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# Can I Open an Investment Company in Estonia?

Yes, although depending on your activity, you may need a license.

Hence, it is very important to understand the activity of your company. There are, generally speaking, two scenarios, depending on if your company performs the activities by itself or not:

## Scenario 1

**Your company is going to perform one or more activities by itself**. The activities are the same we mentioned in the FAQ [Can I Launch a Company That Acts as a Financial Institution in Estonia?](https://help.companio.co/en/article/can-i-launch-a-company-that-acts-as-a-financial-institution-in-estonia-qjtuzr/) (Foreign currency exchange or forex, providing investment advice to clients, etc).

In that case, **you need the FFA license**. In this scenario, it’s considered that the activity is being performed by the company, not by means of external brokers. If you are performing money broking activities, but just for your company, and through an external broker, you are in scenario 2.

## Scenario 2

In this scenario, **your company is not performing any of the activities** mentioned before **by itself**. It’s using an **intermediary, broker or agency** with the proper license. In that situation, **you don’t need the license**.

Here, it is key that your company is doing these activities for itself, not for other customers. **If you are offering foreign exchange services to other customers**, even if you use a broker, or you are offering financial advice, **you should get the license** in order to avoid problems with the financial authorities.

##  What license do I need and how much does it cost?

If the activities of your company fall in scenario 1, you need the FFA license. 

The license needs to be obtained by a law firm, but we can do the accounting if you have the proper license.