Expect a portal success fee of roughly 5–10% of the amount raised, plus legal work on the Form C, a CPA review or audit depending on raise size, escrow fees, possibly a transfer agent, and marketing, which is often the largest line. After the raise you also owe an annual report. Budget the total before you pick a target.
- Portal success fees: commonly 5–10% of capital raised, sometimes plus equity.
- Financial statements: CEO-certified up to $124k; CPA-reviewed to $618k; audited above $1.235M (first-timers may use a review up to $1.235M).
- Escrow and payment processing are separate line items.
- Marketing is usually the largest cost: crowd rounds are sold, not listed.
- An annual report (Form C-AR) is due after the raise.
What are the line items?
| Item | Typical range reported by industry sources | Notes |
|---|---|---|
| Portal success fee | 5–10% of amount raised | Some portals also take equity or charge listing fees |
| Legal (Form C, documents) | $1,000–$10,000+ | Depends on instrument and complexity |
| CPA review or audit | $1,000–$7,000+ | Depends on raise size; audits cost more |
| Escrow | $500–$5,000 | Investor funds held by a qualified third party |
| Transfer agent | $50–$1,000 per month | Optional for some structures |
| Payment processing, KYC/AML | $300–$5,000+ | Card fees can be significant on small cheques |
| Marketing | $500–$20,000 per month | Video, ads, community, PR |
Ranges as summarised by LenderKit and Colonial Stock Transfer; check current pricing with each provider.
Which financial statements do you need?
| Amount raised in 12 months | Requirement |
|---|---|
| Up to $124,000 | Financial statements certified by the CEO, plus tax return information |
| $124,000–$618,000 | Reviewed by an independent accountant |
| $618,000–$1,235,000 | Reviewed if first Reg CF raise; otherwise audited |
| Above $1,235,000 | Audited |
How do you budget it?
- Pick a minimum target you can actually close.
- Add the fixed costs (legal, accounting, escrow) and the variable portal fee.
- Add marketing for the campaign length, usually 30–90 days.
- Check the net: a $150k raise can lose a large share to fixed costs.
What does it do to your cap table?
Hundreds of small investors can complicate later rounds unless they are pooled. See the crowd cap table and the SPV explained. For the regime itself, read Regulation Crowdfunding, ten years in, and to decide whether Reg CF is right, Reg CF vs Reg D vs Reg A+.
What does a worked budget look like?
An illustrative $500,000 Reg CF raise, using mid-range assumptions. Replace with real quotes.
| Item | Assumption | Cost |
|---|---|---|
| Portal success fee | 7% | $35,000 |
| Legal | Form C and documents | $6,000 |
| CPA review | Required at this size | $4,000 |
| Escrow and payments | Fixed plus processing | $4,000 |
| Marketing | 60-day campaign | $15,000 |
| Total | $64,000 (about 13%) |
At $150,000, the same fixed costs would be a much larger share. That is why the minimum target matters.
How do you reduce costs?
- Bring your own audience: marketing spend falls when customers and followers already know you.
- Use standard instruments the portal supports.
- Prepare financial statements early to avoid rush fees.
- Compare portals on total cost, not only the headline percentage.
What are the ongoing costs?
An annual report, investor communications and possibly a transfer agent or vehicle administrator. Budget them for as long as the investors remain on your cap table.
Frequently asked questions
How much do crowdfunding portals charge?
Commonly 5–10% of the amount raised, sometimes with additional equity or fixed fees.
Do I need audited financials for Reg CF?
Only above certain thresholds: audited statements are required above $1.235M, and above $618k for companies that have raised under Reg CF before.
What is the biggest cost of a Reg CF campaign?
Often marketing. Successful campaigns usually spend on video, ads and community to bring investors to the portal.
Are there ongoing costs after a Reg CF raise?
Yes. Issuers must file an annual report, and may pay for investor communications, a transfer agent or an SPV administrator.
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Join the waitlist →Sources and further reading. SEC, Regulation Crowdfunding; Investor.gov, Reg CF bulletin; LenderKit, Reg CF costs; Colonial Stock Transfer, Reg CF expenses.
Educational material, not legal, tax or investment advice. Rules and figures change; confirm with qualified counsel or a tax adviser in your jurisdiction before acting. Last updated October 6, 2026.