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Open a Company in the Financial Sector in Luxembourg

Open a Company in the Financial Sector in Luxembourg

Updated on Tuesday 09th May 2017

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Open-company-in-the-financial-sector-in-LuxembourgLuxembourg is known as world leading financial center which is why foreign investors come to set up various types of companies in the financial industry. From investment funds to insurance companies, Luxembourg offers numerous investment possibilities to foreign entrepreneurs and companies seeking to have a good reputation on the financial market.

The main law governing the financial industry in Luxembourg is the Banking Law which also covers Professionals of the Financial Sector (PFS). Our Luxembourg lawyers can offer more information on the legislation governing the financial industry in the Grand Duchy.

How to register a company in the financial industry in Luxembourg

Apart from the Banking Act, an investor or a foreign company must also comply with the Commercial Code’s provisions related to the types of structures which can be used to open companies in the financial sector in Luxembourg. The limited liability company and the public company are the most suitable entities to register a financial company in the Grand Duchy.

Depending on the services the company will offer, various share capital and authorization requirements apply. The licenses for any type of financial company in Luxembourg is issued by the Financial Regulator (CSSF). Our law firm in Luxembourg can assist with the company registration procedure.

Licenses for companies in the financial industry in Luxembourg

In order to receive a PSF license, a financial company in Luxembourg must prepare certain documents, among which:

  • -          a 3-year business plan;
  • -          a description of the programs used to supply the services;
  • -          information on the beneficial owners of the company;
  • -          KYC (know your customer) procedures;
  • -          Information on the managers of the company.

Considering financial companies are subject to various accounting requirements, the business must also comply with special requirement related to the accounting systems it will use. The IT programs used by these company must also meet certain standards.

For full information on the requirements related to opening a company in the financial industry in Luxembourg, please feel free to contact us. You can also rely on our attorneys in Luxembourg for assistance with the company registration process.

 

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