About us
As Corporate Services Experts, we specialize in navigating the complexities of entity management and compliance.
Client
Finax
Industry
Financial Services / Roboadvisor / WealthTech
Jurisdiction
Germany
Project type
Market Entry & Regulatory Setup
Finax, a regulated European investment firm, aimed to expand its operations to Germany. Greenfields provided comprehensive support to ensure a seamless setup of a German branch, meeting all regulatory obligations and establishing a strong foundation for future growth. The project resulted in a fully operational branch within the project timeline, with robust governance and compliance frameworks in place.
Challenge
- Navigating the complex regulatory environment in Germany.
- Meeting stringent BaFin requirements and ensuring compliance with local tax and accounting laws.
- Achieving this within a tight timeframe while maintaining operational continuity.
Objectives
- Establish a fully operational German branch within six to nine months.
- Ensure compliance with BaFin regulations and local tax laws.
- Provide ongoing support to facilitate Finax’s growth in Germany
Solution
Greenfields employed a structured approach to support Finax’s expansion into Germany. This included:
- Strategic guidance on legal structure and coordination with German authorities.
- Provision of local business infrastructure.
- Development of detailed compliance and AML frameworks to meet BaFin expectations.
- Appointment of Greenfields professionals as Compliance Officer and MLRO.
Implementation
A timeline of key milestone by month
Month 1-2
Strategic guidance and coordination with German authorities for official registration.
Month 3
Official branch registration with the local notary.
Month 4
Initial work on the checklist for entering the German market.
Month 5
Establishment of accounting processes and onboarding with local tax authorities.
Month 6
Implementation of compliance and AML frameworks, and appointment of local Compliance Officer and MLRO.
Month 7-9
Development of the Organisational Handbook, processes and procedures.
Results & Benefits
Fully operational German branch
Established within the project timeline.
Regulatory compliance
Met with robust governance and documentation.
Ongoing support
Ensured continuity and scalability as Finax grows in Germany.
“Greenfields’ expertise and dedication were crucial in navigating the complex regulatory landscape in Germany.
Their tailored support and proactive approach ensured our branch was fully operational within the tight project timeline, allowing us to confidently expand our services in the new market.”
Juraj Hrbatý
CEO and Chairman of the board, Finax.
Lessons Learned
- Effective communication with regulatory bodies and prompt resolution of compliance issues were crucial.
- Thorough planning, understanding local regulations, and maintaining continuous communication are essential for successful market entry and risk mitigation.
Conclusion
Greenfields’ expert support ensured the setup of Finax’s German branch, meeting all regulatory obligations and establishing the foundation for future growth. This partnership contributed to Finax’s confidence in managing their operations in Germany.