Fund manager · Poland

Alternative Investment Company Manager registration / licence (Poland)

The Alternative Investment Company Manager registration / licence (zarządzający alternatywną spółką inwestycyjną - ZASI) is issued by Polish Financial Supervision Authority (KNF) under Act on Investment Funds and Management of Alternative Investment Funds of 27 May 2004. It is a national licence: it does not give a passport to other EU/EEA states. Ownership changes need the regulator's approval before completion.

Last verified 2026-09-24Regulator KNFMarkdown · Data (CC BY 4.0)

At a glance

Official name	Alternative Investment Company Manager registration / licence¹
Local name	zarządzający alternatywną spółką inwestycyjną - ZASI
Also known as	ZASI · ZASI registration · Zarządzający alternatywną spółką inwestycyjną · Rejestr zarządzających ASI · Polish AIFM registration
Issued by	Polish Financial Supervision Authority
Jurisdiction	Poland
Licence family	Fund manager
Legal basis	Act on Investment Funds and Management of Alternative Investment Funds of 27 May 2004² Act on Crowdfunding for Business Ventures and Aid to Borrowers of 7 July 2022³ Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD)⁴
Passporting	Domestic only
Annual fee	EUR 750 equivalent in PLN⁵

What it lets you do

Managing alternative investment funds	Performing portfolio management and risk management for funds that are not UCITS, such as hedge, private equity and real estate funds.

Where it is valid

Valid in Poland.

Cost

Regulatory costs from the official sources above. Professional fees, staff, office and audit come on top and depend on the business model.

Buying a company that already holds it

Prior notification with an objection period. Acquiring or increasing a qualifying holding needs prior notification to the KNF, which can object within 60 working days (extendable by up to 20 working days while it waits for information). For national payment institutions the thresholds are 20%, 30% and 50% (Payment Services Act, Art. 72a); for banks they are 10%, 20%, one third and 50% (Banking Law, Art. 25). Shares acquired in breach carry no voting rights.⁶

FM in other countries

Country	Licence	Regulator	Min. capital	Application fee	Statutory time
Abu Dhabi Global Market (ADGM)	Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C)	FSRA	n/a	n/a	n/a
Bermuda	Fund Administrator LicenceFund Administrator Licence (Part III, Investment Funds Act 2006)	BMA	n/a	n/a	n/a
British Virgin Islands	Fund manager licenceBVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed'	BVI FSC	n/a	n/a	n/a
Cayman Islands	Regulated Mutual FundRegulated Mutual Fund (registered, master, or administered fund under the Mutual Funds Act)	CIMA	n/a	n/a	n/a
Cayman Islands	Registered Private FundRegistered Private Fund under the Private Funds Act	CIMA	n/a	n/a	n/a
Cyprus	Alternative Investment Fund Manager (AIFM) authorisation	CySEC	n/a	n/a	~3 mo
Cyprus	Sub-threshold Alternative Investment Fund Manager registration	CySEC	n/a	n/a	n/a
Cyprus	UCITS Management Company authorisation	CySEC	n/a	n/a	n/a
Czech Republic	Sub-threshold Alternative Investment Fund Manager registrationSub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIF	CNB	n/a	CZK 10,000	~1 mo
Czech Republic	Investment Company / Fund Manager licence	CNB	n/a	CZK 50,000	~6 mo
Dubai International Financial Centre (DIFC)	Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C)	DFSA	n/a	USD 10,000	n/a
Estonia	Small fund manager registration without activity licence	FI	n/a	n/a	n/a
Estonia	Operating licence as a fund management company	FI	n/a	EUR 600	n/a
France	Portfolio management company authorisation	AMF	n/a	n/a	~3 mo
Germany	Investment management company licence	BaFin	n/a	n/a	n/a
Ireland	Alternative Investment Fund Manager (AIFM) Authorisation/Registration	CBI	n/a	n/a	n/a
Ireland	UCITS Management Company Authorisation	CBI	n/a	n/a	n/a
Luxembourg	Alternative investment fund manager (AIFM) authorisation	CSSF	n/a	EUR 18,000	~3 mo
Luxembourg	Management company authorisedManagement company authorised under Chapter 15 of the Law of 17 December 2010	CSSF	n/a	EUR 18,000	~6 mo
Netherlands	Alternative Investment Fund Manager (AIFM) licenceAlternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU	AFM	n/a	EUR 200	~6 mo
Netherlands	Fund manager licenceUndertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/EC	AFM	n/a	n/a	n/a
Poland	Investment Fund Company licence	KNF	n/a	n/a	n/a
Poland	Alternative Investment Company Manager registration / licence	KNF	n/a	n/a	n/a
Seychelles	Fund Administrator's LicenceFund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008	FSA	n/a	n/a	n/a
Spain	Fund manager licence (SGIIC)	CNMV	n/a	EUR 10,000	n/a
Switzerland	Fund management company licence	FINMA	n/a	n/a	n/a
Switzerland	Manager of collective assets licence	FINMA	n/a	n/a	n/a
United Kingdom	Fund manager licenceAlternative Investment Fund Manager (AIFM) Authorisation / Registration	FCA	n/a	n/a	n/a

Values come from each licence's page, where every figure has its source.

Laws behind it

Alternative Investment Fund Managers Directive: Directive 2011/61/EU
European Crowdfunding Service Providers Regulation: Regulation (EU) 2020/1503

Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.

Sources

zasi.knf.gov.pl · retrieved 2026-09-24
dziennikustaw.gov.pl: 681 · retrieved 2026-09-24
dziennikustaw.gov.pl: 414 · retrieved 2026-09-24
EUR-Lex: CELEX 32011L0061 · retrieved 2026-09-24
knf.gov.pl: zarzadzajacy alternatywnymi spolkami nwestycyjnymi · retrieved 2026-09-24
knf.gov.pl: zezwolenie rozpatrywanie wniosku · retrieved 2026-09-24

Want the FM licence in Poland?

Tell us your business model and target markets. We check the fit before you spend on an application, then handle the licence end to end.

A free preliminary assessment: we check your business model against the licence before you spend on an application. We handle this licence and any other fintech licence, including jurisdictions the Atlas does not cover yet.