Isle of Man Online Gambling License
To have a casino license is essential to any company that wants to conduct legal activity in the country, so receiving this document becomes an integral part at the stage of business registration. This requirement also regards to the owners of the online casinos, because it is known that governments of many countries are wary of gambling. Therefore, to operate without having an online gambling license means to expose a business to risk.
A company Online Casino Market can help you in the process of casino licensing by selling you an online gambling license quickly and easily. You will be provided with a complete list of jurisdictions, free advice on which jurisdiction can be more preferable for you and on other issues you are interested in. You can also buy a casino from Online Casino Market with already drawn up licensing documents.
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- legal status in the country where your casino operates;
- profile raising in the gaming market;
- acquisition of trust on the part of players and partners;
- ability to enter into agreements with leading participants of the gaming market;
- validity of all transactions and activities conducted by a gambling establishment.
Publishing of copies of all certificates on the website of an online casino, including a casino license, confirms a reliability of the gambling establishment and makes users to feel safe. If players have questions on the pay-out of winnings or any others, they will be able to contact the administration of the website and the registering authority that has issued an online gambling license.
The casino licensing is considered to be a simple procedure, but still it requires attention and efforts. Today this document can be received in jurisdictions of the offshore countries where tax laws are more loyal than in other countries worldwide. Authorities in the offshore zones try to support the gambling business in order to boost the coffers with taxes from casinos.
Offshore countries (Kahnawake, Curacao, Costa Rica, Alderney, Belize, and others) set their own conditions. A casino license may cost from 15 to 100 thousands of euro. Some jurisdictions may also include additional requirements, for example, the execution of an examination of fingerprints. Therefore, before you buy an online gambling license, you should find out about all requisitions for its acquisition, and other nuances, such as the contingent of players in the chosen region, the cost of the license, the amount of taxes (if any), as well as other necessary one-time payments.
The GSC Commission is considered to be one of the most popular jurisdictions. It controls gambling in the country in order to ensure the safety of the players and the integrity of squaring accounts with them.
This commission was established in 1962, and it was involved in the process of casino licensing and controlled bets on any type of gambling. It is known that for the first time an online casino was legalized by this particular jurisdiction in 2001. Today, the gambling law is still held on the Isle of Man. It controls both the casino licensing and the regulation of gambling in the country. Currently, a control of online casinos in the Live format is added to the regulation of the main types of gaming activities. Therefore, if you want to run an online casino, you will need to obtain the above mentioned Isle of Man online gambling license.
The Supervisory Commission accepts applications, issues gambling licenses, regulates gambling within the country, and monitors the law compliance conducted by owners of gambling establishments.
Besides, it administers complaints of players and protects their interests, and also advices users on the subject of an opportunity to return of facilities, which the gambling establishment has blocked acting not in good faith.
The supervisory and regulatory authority GSC issues a casino license for various types of gambling. The document legalizes:
- land-based casinos slot gaming halls, and organization of leisure-time entertainment;
- online casinos with all types of games (slot machines, roulette, etc.);
- betting companies (games of chance and sports betting);
- placement of exchange-listed bets;
- organization of peer-to-peer games and online tournaments;
- online lottery activities;
- virtual fantasy-games;
- different types of financial trading like Forex;
- exchange-listed bets by the phone.
The advantages of a gambling business license on the Isle of Man
A distinctive feature of casino licensing in this region is that there is no need to apply for a license for each type of gambling activities. It means that to be able to run a casino you will need only to collect a single package of documents, which will legalize all games of the licensee’s online casino.
Apart from the general casino license it is possible to obtain a sublicense to make small companies work under the brand of other major owners of gambling business. You can ask the Commission of the Isle of Man about this kind of license, and to find out what you will need to obtain a general online gambling license, because a small company can develop rapidly and eventually become an independent one.
Gambling on the Isle of Man is subject to UK legislation, authorities of which are characterized by a loyal approach to the gambling industry and guided by the principle of a democracy in resolving any issues. The implication is that the Isle of Man has a favorable environment for the gambling business that promotes its development and prosperity. It is also worth mentioning that in the United Kingdom has long prevails stability in both economic and political life.
The Supervisory Commission sets the following requirements:
- the Isle of Man should be a place of incorporation of the company, which means that the whole registration procedure takes place within the country;
- registration of users should also be carried out in the territory of the Isle of Man;
- presence of two directors, who were appointed during the meeting of the company's founders;
- banking accounts of the company similarly should be opened in the territory of the country;
- the person who was authorized to do the company’s business is required to be a resident of the island.
The owner of the company, who would like to obtain a casino license on the Isle of Man, needs to remember that, despite the loyal legislation, authorities monitor all processes related to the casino licensing. Special attention is paid to the reliability of the company’s data. It is important that the organization is established to carry out real activities, not to advertise its services in the United Kingdom.
The amount of taxes paid by the owner of a gambling business depends on revenues of his online casino: the higher is the income the lower are the payments, and vice versa. This factor indicates the stimulation of the business development on the Isle of Man.
- The amount of the income tax will be 1.5%, if the gross revenue is less than £ 20 million a year.
- The amount of the tax on operating revenues will be paid by those who have profit of £ 20-40 million of the gross revenue annually.
- The income tax of 0.1% is awarded to business owners, who earn more than £ 40 million annually.
- Owners of betting houses pay 15% taxes on the player’s pool.
- Bookmakers also have to pay 15% tax on operating revenues.
Besides, those who have obtained an online gambling license must pay a state fee for the pendency of an application for an Isle of Man online gambling license (£ 1,000), and also for the extension of the validity of this document (£ 30,000).To obtain a sub-license and to extend it costs £ 5,000.
As we have already described above, everyone who wants to obtain a casino license in this country must firstly register their companies in the territory of the island.
It is worth remembering that the documentation package should contain:
- copies (or scans) of passports of all founders and shareholders of the company;
- copy of the decision of the meeting of founders on the title of the company name and the designation of its management team;
- notarized documents from the bank that confirm the presence of the company’s account and that there are some money on it;
- recommendations from experts about the qualification and the competence of founders;
- detailed business plan of the company with estimates related to investments and a future income.
It is possible to find all information about rules, costs and timing of the casino licensing on the Isle of Man on the official website of the Supervisory Commission GSC.
Authorities of the island make efforts to the development of gambling within the country, and a stability of the legislation along with a favorable atmosphere attracts participants from all over the world to this gambling jurisdiction.
You can buy this online gambling license from Online Casino Market, which guarantees the obtaining of documents in a short space of time. Specialists of the company may also help you to buy a casino, and then your business will become more popular and profitable.
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