fund that meets that directive, whose units or shares may be offered to the public in all EEA countries and are redeemed at the investor's request3.

Managing a UCITS consists of three things: investing the fund's assets and managing the related risks; administering the fund; and offering the fund4. A fund is "public" when its units or shares are offered publicly5.

With the licence, a UCITS management company may also apply for the right to provide portfolio management, investment advice and safekeeping of fund units for clients6. It may manage alternative investment funds whose assets stay below the small-fund-manager threshold without an additional licence7. Managers of alternative investment funds (full and small) are covered on their own pages.

The legal act and the authority

  • Act: Investment Funds Act (investeerimisfondide seadus, IFS), Part 5 "Fund manager"; the version in force from 21 July 20268.
  • EU basis: Directive 2009/65/EC, to which IFS § 3(3) refers2.
  • Authority: Finantsinspektsioon (FI) grants or refuses the activity licence9.
  • Where the licence shows: FI publishes the decision to grant, change or revoke a fund manager's licence on its website no later than the working day after the decision10; licensed fund managers are listed under "Fund management companies" on fi.ee11.

Who must apply

A person may act as a fund manager only with the activity licence provided in the act, unless the act provides otherwise12. A fund manager of a fund formed or founded in Estonia must have its seat and place of business in Estonia13.

The act does not apply its fund-manager rules to, among others: holding companies; Eesti Pank and foreign central banks; the state and local authorities; employee participation or share schemes; certain securitisation special purpose entities; and persons managing funds whose only investors are themselves or their group companies (provided no such investor is a fund)14. An entity set up to manage family wealth is not treated as a fund manager15.

Requirements for the applicant

Legal form and capital. A UCITS management company may operate only as a public limited company (aktsiaselts) or a European company (SE)16. A new company must have share capital of at least EUR 125,000; for an existing company, initial capital must be at least the equivalent of EUR 125,00017.

Own funds. Own funds must at all times be at least the highest of: the minimum initial capital; that capital plus 0.02% of the amount by which the market value of the funds managed (including funds whose management it has delegated) exceeds EUR 250,000,000; and 25% of fixed overheads18. Own funds need not exceed EUR 10,000,00019. With FI's permission, up to 50% of the additional own-funds requirement may be covered by a guarantee from a credit institution or insurer20.

Management body. The management board has at least two members21. Managers must have the knowledge, skills, experience, education, professional suitability and an impeccable business reputation needed to manage a fund manager22. The act excludes, among others, persons whose conduct led to the bankruptcy of a supervised entity or to the revocation of its licence on the supervisor's initiative, and persons with an unexpunged conviction for an economic, official, property or public-trust offence23. A foreign citizen proves this with a criminal-record certificate (or equivalent) issued no more than three months earlier24.

Staff and key functions. The number and competence of staff must be sufficient for sustainable provision of services25. The company must ensure functioning internal audit, compliance and risk control functions, also where they are delegated to a third party26.

Internal rules. The internal rules must cover, among other matters, segregation of functions, ICT and business continuity (in line with Regulation (EU) 2022/2554 (DORA) where relevant), internal control, conflicts of interest, remuneration, delegation, complaints, valuation and accounting27.

AML/CFT (anti-money laundering and counter-terrorist financing). A fund manager is a financial institution under the Money Laundering and Terrorist Financing Prevention Act28. It must prepare a risk assessment29, adopt procedural rules and internal control rules30, appoint a management board member responsible for AML/CFT and a contact person of the Financial Intelligence Unit31. The IFS also requires internal rules on international sanctions and AML/CFT32.

Delegation. Management tasks may be delegated by written contract only on the conditions of the act, FI must be notified with the contract, and delegation does not release the fund manager from liability33.

Depositary. Every fund must have a depositary, except a fund managed by a small fund manager and a non-public fund managed by a UCITS management company34. The depositary may be a credit institution or an investment firm; for a UCITS also an EEA central bank35.

Documents filed with the application

The management board members file a written application with FI together with36:

  • Corporate: articles of association; for a new company, the memorandum or decision of foundation and proof of payment of share capital; for an existing company, documents proving own funds with an auditor's report.
  • Business and finance: a business plan; the opening balance sheet and income and expense overview (or, for an existing company, the balance sheet and income statement at the end of the preceding month and the last three annual reports if any).
  • Rules: the internal rules or their drafts.
  • People: data on the managers and any internal auditor (education, full employment history, area of responsibility, documents of reliability); the audit firm's data; the list of shareholders; data on holders of a qualifying holding; data on companies in which the applicant or a manager holds more than 20% or control.
  • Other: where investment services are also sought, proof of the commitment to pay the one-off contribution to the investor protection sectoral fund; the address of the head office or registered seat.

The business plan covers at least three years and must describe, among other items, the organisational structure, the types and number of funds, investment policy, fees, fixed overheads and financial forecasts37. Since 18 March 2026 applications are submitted through FI's application portal38.

State fee and processing time

The procedural fee for a fund manager's activity licence application is EUR 3,00039, paid before the application is filed40. Approval of the fund rules of a contractual fund or the articles of a fund founded as a public limited company is a separate application with a fee of EUR 60041.

FI decides within two months after receiving all necessary information and documents, but no later than six months after a compliant application is filed42. FI may require missing items to be corrected and additional information to be submitted within a term it sets43; it may leave an application with material deficiencies unexamined44, and where a material change is made during the procedure it may count the time limit from receipt of that change45. These are the limits set by the law, not a promise of a decision date. FI may revoke the licence if the company has not started managing a fund within 12 months after the licence was granted46.

What LexorCorp Global OÜ does and how to order

The site does not have a separate row for a UCITS management company. The work is ordered as Activity licence application documentation: from €3,500, one-time fee for the standard scope; LexorCorp Global OÜ is not registered for VAT, so no VAT is added. The state fee and supervisory fees are not included and are paid by the company.

What the row includes: the requirements of the act from its official text; the application and the documents it needs; the submission and the written follow-up of the authority's questions. It is application preparation, not legal advice, audit or tax advice, and does not include meeting the act's capital, staff or premises requirements. The licence is granted or refused by Finantsinspektsioon; LexorCorp Global OÜ cannot promise a licence, a decision or a date. The starting price covers one licence of ordinary scope; more work is agreed in writing before it starts.

Order: order form

Sources

  1. Investeerimisfondide seadus IFS § 3(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  2. Investeerimisfondide seadus IFS § 3(3) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  3. Investeerimisfondide seadus IFS § 9(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  4. Investeerimisfondide seadus IFS § 305(2), (5) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  5. Investeerimisfondide seadus IFS § 10(2) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  6. Investeerimisfondide seadus IFS § 307(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  7. Investeerimisfondide seadus IFS § 306(7), (8) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  8. Investeerimisfondide seadus IFS header and Part 5 heading — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  9. Investeerimisfondide seadus IFS § 315(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  10. Investeerimisfondide seadus IFS § 308(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  11. Finantsinspektsioon — fi.ee, Fund management companies — text in force from n/a (live list)
  12. Investeerimisfondide seadus IFS § 306(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  13. Investeerimisfondide seadus IFS § 304(2) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  14. Investeerimisfondide seadus IFS § 3(7) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  15. Investeerimisfondide seadus IFS § 3(8) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  16. Investeerimisfondide seadus IFS § 333(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  17. Investeerimisfondide seadus IFS § 333(2), (3) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  18. Investeerimisfondide seadus IFS § 334(3) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  19. Investeerimisfondide seadus IFS § 334(4) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  20. Investeerimisfondide seadus IFS § 334(5) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  21. Investeerimisfondide seadus IFS § 342(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  22. Investeerimisfondide seadus IFS § 310(3) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  23. Investeerimisfondide seadus IFS § 310(4) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  24. Investeerimisfondide seadus IFS § 310(5) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  25. Investeerimisfondide seadus IFS § 310(1) p 3 — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  26. Investeerimisfondide seadus IFS § 340(1) p 2 — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  27. Investeerimisfondide seadus IFS § 344(3) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  28. Rahapesu ja terrorismi rahastamise tõkestamise seadus RahaPTS § 6(2) p 6; § 2(1) p 2 — text in force from 21.07.2026 (RT I, 11.07.2026, 93)
  29. Rahapesu ja terrorismi rahastamise tõkestamise seadus RahaPTS § 13(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 93)
  30. Rahapesu ja terrorismi rahastamise tõkestamise seadus RahaPTS § 14(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 93)
  31. Rahapesu ja terrorismi rahastamise tõkestamise seadus RahaPTS § 17(1), (2) — text in force from 21.07.2026 (RT I, 11.07.2026, 93)
  32. Investeerimisfondide seadus IFS § 344(3) p 15 — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  33. Investeerimisfondide seadus IFS § 364(1), (3), (4) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  34. Investeerimisfondide seadus IFS § 285(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  35. Investeerimisfondide seadus IFS § 286(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  36. Investeerimisfondide seadus IFS § 313(1) p 1–13 — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  37. Investeerimisfondide seadus IFS § 313(2) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  38. Finantsinspektsioon — fi.ee, The operating licence for a fund manager — text in force from page last edited 16.04.2026
  39. Finantsinspektsiooni seadus FIS § 45³(2) — text in force from 01.10.2026 (RT I, 11.07.2026, 12)
  40. Finantsinspektsiooni seadus FIS § 45¹⁰(1) — text in force from 01.10.2026 (RT I, 11.07.2026, 12)
  41. Finantsinspektsiooni seadus FIS § 45⁷(1) — text in force from 01.10.2026 (RT I, 11.07.2026, 12)
  42. Investeerimisfondide seadus IFS § 315(1) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  43. Investeerimisfondide seadus IFS § 314(1), (2), (4) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  44. Investeerimisfondide seadus IFS § 314(5) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  45. Investeerimisfondide seadus IFS § 314(7) — text in force from 21.07.2026 (RT I, 11.07.2026, 70)
  46. Investeerimisfondide seadus IFS § 318 p 1 — text in force from 21.07.2026 (RT I, 11.07.2026, 70)

Official sources

The laws this article names, each linked to its official text, as read on 9 October 2026. For the Estonian acts we read the English translation in Riigi Teataja; the legally binding text is the Estonian one.

Sources in the text are named without links; the official texts are linked under Official sources. To see which of our services your company needs, open the Business Navigator.

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We prepare the application documents and manage the process; the authority decides. Not legal advice.

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