FMA licence in 4–6 months
With Peak Compliance, your application is plannable from the outset. The timeline shows the phases from needs analysis to licence; the individual steps follow further below in The FMA application process in seven steps.
- 1Weeks 1–2Needs analysis and proposalBusiness model, key people, timeline; proposal.
- 2Weeks 2–8Organisation and documentsArticles, business plan, organisation, due diligence, fit-and-proper under the VVG.
- 3Months 2–3Application to the FMASubmission with form and enclosures as per the FMA guidance.
- 4Months 3–6Review by the FMAFMA queries, additions, decision.
- ✓After 4–6 monthsLicence granted – start under supervisionCommercial register, ongoing FMA supervision, compliance from day one.
Indicative values from completed procedures, from needs analysis to licence. The authority decides on the outcome and its timing.
FMA licence requirements under the Asset Management Act
The licensing conditions are set out in Art. 6 of the Asset Management Act (version of 1 September 2026). In summary:
- Legal form and seat: a legal entity with its registered office and head office in Liechtenstein and an appropriate place of business there.
- Senior management: at least two persons who are professionally qualified, trustworthy, actually work in the company and have at least three years of relevant full-time practical experience (Art. 7 VVG).
- Management body: at least two persons (Art. 7a VVG).
- Organisation: appropriate strategies and procedures, corporate governance, internal control mechanisms and effective risk assessment (Arts. 6, 7b and 7c VVG), plus a business plan describing the organisational structure.
- Capital: adequate own funds and fully paid-up initial capital of at least EUR 75'000 (Art. 8 VVG).
- Auditor: an audit firm is appointed for the licence (Art. 6 VVG).
- Whistleblowing: procedures through which employees can report breaches internally.
- Due diligence: asset management companies apply the Due Diligence Act (SPG) and set up their anti-money laundering organisation accordingly.
Setting up in Liechtenstein from abroad
Liechtenstein is a member of the European Economic Area (EEA); according to the FMA, this gives Liechtenstein asset management companies access to the entire EEA. Points to plan early:
- Local substance: registered office, head office and business premises in Liechtenstein; senior managers who actually work in the company (Arts. 6 and 7 VVG).
- Language: the application is in German, while supporting documents such as CVs, contracts and business plans may stay in English. Peak Compliance prepares the German-language parts with you.
- Timing: the FMA's six-month decision period starts once the file is complete, so a well-prepared application sets the pace.
- Working with us: Peak Compliance AG serves Liechtenstein mandates from Zurich, on site or remotely, with a postal address at Werdenbergerweg 11, 9490 Vaduz.
- Switzerland instead? If your team will be based in Switzerland, compare the portfolio manager licence and the manager of collective assets licence.
Roles and scope
- FMA: grants the licence and supervises asset management companies; unlike in Switzerland, no supervisory organisation is involved.
- Audit firm: appointed for the licence (Art. 6 VVG).
- Peak Compliance: prepares, guides the process and, if you wish, takes over the compliance function. The FMA takes the decision.
- Swiss licences: overview on FINMA and FMA licensing.
The FMA application process in seven steps
- 1Needs assessmentVVG services, client segments, cross-border activity, people, premises and timetable; this sets the fixed price.
- 2Organisationsenior management, management body, compliance, risk management, due diligence functions and delegations; core activities stay with the company (Art. 12 VVG).
- 3DocumentsPeak Compliance provides and tailors the templates: articles of association, directives, organisation chart, business plan, contracts and information on senior managers, using FMA Instructions 2017/1 as a guide.
- 4Application formcompletion of the FMA form; the application in German, supporting documents in German or English, in the original and no older than three months.
- 5Filing with the FMAa complete application with all enclosures.
- 6Questions and decisionwe support additional information; the FMA decides within six months of receiving the complete documents.
- ✓Operationongoing FMA supervision starts, with a working compliance and due diligence organisation in place.
Checklist for a complete application
- Articles of association and commercial register documents
- Business plan covering services, target markets and organisational structure
- Information and evidence on senior managers and members of the management body
- Evidence of fully paid-up initial capital and own funds planning
- Directives on compliance, risk management and due diligence
- Delegation and outsourcing agreements
- Evidence of the appointment of the audit firm
- FMA application form, with the application in German
The binding list is set out in the FMA application form and Instructions 2017/1; Peak Compliance checks your file against them.
After licensing: compliance from day one
With the licence, the ongoing duties under the VVG and the SPG begin: compliance, risk assessment, due diligence, training and reporting. Peak Compliance takes over these tasks through compliance outsourcing Liechtenstein. For Swiss group companies, see compliance outsourcing and risk management outsourcing. Background: Liechtenstein financial regulation. Further reading: External research in portfolio management since 1 September 2026.
What does the licence cost?
- Peak Compliance fee: fixed price from CHF 15'000, set after the needs assessment, covering the entire support through to the decision.
- Authority fees: FMA fees for the licensing process and ongoing supervision, charged directly by the FMA.
- Ongoing operation: compliance and risk management outsourcing as agreed, usually as an annual flat fee.
You receive an overview of all three items before the start, so the budget is clear from day one.
Legal basis
- Asset Management Act (VVG), LGBl. 2005.278 (German): licensing requirement (Art. 5), conditions, language and procedure (Art. 6), senior management and management body (Arts. 7, 7a), capital (Art. 8), delegation (Art. 12)
- Due Diligence Act (SPG), LGBl. 2009.047 (German): due diligence duties to combat money laundering
- FMA: Asset management companies and authorisation, with Instructions 2017/1 and application documents
Liechtenstein statutes are published in German; English descriptions on this page are for orientation.
Why Peak Compliance
- Peak Compliance AG, founded in 2024 and based in Zurich, serves asset managers in Switzerland and Liechtenstein, with a postal address in Vaduz.
- Experience with authorisation processes at FINMA and the FMA, and mandates with FMA-supervised asset management companies.
- Templates for articles of association, directives, organisation chart, business plan and contracts.
- A fixed price for the process, followed by compliance from the same partner.
Plan your application now: reach Peak Compliance by phone, contact form or online booking on our contact page.
At a glance
| Item | Details |
|---|---|
| Who it is for | Companies providing asset management services under the VVG on a commercial basis, such as portfolio management, investment advice, and reception and transmission of orders (VVG) |
| Licensing and supervision | Financial Market Authority Liechtenstein (FMA) |
| Timing | Licence before you start operating (Art. 5 VVG) |
| Decision period | No later than six months after receipt of the complete documents (Art. 6 VVG) |
| Language | Application in German; supporting documents in German or English (Art. 6 VVG) |
| Initial capital | At least EUR 75'000 or the equivalent in CHF or USD, fully paid up (Art. 8 VVG) |
| Price | Fixed price from CHF 15'000, set after the needs assessment; FMA fees charged separately |
Frequently asked questions
Which licence does a wealth manager need in Liechtenstein?
Companies providing asset management services in Liechtenstein on a commercial basis, such as portfolio management or investment advice, need a licence from the Financial Market Authority (FMA) as an asset management company under the VVG. The licence is in place before the company starts operating (Art. 5 VVG). Peak Compliance clarifies the scope of services with you in the needs assessment.
How long does the FMA licensing process take?
The FMA decides no later than six months after receiving the complete application documents (Art. 6 VVG). The overall timeline therefore depends mainly on how quickly a complete file is ready. Peak Compliance plans documents and timetable with you so that the application is filed complete.
In which language is the application submitted?
The application itself is written in German; supporting documents are submitted in the original in German or English (Art. 6 VVG). International founders can therefore keep many documents in English. Peak Compliance prepares the German-language application with you.
What local substance does the FMA expect?
The company has its registered office and head office in Liechtenstein and an appropriate place of business there (Art. 6 VVG). Senior management consists of at least two persons who are professionally qualified, trustworthy and actually work in the company (Art. 7 VVG). Peak Compliance plans the local set-up with you against these requirements.
What is the initial capital of an asset management company?
The initial capital is at least EUR 75'000 or the equivalent in Swiss francs or US dollars and is fully paid up (Art. 8 VVG). Depending on the scope of business, the FMA may require higher capital or professional indemnity insurance.
What does the licence cost with Peak Compliance?
Peak Compliance charges a fixed price from CHF 15'000, set after a short needs assessment. FMA fees are charged separately and directly by the FMA. You receive an overview of all costs before the start.
