Every licence project has three kinds of cost that are easy to mix up: the state or supervisory fee the authority charges for handling the application, the regulatory capital the company itself must hold, and the professional fee of whoever prepares the application. This guide collects the first two for the licences we work on — MiCA crypto-asset service providers, payment and e-money institutions, fund managers, creditors, credit servicers, gambling operators, road transport operators and Canadian money services businesses — each figure with a direct link to the official text. Our own fees are in the price list.
The figures were checked against the official texts on 29 September 2026. Fees and capital requirements change; the links point to the current wording in Riigi Teataja (?leiaKehtiv), EUR-Lex and FINTRAC, and we check them again for every quote. The guide is general information, not legal advice.
Why the three costs must be kept apart
- A state or supervisory fee is paid to the authority. It is not refunded because an application is refused, and it is separate from the annual supervision fees that follow authorisation.
- Regulatory capital is the company's own money. It is not paid to anyone; it must be paid in, kept available and — for most financial licences — kept above a minimum for as long as the licence lasts.
- A professional fee pays for the work. Ours is exactly that: our 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.
Estonian Financial Supervision Authority: procedural fees
The Financial Supervision Authority (Finantsinspektsioon) charges procedural fees set in the Financial Supervision Authority Act. In the wording in force on 29 September 2026 (Riigi Teataja):
- 3,000 euros
- First activity licence of a payment institution, e-money institution, fund manager, creditor, credit intermediary, crypto-asset service provider or credit servicer, among others (§ 45³(2)).
- 5,000 euros
- Credit institution licence (§ 45³(1)).
- 500 euros
- Payment institution applying for the small-institution exemption under the Payment Institutions and E-money Institutions Act (§ 45³(5)).
- 1,500 euros
- Additional licence or extension of the services under an existing licence (§ 45⁴).
- 2,000 euros
- Registration of a small fund manager (§ 45⁷(4)).
- 200 euros
- Approval of changes to a fund's rules or articles (§ 45⁷(2)).
The Financial Supervision Authority also states the 3,000-euro fee for a credit servicer on its credit servicer licence page. Annual supervision fees are calculated separately under the same Act.
Estonian Tax and Customs Board: gambling state fees
Gambling licences in Estonia are issued by the Tax and Customs Board (Maksu- ja Tolliamet). The state fees are set in the State Fees Act, in the wording in force from 1 August 2026 (Riigi Teataja):
- Activity licence (tegevusluba)
- 47,940 euros for games of chance; 3,200 euros for games of skill; 31,960 euros for totalisator (State Fees Act § 260).
- Operating permit (korraldusluba)
- 3,200 euros per permit application for gambling other than lotteries; 640 euros for a lottery (§ 261).
Under the Gambling Act the activity licence is issued for an unlimited period and cannot be transferred; it gives the right to apply for operating permits. An operating permit is issued for up to 20 years, and a remote gambling permit for up to five years (Gambling Act §§ 16, 22 and 26). A project therefore pays the activity licence fee once and an operating permit fee for each permit.
Capital: financial licences
- MiCA crypto-asset service provider
- Class 1: 50,000 euros; Class 2: 125,000 euros; Class 3: 150,000 euros — or one quarter of the previous year's fixed overheads if higher (Regulation (EU) 2023/1114, Article 67 and Annex IV). Our MiCA classes guide explains the calculation.
- Payment institution
- 20,000 euros if it provides only money remittance; 50,000 euros if it provides payment initiation services; 125,000 euros for the other payment services (Payment Institutions and E-money Institutions Act § 64(1); Directive (EU) 2015/2366, Article 7).
- E-money institution
- 350,000 euros (§ 64(2) of the same Act; Directive 2009/110/EC, Article 4).
- Fund manager (full AIFM)
- Share capital of at least 125,000 euros when founded (Investment Funds Act § 333); under the directive 125,000 euros for an external AIFM and 300,000 euros for an internally managed AIF, plus 0.02 % of portfolios above 250 million euros up to a total of 10 million euros (Directive 2011/61/EU, Article 9).
- Licensed small fund manager
- 25,000 euros at founding, raised to 50,000 euros within three years (Investment Funds Act § 444).
- Registered small fund manager
- 25,000 euros, paid in cash (Investment Funds Act § 453¹).
- Creditor (consumer credit)
- 50,000 euros, fully paid in; a credit intermediary's capital must be paid in, with no separate minimum (Creditors and Credit Intermediaries Act § 54).
- Credit servicer
- 25,000 euros, fully paid in (Credit Servicers and Credit Purchasers Act § 46).
These are minimums at the time of authorisation. Most financial licences also carry ongoing own-funds requirements that grow with the business.
Road transport operators: financial standing
A road haulage operator must show every year, on the basis of certified annual accounts, capital and reserves of at least 9,000 euros for the first vehicle, 5,000 euros for each additional vehicle over 3.5 tonnes, and 900 euros for each additional vehicle between 2.5 and 3.5 tonnes; an operator using only vehicles between 2.5 and 3.5 tonnes needs 1,800 euros for the first vehicle and 900 euros for each additional one (Regulation (EC) No 1071/2009, Article 7(1), as amended by Regulation (EU) 2020/1055). The authority may accept a bank guarantee or insurance instead (Article 7(2)).
Canada: FINTRAC money services business
FINTRAC does not charge registration fees for a money services business (FINTRAC). The registration is valid for two years, must be renewed before expiry, and changes must be reported within 30 days (FINTRAC). There is no federal minimum capital for an MSB registration; the cost lies in the compliance programme. See our Canada MSB guide.
What is not on this page
Third-party costs vary too much to list: depositary, auditor and insurance fees, notary and translation costs, IT systems, office rent and staff. We name the ones that apply to your project in the quote. Where we could not confirm a figure from an official source, we do not publish it — the rule then is simply that regulatory capital applies and is determined by the authorised services.
Reading the costs in a quote
When we quote a licence project, we list the three kinds of cost separately. Take an Estonian credit servicer that will hold borrowers' money: the procedural fee to the Financial Supervision Authority (3,000 euros under § 45³(2) of the Financial Supervision Authority Act in the wording in force on 29 September 2026), the share capital the company must pay in and keep (at least 25,000 euros under KIOS § 46), and our professional fee, shown on the credit licensing page with its add-ons. Third-party costs — the auditor, the payment account provider, IT — are named but not priced by us, because they are set by those providers.
Frequently asked questions
What does the Financial Supervision Authority charge for a licence application?
3,000 euros for a first licence of a payment institution, e-money institution, fund manager, creditor, credit intermediary, crypto-asset service provider or credit servicer, under § 45³(2) of the Financial Supervision Authority Act in the wording in force on 29 September 2026.
What are the state fees for an Estonian gambling licence?
For the activity licence 47,940 euros (games of chance), 31,960 euros (totalisator) or 3,200 euros (games of skill); for each operating permit other than a lottery 3,200 euros, under §§ 260–261 of the State Fees Act.
Is the regulatory capital a fee?
No. It is the company's own money, which must be paid in and kept available. It is never part of a state fee or of our fee.
Is a state fee refunded if the licence is refused?
The fee pays for handling the application, not for a positive decision. Refunds are possible only in the cases set out in the Act, for example § 45¹² of the Financial Supervision Authority Act; we check this for your case.
Does your price include these fees?
No. Our price is our professional fee for the work described. State or supervisory fees, regulatory capital and third-party costs are separate.